Trends transforming the Accounting Industry – AND how you can thrive
We’ve been speaking to Accounting firms similar to yours in the course of helping them win in what is a competitive market place. On the basis of our conversations, we wanted to share our insights into what we think will be the key business drivers in Accounting in 2018. This year has seen many firms start to re-think how they attract and serve clients, with automation and the client experience being a key area of focus. In particular:
Business Drivers Linked to Technology
Driver 1: BUSINESS TRANSFORMATION AND GROWTH
Executing mergers, consolidations, and acquisitions smoothly without reliance on programming or external IT
Driver 2: OPERATIONAL EFFICIENCY
Achieving more with same resources by standardizing, automating, and optimizing processes and reducing manual steps. Improving margins, cash flow, and profitability.
Driver 3: CUSTOMER EXPERIENCES
Atrracting and retaining top talent to deliver services above and beyond client expectations. Main objective – to outperform the competition
Driver 4: PEOPLE PIPELINE
Most of the conventional rainmakers in companies are retiring and this is turning the spotlight on a snowballing skills scarcity among accountants and other advisers who are now in leadership roles and must be counted on to sell new and more complex work. Prosperous firms are focusing on adaptable and shifting people strategies, positively identifying talent and high performers, ‘stretching’ people, and continually identifying ‘skills’ gaps.
Driver 5: VALUE PRICING
Customarily, accounting firms charge clients on an hourly basis. It’s anticipated that more firms will switch to value-based pricing as they try to become “advisers” rather than just being service providers paid by the hour.
Driver 6: AUTOMATED BRAND MANAGEMENT & DOCUMENT CREATION
The accounting industry has been particularly unhurried when it comes to cloud adoption. Crippled by security apprehensions, the abundant established benefits of cloud-based technology have been largely sidelined by leading global accounting enterprises. 2018 has already seen this change, when the some of the world’s largest accounting firms announced their migration to the cloud for document management activity this year. As cloud software, we’ve seen heightened demand among some of the top accounting firms that use cloud to automate and control brand management and document creation.
Considering these trends, allow us to ask you this: Is your firm future-ready? Here’s our guide to help you out with the answer in this scenario.
Download the Guide