The Jack of All Trades Accountant

Dominic Allon, Vice President and Managing Director, Intuit Europe

The digital world is driving fundamental change in how we work across all business sectors, and accounting is no exception. Certainly, compliance and bookkeeping remain the focus, but technological efficiencies have prompted a new way of working and the opportunity to offer a new set of services to clients.

Accountants are becoming specialists in many new areas of business and clients are welcoming this broader support. From taxes and accounting standards to financing tips, the expectation is that accountants will be able to become a more trusted advisor by providing more wide-ranging strategic advice.

Here is a three-step guide to securing a position in a digital world:

1. New ways of working are a must – We’re living in an always-on digital world and small companies expect the same level of responsiveness they are offering their own customers. The demand for real-time insights into their business means accountants need to work harder than ever to deliver a first-rate digital experience. The accountancy firms that are thriving are ones that work with their clients to deliver personalised services via the client’s chosen method. This could be leveraging everything from social media to video chat to new apps. Understanding how a business wants to communicate will help to evolve the relationship beyond pure number crunching. This is all made possible by both parties having access to the business data anytime, anywhere.

1. Heading to the cloud – To improve the way they operate, accountants should look to cloud and mobile. Cloud-based tools are now so intuitive and simple to use that many of the traditional and time consuming bookkeeping methods have been revolutionised. Clunky spreadsheets have been replaced by online software designed for purpose and this is allowing accountants to focus on other ways to add strategic value to their clients’ businesses. Investing in tools that automate and streamline processes such as workflow, payroll and sales tax calculations – to name just a few – will free up capacity to spend more time being an advisor. It’s what customers expect, too: 69% of UK SMEs are now using cloud-based applications, according to the British Chamber of Commerce,and they expect to work with advisors which are using the same tools.

1. Don’t be afraid to define a niche – While it’s true that businesses are expecting a broader range of services, there remains a big opportunity for accountants to grow their practice by servicing a specific market segment, whether that’s retail, manufacturing or the sharing economy. By doing this they can learn the specific challenges and opportunities facing a sector and become a lucrative market specialist. This will help accountants provide the best strategic advice to their clients, taking into consideration all aspects of the business from industry and business size to target audience.

The reality is that a growing number of clients are in search of a strategic partnership from their accountants – something we’ll be exploring in detail at the first ever QuickBooks Connect in London in March.

To get ahead in 2017 and offer broader support to their clients, accountants must embrace technology. By waiting until being digital is required, accountants could well be left behind as a new breed of specialists in everything take on this new type of work.