Accounting Industry Trends

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Latest acounting trends ACCOUNTEX USA

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Wayne Schmidt Practice Advisor @karbonHQ

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The agenda

• Methodology • Top five trends • Q & A

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Methodology Interviews, workshops, vendors

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Number crunching takes a back seat. Trend one

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Compliance continues to be automated. Single GL has increased capacity.

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The relationship has changed: client’s demands have changed.

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“We understand their business from more than just a compliance perspective – we understand their commercial, strategic and owner-goals perspective.”

Heather Darnell, Back Office Support Solutions (BOSS) UK

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How can you apply this trend

• Start the move to business advisory services • Change the conversation • Leverage technology • Create a social media strategy

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What’s your specialty? Trend two

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Same service = race to the bottom. Specialise and charge niche fees.

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Pick a vertical & instantly have a more targeted marketing strategy.

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“The more focused you are (…) the better your business becomes. You can design services specific to that niche, focus your learning in that area and market specifically to them.” Steph Hinds, Growthwise AU

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How can you apply this trend

• Review your existing client base • Which industry gives you greater ROI • Create an exit plan for clients who don’t fit • ‘Verticalise' your marketing efforts

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Integrated, intuitive technologyTrend three

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The best of breed honeymoon is over. 4 to 50 apps per firm.

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Accountants are tired of adapting their processes to accommodate apps.

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Technology not at the service of a process but at the service of a pain point.

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“More apps is not the answer, better apps are. Being able to do more with less, not needing more to do more”.

Scott Lynch, Beanstalk Accountants, UK

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How can you apply this trend

• Identify inefficient processes • Apps that bring in siloed processes • Evaluate change management

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Age matters. Trend four

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Average age of practitioners is 50+. 50% of those have not adopted the cloud.

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The conundrum: Retirees won’t go. Millennials won’t join.

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Opportunity for M&A Are you the acquiring or the acquired?

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The importance of letting go: don’t let old partners hold off change.

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“Accountants are good at talking with clients about succession planning, but are the partners investing enough time on their own internal succession planning?”

Greg Sheehan, RightWay, NZ

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How can you apply this trend

• M&A plans — be on the lookout • Internal succession plan • Transition program for partners • Start now.

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Going global. Trend five

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Borders no longer restrict businesses. Networks do.

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Going global means looking around you for best practices.

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“It is easy to understand what [your clients] need locally. But you need resources to be able to help them outside of your own jurisdiction.”

Bruce Phillips, HPC CPA, US.

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How can you apply this trend

• Network internationally (leverage software partners) • Take notice of what is going on around you • Use social channels to stay abreast • Foster an open culture in your firm

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• Number crunching takes a back seat • What’s your specialty • Intuitive, integrated IT • Age matters • Go global

In summary

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Questions

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Thank you.