Accountants, You need to STOP doing this!
As an accountant, are you needed or wanted?
Traditional Accountants help with Tax, Ledger Accounts and Tax Support. But with the changes in Technology, Digitization and Big Data, the whole sphere of accounting services is looking to a radical change.
Need Basis:
A business needs to maintain a proper set of ledger accounts because it is a legal requirement. The information from the same is used by the tax authorities for their assessments and compliance requirements. And let’s be very honest here; these services are on the track of slow death.
Want Basis:
Then there are the services the client wants from estate planning, transfer pricing, consulting, advisory, virtual CFO services. The customer would appreciate a conversation of which the financial statement is limited to less than 10% of the time. Business and financial challenges of the company take priority in the discussion.
Want-basis services, unlike bookkeeping, is expected to grow at a pace 10%-25% in the upcoming years.
It should also be noted that this segment is more protected from external competitors with cheap pricing. A customer would rather continue with his services than replace a trusted advisor/partner for savings in the budget.
What are a few of the action points :
- Utilizing professional industry research to amplify the broader knowledge.
- Application of BI tools to extract insights on a real-time basis.
- Having a clear understanding of the mission of the customer and working towards it.
Are you working to be a wanted firm or a typical need-based service firm?
