It’s hard to be positive these days. According to an Economia survey of 1341 accountants, over 51% are planning to leave the profession in the next five years over automation fears. Most are worried that advances in technology will make their jobs obsolete in the future.
Agreed, technology has accelerated the pace of development for everyone, right from businesses to accountants. But despite what the suveys are saying, a mass exodus is definitely not the right conclusion to draw. Today’s accountant needs to specialize, transform, embrace and build new skills to stay relevant tomorrrow.
Networking – it’s good for business
Accountants need to collaborate with bookkeepers, other accountants and software providers in order to improve each other’s service and build business relationships that can carry over. Ask questions. Answer questions.
While it’s easy to view other accountants and bookkeepers as competitors, there is business for everyone. Networking and teaming up with other individuals can, conversely, increase business and raise your bottom line.
It’s also a great platform to bounce off ideas, whether it’s about value pricing, apps, taxes or advisory services. To make the most out of things, make time for after-hour’s parties, events and seminars. It might be tiring, but well worth it.
Digital content marketing
The widespread adoption of mobile has disrupted traditional marketing. Print is not as effective anymore. Embrace digital marketing. Create killer content. From industry guides to guest blog posts, webinars, infographics, checklists, and tips on how to get things done, you can demonstrate your expertise and thought leadership to potential and existing clients.
Good content will over time help generate more business for your accountancy firm. As your online reputation grows, so will the number of leads. Video marketing is really making an impact these days.
Technology – sink or swim
We are living in an increasingly digital age, with more and more services being available at the press of a button on our smart phones. Building a successful practice in this new age is about having an enthusiasm to adapt to a rapidly changing business world.
Take for example, the disruption of the taxi industry. Taxis have been around for 115 years. Then Uber came along and with the use of clever technology revolutionised the taxi industry. They did it better and cheaper than before! Uber took away all the annoying gripes – they told you how long they will be, how much in advance, where you were on route, the driver follows a fixed route (process), you pay by credit card and you get to rate the service.
For those who have not yet embraced cloud accounting technology, the time is now. These new technologies are important since they improve your client’s accounting experience, not only in the amount of time they spend on the numbers, but in the quality of time they spend on the numbers. It also provides accountants a more in-depth examination of costs and helps spot missed opportunities.
What accountants have to look at is how they can offer Uber-style services in what they do – so they don’t get Ubered.