A recent conversation with cybersecurity expert Francis West prompted me to interview him about the risks of cybercrime affecting accountants in practice. Francis has been involved in the technology sector for over thirty years, for the last 10 years running Westtek Solutions, providing IT support to a range of sectors including finance,
Everyone tells us about the pace of change and how fast it is. But when we step back for a moment, there are three separate issues to consider and the real rate of change for your practice may well be slower than others would have us believe. Too many people seem to
In recent years a number of commentators have suggested that we need to adopt a new mindset. Instead of distinguishing our marketing and sales activities dependent on whether our focus is 'B to B', or 'B to C', they want us to recognise that, today, everything is 'H to H'. The idea
Not all accountants believe all of these fallacies. And some have been part of our psyche for so long we think they must be true. Others are repeated by salespeople and consultants who want you to believe stuff so that you'll buy what they're selling. But a salesman's assertions are not proof.
You're not alone if you're fed up of hearing commentators, software vendors and app developers tell you about your existing clients. I'm not in practice any more and I'm certainly fed up of it - as what they are saying makes no sense. Whatever new developments, new opportunities and changes come about
Most accountants are justly proud of their technical skills. It is also common to find that some accountants undervalue the importance of ensuring that they have all the business skills they require to be profitable in the short-term and successful in the longer-term. What’s your position? Are you one of those accountants who
When I am invited to speak at a firm’s away day the organisers often want me to influence the older partners whom the management team consider to be complacent. They tell me that some of these partners, with their well established client portfolios, are resistant to change and to doing things differently.
If you’re like most established accountants you probably believe that most of your new clients come from word of mouth and client referrals. Whether or not that’s really the case for you I doubt you have thought about how you could make it easier for your contacts to make good referrals to
An increasing number of journalists and podcasters want to interview me about my views of the future for accountants. On reflection though I suspect I am sometimes a disappointing interviewee. This is not due to excess modesty as regards my conversational skills or my ability to explain and justify my predictions. On
My conversations with sole practitioner accountants over the years suggest that many are happy enough once their practice is generating sufficient income for them. They have reached the stage where they feel comfortable, some might say, complacent. To the outsider the practice, the business, has plateaued. 'Happy enough' is hardly an enthusiastic
Some accountants I know are proud of how efficiently they look after their own business affairs. Others though are embarrassed at their inefficiencies. And there are some who do not appear to give any thought as to how they are perceived. We all know the old adage that you never get a
You have probably heard the old networking idea that it's important to help people get to know, like and trust you. Only then will they buy from you. Only then will they even consider becoming your client. This idea originated in the book ‘Endless Referrals', written by Bob Burg, who said: “All things
Have you ever thought about the similarities between accountants and doctors? And what we can learn from this? Let's leave aside the fact that many accountants have historically been described as general practitioners (GPs) - which is a direct take from the medical world. When we go to the doctor we expect
A little knowledge is a dangerous thing. Increased knowledge can be worrying and a lot of knowledge is empowering. This is something it took me years to learn when I was in practice. Think about your own knowledge of how a specific tax rule works. One you don't have cause to think
Throughout my career it was the case that trainee accountants studied a wide range of technical topics. We were tested on what we had learned and on how we would apply our accumulated knowledge in practice. Then, typically after qualifying, we found out from our managers and partners that we needed to
Most of the accountants I meet claim that most of their best new clients come through referrals. When I dig deeper I find this is typically for one of the following reasons: They remember that their most recent new clients were initially generated by referrals; They don't get many new clients and also
For 75 years, from 1911 until 1986, miners carried caged canaries while at work. If there was any methane or carbon monoxide in the mine, the canary would die before the concentration of gas reached levels that are hazardous to humans. This is the origin of the metaphor 'a canary in a
After I recently delivered a talk about the future for accountants I was asked a popular question: Do you see increased automation as a threat or an opportunity for accountants? I explained that I don't like giving a simplistic answer - although, if forced, I would have to say that automation, as ever,
Recently I was asked this question: "Can a traditional accountant also be a modern accountant?" The person asking me this was what we might think of as an 'old-school' traditional accountant. But they liked to also think of themselves as modern. I think they had seen an article that suggested that traditional
Whilst I pose this question about competitive forces in the context of accountants, you might also find the concept helpful when talking with clients. Michael Porter first published his five forces model in a 1979 article published in the Harvard Business Review. In the context of an accountancy firm looking to the future,
In June 2009 I wrote a blog piece titled: "The future of compliance services for accountants" I didn't go for big headlines in 2009. I didn't say anything outrageous and I didn't look to attract attendees at high-priced seminars to help accountants survive and thrive in a brave new world. I did
An accountant I know (‘Jeremy’) is heavily reliant on his two full qualified staff. For the reasons explained below I suggested that Jeremy do something unconventional as a form of risk management insurance he’d never previously considered. Background In addition to his two full time staff Jeremy also has a couple of
If you've been following me for a while you'll know I like to debunk the hype around many issues addressed by other commentators. Sometimes they are right on the money but often they are way off the mark - and this can be for any of a number of reasons. Are you
When I suggest to accountants that they call clients and ex-clients to 'keep in touch', my advice is often received with a shiver. If you are comfortable picking up the phone and calling clients and ex-clients for a chat, you won't get anything from this blog post. On the other hand, if
What does CPD mean to you? Do you consider CPD to be short-hand for post-qualification technical update courses? Ahead of Accountex 2019 I referenced the wide range of free CPD that would again be available at this major annual event, now in it’s 8th year in London. A couple of other commentators
