The biggest issue facing accountants in practice these days isn't the rise of robo-accountants, AI or cloud computing. The challenge that seems to hold many firms back is the same old chestnut it's always been. It's the difficulty in finding good people to join the firm. Almost every week I get approached by the
Accountancy firms need to evolve to address the changes that the future heralds. What changes? Well, there’s lots coming but the changes that will most impact your life and your practice depend on many factors. It is just daft, if not lazy, to suggest that the same issues will affect ‘all’ accountants
When I write and talk about the future for accountants I debunk the hype (and fake news) that suggests that compliance work is dying. It's NOT. However I do believe that within ten years or so, most of the compliance focused work currently done by general practitioners will no longer be required.
When we talk about the future most of us struggle to recognise what changes are coming and the impact these will have on our lives and work. There is a common tendency to think only about the next year or two and to dismiss anything beyond that as science fiction. In my
A journalist asked me this question last month. “What will accountants be doing differently in 2019?” Before replying I gathered my thoughts which I now share below. For reasons which will become obvious I didn’t say all this when I spoke with the journalist! As usual there’s an implicit assumption in the
What is the real reason you are in practice as an accountant? This is a question many accountants struggle to answer when I ask them. Why do you do what you do? What is the first thing that comes to mind as to your motivation to be in practice as an accountant?
During my talks about the future for accountants I sometimes share a famous quote from Bill Gates. Before repeating it here, let me just offer some context. There has long been a tendency to over-hype new ideas and initiatives. Some accountants jump on the bandwagon early which is great. I don’t do
A Thomson Reuters survey of 350 UK accountants in June 2018 revealed six key areas to consider "as you step into the next decade". I have added my own commentary and views to the headline topics below: 1. Accept business model change The accountants believe that compliance will continue to sit at
Another day, another commentator bemoaning what they perceive as accountants’ resistance to change. I don’t see it that way at all. Busy accountants running busy firms have to prioritise. And preparing for the future is not a priority (yet). The accountants I talk with are tightly focused on keeping their best clients
When we go to see a local GP we expect them to fulfil 3 primary roles. We need them to diagnose our problems, to prescribe solutions and to care for us. There is a direct parallel with the role of accountants. There is also a similar prospect of patients/clients adopting AI solutions to address
There is an old adage that says if your practice fails to grow it will stagnate. Is that true actually? I think, it depends on what one means by ‘grow’. Grow the client base? Turnover? Profits? Range of services? Efficiency? I prefer the word 'evolve' as I'll explain below. Many years ago
This blog post contains something I rarely do. It references a book I have read and want to recommend to accountants who are looking to the future. The Digital Firm is written by an accountant, Will Farnell, who also published it in 2018. The book is subtitled: How to change your accounting
I was asked this question in the context of the new talk I started presenting earlier this year: 'The rise of Robo-accountants - and how to beat them' In fact I don't think I have ever said that I am 'excited' about the future for accountants and I have two problems with
Contrary to many predictions I've seen, you are not at risk of being replaced by a robot. Equally I do believe that the rise of Robo-Accountants is going to have a big impact on what you do in your firm - but not overnight. My newest talk is titled 'The Rise of
Whenever I talk with accountants about cloud accounting I suspect that many suffer from FOMO. Sometimes their FOMO has worked in their favour and prompted them to take action. More often their FOMO is holding them back from making a decision. And the constant deferral of that decision is slowing down the development of their
When I talk with accountants, which I do a lot, I often sense an unspoken concern about increased ‘uncertainty’ in their world. It is clear to me that many business clients are uncertain, many private clients are uncertain and also many accountants themselves are uncertain. Business clients They are uncertain about future sales and
If there was ever an award for the most obvious predictions in finance, I might have won with those that I made in 2009. At the end of my presentation at the Mercia Partners' conference, I did, as I had been asked, and offered my predictions as to what would happen in the coming two
This blog post was prompted by a tweet. It was posted by a top 30 firm of accountants: "Are you aware of the range of services we provide? We do more than just a set of books at year end. Take a look" There was then a link to a page on their website which
I was interviewed recently for a magazine piece about longer-term trends and changes in the accountancy profession. In this blog post I share my thoughts on one of the topics we discussed. Where will accountants operate from in the future? The options at the moment tend to be high street office, above a shop, off
In early 2013 Professor Richard Susskind published a new book, 'Tomorrow's lawyers'. This included some updated observations of the views expressed in his previous book, published in 2008: The End of Lawyers? Rethinking the Nature of Legal Services. As I share many of Professor Susskind's views I thought I would pick out one theme for this blog.
Most lawyers only know a world in which they have to quote fees and charge for the provision of advice. Few solicitors have the luxury of charging recurring fees to clients who come back year after year for the same recurring compliance service. Accountants, on the other hand, tend to earn much of their fees
The traditional focus on recurring work and the associated recurring fees is likely to change in the near future. There are an increasing number of alternative, low cost and professional alternative service providers. Those clients who perceive that all their accountants do is produce accounts and tax returns will be at risk. At the
Although qualified accountants are aware that anyone can call themselves an ‘accountant’ I find that very few ‘real’ people appreciate this fact. They tend to assume accountants are like dentists, doctors and solicitors. If only that were the case! It is precisely because of this confusion that various groups of accountants campaign to secure
I was reflecting on this idea the other day. The MD of a big IT software supplier was telling me how surprised he was that so many accountants had yet to pick up on the new obligations to file iXBRL tagged accounts. This will be relevant to all accounts filed from April 2011 re
Many commentators seem almost contemptuous when talking about accountants who focus on the provision of compliance services. We’re told that fees are being forced down and that firms that focus only on compliance services face an uncertain future. I’m not sure I agree. If you have an established practice and know your clients well,
