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,
Accountants have a distinct advantage over most other service professionals. Your clients need your help on an ongoing basis, at least once a year and often more frequently than this. When we discuss the lifetime value of clients at meetings of The Inner Circle for Accountants we have to consider how long
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
As the New Year starts I invite you to identify your top business achievements in 2018 and a few specific achievements you would most like to pursue in 2019. It's all too easy to dwell on stuff that's not gone as we would have liked. For example, if you still have dozens of clients' personal
When I ask accountants what they would like to be different in their practice, one theme is more common than any others. They frequently express the desire to have better quality clients, to increase their average fees and to be doing more interesting work. One sole practitioner accountant expressed this quite succinctly.
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
I know that my own career success owes more to the development of non-technical skills than it does to my knowledge and application of accounting and tax law. How do we gain our technical skills? No one is born a great auditor, tax adviser or accountant. We learn by working alongside experienced
This is another piece in the series of what to do when clients want help with something that goes beyond your level of knowledge and experience. Imagine you've had a business client for some time. The owner trusts you and appreciates your advice. They tell you that they have received an offer
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
A while back I attempted to relate my advice for accountants to my hobby - magic (conjuring). I had a fanciful idea I would build a talk around the idea. I never did. But the analogies still work if you want to increase your profits. As I often point out, you need
Most smaller practitioners are focused on offering a compliance focused service to clients. Lots of people are saying you must start offering advisory services; and plenty of accountants think they already do this to a degree. In my talks I often reference 5 types of non-compliance service and how it will take
When you are approached by a prospective new client it is tempting to simply give them what they say they want. Most often this will be a fee quote to help them with their annual compliance obligations. As this area of work becomes more commoditised so you need to distinguish yourself from other accountants.
Why are so many consultants telling accountants that they need to start providing advisory services to clients? You've been doing this for years haven't you? Or else your clients don't want, don't need or can't afford to pay for such services. Hmm. Have you really been doing this for years? I know many
AccountingWeb recently ran a series of articles about accountants as business advisers. My contribution as Consultant Practice Editor approached the subject from an unusual angle. There is already plenty of material that seeks to persuade accountants that they need to become better business advisers, and how they could do this. My article was titled: