For as long as I have been writing and speaking about the future I have been stressing that finance professionals need to develop their business skills. Being technically competent and up to date is not enough. That's like having a basic cake mix - without any flavouring, decoration or colour. It's rarely
Attitudes to work life balance are changing. So are the needs of firms when it comes to offering long-term career prospects. How will this affect your firm and your prospects? Last year I wrote a piece in which I suggested that 'Generation X' accountants (born in the 60s and 70s) are those
The first mobile phone I had was the size of a brick. That was in the mid 1990s. Within a few years I had a Nokia 5110. It was much smaller and compact. It was the first phone I owned that could send and receive text messages but it only had a
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
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
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
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
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
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
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
Weird question? I know. But stay with me for a moment. For as long as I can remember accountants have treated CPD as being synonymous with technical training - by which I mean technical updates and courses intended to explain new rules and regulations. And surely we have to prioritise such training?
The following observation on Facebook reflects a common perception. 'It's a shame that nowadays it isn't enough to just be good at what you do. You need to be good at all this other stuff (marketing etc.) otherwise you don't get anywhere.' My response was as follows: — It has NEVER been
What are your top skills? The key question though is not what YOU think they are, but what other people believe you are good at. What do your contacts and connections say when they reference and recommend you? And what do your clients say? A few years ago I had a surprise
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
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
In an ideal world, you would simply tell people that you are an accountant and your ideal prospects would then find you and ask to become your clients. Life isn’t like that. Even when these people do find out about your practice you need to have a process which brings them onboard
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
Most sole practitioners are justly proud of their technical skills. It is also common to find that some sole practitioners 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. At best only lip-service is paid to the development of non-technical
The top ranked personal skill or expertise on my Linkedin profile is currently 'strategy'. It has been moving up the list over the last year. I am flattered that hundreds of people have endorsed me for ANY skills and expertise on Linkedin. Until recently 'Accounting' was top - presumably by reference to my background in
Some people assume that all of the important non-technical skills evidenced by successful accountants and partners can be developed merely by working alongside experienced colleagues or learning 'on the job' , through experience. Another common view is that some people are naturally ‘good’ at things as though their experiences, background and training were irrelevant.
Some years ago I routinely highlighted the need to build and develop personal and business skills in addition to technical skills. It's all very well to understand accounting and tax rules and how to produce a set of accounts and tax returns, but ambitious accountants need a wider skills set if they want to be
