The way accounting firms operate and deliver their work has changed. Technological innovation and changes to the industry such as virtual CFO’s has meant that accounting firms have had to adapt and change their roles. Read more.
Technology is re-shaping the Accounting Sector
Technological innovations are changing the landscape for businesses in every sector. Trends such as the automation of manual tasks, cloud-based technology solutions and the move to an outsourced model of business collaboration are all driving this evolution.
In the accounting sector, we have seen constant change too, offering the opportunity to rethink the way accounting firms do business to create sustainable growth, both for themselves and their clients. For SME clients, accounting firms need to take on a more strategic role, offering value-added services beyond the traditional scope of tax, compliance and book-keeping.
Embracing Technological Innovation
For traditional chartered accountancy firms, how they evolve and embrace these changes will dictate their success and the success of their clients. The whole role of accountancy as a profession is changing. Clients will look to their accountancy firm as a trusted source of perspective and strategic insight. With cloud-based accountancy solutions, much of the traditional accountancy work can be automated, so it will be more about providing insightful strategy, analysis and guidance.
Accountancy professionals need to be willing and able to embrace technology to offer their clients true value. Today, digital technology is a key competency for accounting graduates. For accounting professionals that have been in the game longer, it is not as simple as doing a quick course in ‘Big Data’ or ‘Business Intelligence’. A complete attitude shift is required to leverage the opportunity. It will be those firms that can provide solutions in this exciting new space that will attract the top talent and offer the best services.
Traditional CA services have become a commodity. For SME clients to build a sustainable business, they need a trusted expert in big data, business intelligence and strategic planning – someone who can interpret the data, offer strategic insights and a critical perspective. The cost of that expertise in-house would be huge, so instead, Virtual CFOs (a person who is an outsourced provider of expert financial advice) are a way for SME clients to get the strategic support they need, for a fraction of the cost. Virtual CFOs offer the support of an in-house CFO on a flexible, on-call basis.
Are you getting expert, strategic support from your CA firm?
Has your business embraced these new technologies? Is your CA firm providing value-added services like strategic insights and planning support to drive the sustainability and growth of your business?
If the answer is no, your business may be suffering as a result. Over time, the businesses that adopt these innovations will see efficiency gains, while those that don’t will lag behind. To remain competitive, you’ll need to take a collaborative approach to driving your business forward, working with outsourced partners like Virtual CFOs.
SMEtric understands what it takes to drive a business forward. We’re accountants, but we’re also business owners, so we can show you how embracing technological innovation can transform your business. We work alongside our clients to build capability and free up resources to focus on more important strategic activities that will grow your business.
SMEtric Consulting has embraced technological innovation. Meet with one of our expert consultants, to get the strategic insights you really need. Use our online contact form below to get in touch with our team.