Accountants offering actionable data and business intelligence to their clients will see a strengthening of their client relationships more so than those that don’t.

Andy North – Global Publisher,  AccountingWEB

Are firms moving up the value chain vs. traditional accounting?

Absolutely. There’s no doubt they’re moving up the value chain but, it’s hardly what I would call a rapid ascent. What I’ve been hearing is that while businesses clearly need the kind of advice and support that consulting can provide, they don’t expect it – or know to ask for it – from their accountant. I get the sense that the SMB market is just not accustomed to asking for external help. There’s no doubt the value realized is huge when delivered but there are headwinds holding up a more widespread adoption like the need to produce actionable insights in a cost-effective manner.

Are client relationships more important than ever before?

Of course. I think across the board we’re seeing a polarization with increased automation removing the human element from business relationships at the transactional end. To offset this, there must be an increased emphasis on personal relationships at the value end. Naturally, accountants offering actionable data and business intelligence to their clients will see a strengthening of their client relationships more so than those that don’t.

“Millennials as clients” is a hot topic right now. Is this chatter something we see with each generation or is there something different about this group?

That’s a good question. I don’t know how qualified I am on this subject, but I think the millennials are re-enforcing a lot of the changes we’re seeing across the profession such as the desire for faster, convenient, and more efficient access to the financial data they require. I think it’s a difference by degree rather than a fundamental difference when comparing millennials to other generations.

What is your crystal ball telling you about 2018?

It’s telling me 2018 is going to be a very interesting year for the accounting profession with several important developments occurring before it’s all over. I’m not going to give away too much here, but I do believe this will be the year that accounting’s aging population becomes a major talking point. I think we’re going to see a significant increase in the number of traditional firms selling at sub-optimal prices as more and more owners start to retire. The balance will continue to invest in technology to increase operational efficiencies while better serving their clients. If you want to know more, I’d recommend you visit AccountingWEB to read our full list of 2018 predictions