Accountancy firms are changing
Business Advisory Services Update
There are certainly a lot of changes in the wind for accountancy firms.
Recent developments in Canberra have identified strong moves are afoot to compel Big 4 accounting firms, to divest themselves of taxation consulting work.
For many years, small and medium-sized accountancy firms have felt very comfortable producing tax compliance work for clients. It appears that modern technology has caught up and the once lucrative and predictable tax based business model is falling apart. Even the Tax Commissioner has indicated that compliance work is on the decline.
Digitisation, robotics and artificial intelligence are in demand which is signalling that some of the basic compliance work is going to reduce.
In this environment, small and medium-sized accountancy firms are in an envious position. You already know the clients. Furthermore, you have the skills to be able to provide commercial business services to assist those clients to survive in the current difficult trading conditions, and ultimately to scale up their businesses. This is a great opportunity for accountancy firms to seriously consider your clients and determine the type of services that you could supply to assist them to run better businesses.
Offering these types of services will also create great opportunities for attracting team members and retain those skilled accountants who will have been introduced to the interesting and challenging work that relates to assisting SMEs to survive in their business operations.
ESS BIZTOOLS has developed a comprehensive range of resources to assist accountants to offer enhanced business services for SMEs.
To find out more, call 1800 232 088 to arrange a complimentary meeting via Zoom, to discuss how ESS BIZTOOLS can assist accountants to deliver a broad range of business services to SME clients.
