Is Your Accountancy Firm Future Proofed
Accountant's Minute 158
Welcome to Accountants Minute.
The CommBank Accounting Market Pulse June 2018 identified a number of service lines, outside of traditional accounting/taxation services, in which some accountants are investing, including:
- Business Advisory Services
- Management Consulting Services
- Risk Management
- Private Equity Services
Accountants need to consider these types of products/services as you plan strategies to “future proof” your businesses from the challenges which include:
- finding and keeping quality staff
- changing market demands – supplying services that the SME market wants
- winning new business
- disruptive technologies
- new market trends – e.g. outsourcing
- commoditisation of taxation returns
The Market Pulse Report identified that 64% of the firm’s surveyed were pursuing “organic growth” within the firm and that 44% identified they were developing “new services”.
