In 2014, I founded my entirely cloud-based accounting firm, "Accountancy Online," with a keen eye on SEO optimization, making our website easily discoverable.

At Accountancy Online:

• We operated as a 100% cloud-based firm.

• We prided ourselves on being 99% paperless (with the occasional exception).

• Our dedicated outsourcing team from Active Outsourcing (which I now lead full-time) was instrumental.

• We boasted a 100% distributed workforce, with Australian staff members that I never actually met in person.

• Over 90% of client meetings were conducted online, a practice initiated well before the pandemic, embracing the concept of virtual meetings.

While my background is in accounting, my true passion lies in exploring the intersection of technology and the future of firms. I've always found experimenting with technology more captivating than traditional accounting tasks.

In 2014, I even boldly introduced QR codes on my business cards, earning skepticism from colleagues and partners. It's a fine line between being an early adopter and being considered a maverick, a title I've embraced throughout my career.

The accounting profession is rapidly evolving, necessitating adaptability, agility, and an inquisitive mindset. New technologies demand firms to explore uncharted territory, accepting the possibility of setbacks while remaining cost-effective.

Technology's ubiquitous presence provides an array of tools to support accountants in various domains. It's also transforming the accounting landscape by welcoming non-traditional players.

Consulting firms and business advisory entities, along with non-accounting professionals, are leveraging advanced software and analytical tools to provide innovative accounting-related services.

Furthermore, non-traditional competitors, including banks, software providers, and web-based companies with efficient online models, are expanding their offerings, creating more competition in accounting and tax-related services.

With increased competition, there's a decreasing demand for lower-value accounting services. This trend cannot be overlooked; it's a fact, an ongoing shift that pushes the industry toward a race to enhance value and service quality.

The question arises: Are accountants becoming an endangered species in this evolving landscape?

Stay tuned for next week's discussion as we delve into the future of the accounting profession, its adaptability, and the strategies for maintaining relevance and success in this ever-changing environment.