The Accounting Profession is Changing…FAST!

A lot has changed and more is changing.

I’m an accountant first with a significant background in accounting before focusing on accounting outsourcing accounting for fellow professionals.

The reason I say this is that for any fellow professional watching the accounting industry, it’s clear that our industry has entered a technology boom which requires firms to fail fast, pivot quickly and cheaply, but most importantly be more nimble to reflect the ever quickening pace of business and client needs over the next decade.

Because a lot will change over the next decade, when you look back a lot has changed in the last 15 years.

By 2020, relationships between organisations, people and service providers will be far more intimate. Accountants will be part of an individual’s advisory group and statutory requirements will be outsourced to some other country or person. That’s a fundamental shift

– Morris Miselowski

Consulting and business advisory firms, as well as other non-accountants, are already taking advantage of new software and analytical tools to provide new accounting-related services.

Non-traditional competitors such as banks, software providers and web based firms (with an inherently efficient online business model) will offer an increasing array of accounting and tax-related products and services to our clients.

These competing providers will also make bookkeeping and tax preparation cheaper and easier to our clients, reducing demand for lower-value accounting services.

Competition is already intensifying with outsourcing and automation already displacing accounting, audit and tax professionals. This is especially true for low value compliance based engagements. It’s almost a race towards zero (which is a race no one should really want…or want to win)..

The next decade will be a period of rapid change and continuous disruption for the accounting industry in Australia.

This can’t be ignored. This is fact. This is happening.

How do you fundamentally shift your firm and future proof it, because with every disruption comes new opportunities for firms who understand this opportunity and can exploit it.

I believe that outsourcing will form a part of the solution that gives you and your firm the best chance to take advantage of the future.