With the fast-pace of changes being wrought by technology and politics in 2019, future-proofing is increasingly difficult for businesses and accountants. To help you keep at the forefront of this fast-paced profession, we spoke to six experts to get their take on the key trends shaping the accounting industry in 2019:
Janice B Gordon, The Key Account Strategist at Scale You Sales:
“Millennials, who will make-up 50% of the workforce by 2020, are shaping the way businesses communicate and transact. Millennials have specific specifications and demand hands-on support.
Accountants must speak the language to their changing client base and adapt to becoming tech-savvy and tech enabled. Accountants must stay ahead of these business trends to remain relevant to serve their changing client needs and preferences.”
Des O’Neill, managing director of OmniPro Group:
“In my opinion the key trend that I am experiencing is a trend that many in the accountancy profession are ignoring. However it is a trend that is shaping the profession none-the-less.
More than ever before entrepreneurs and business owners want more. They want more from their business. They want to get results easier and quicker. They need compliance but they want more advice, more support, more of what accountants can give. Progressive modern business owners are happy to pay once they get the value. The evidence among the accountancy firms that have tapped into this is irrefutable.
This trend is a golden opportunity for the accountants who want more out of their business by giving more to their customers.”
Matt Garman, CEO and founder of SalesEnabla:
“Without a doubt, the need to shift focus to advisory. It’s the way to safeguard and differentiate an accountancy business, to offer wider value and offer specialist services, with the right tools, as a one stop business growth advisory shop.”
Jo Edwards, managing director of JE Consulting:
“The automation of compliance is moving at a fast rate, firms have to grasp that reality and focus on developing and marketing their advisory skills.”
Ian Moss, editor of Accounting Insight News:
“The focus at the moment is still on the Brexit political maneuvering at Westminster, but once this phase is over all the tension will be on practicalities. Accountants are going to be playing a vital role in helping small businesses navigate the complexities of the post-Brexit financial world (should we ever get there).”
Brian Coventry, CEO of Enivison:
“Succession issues are driving firms into mergers and aggregations that are leaving the younger generations to question what the future holds for them. Talent shortages will continue to be issue and AI will only offset some of this downside.”
Get the latest industry insights at Accountex Summit North 2019
Accountex Summit North 2019 takes place at Manchester Central on 10 September. Apply for your free ticket to attend here.