The accounting industry is transforming rapidly, which means accountants need to adapt to provide high-quality services to a wide variety of businesses.
One of the ways this can be done is by embracing AI-powered cloud accounting solutions.
These services have shifted the accountant’s responsibility from primarily managing reporting, payroll, and tax returns, to effectively becoming financial advisors for small-to-medium businesses.
Below, we highlight several ways in which accountants can evolve with their customers to ensure they meet their needs.
Skills diversity
As customers begin to use their accountants for financial advice, accounting firms need to diversify their skillsets accordingly.
It is important that firms hire technology innovators and creative thinkers who can enhance their product offering and meet their customers’ needs.
Involving younger generations is a key part of this process, as they can offer valuable competencies which are fundamental assets in the transformation process.
These Millennials and Gen Zs must be able to communicate well and should be proficient with technology, as this will facilitate the evolution process while simultaneously creating potential for growth that sets the base for the next generation.
Additionally, this will allow firms to build stronger relationships with a broader customer base.
Technological efficiency
Embracing technology allows accounting firms to deliver premium services to their customers through AI and automation.
Technologies such as cloud accounting solutions provide customers with more efficient services by automating repetitive tasks and improving accuracy.
This is what small business owner Brian Malatji found when moving to Sage’s automated accounting service, Sage Business Cloud Accounting.
“Because of financial year-end in February, I want to be able to track all my business dealings, like income and expenses, VAT calculations, and automated transactions. Sage lets me do that effortlessly,” said Malatji.
Ensure your customers are prepared for anything
Accountants need to make sure their customers are prepared to handle unforeseen challenges.
With the rise of hybrid and remote working over the past two years, cloud accounting has showcased its superiority when it comes to business continuity.
Those that already had these solutions in place before the pandemic were better prepared for a hybrid working environment and were therefore able to adapt more easily.
Legislative expertise
An effective way that accounting firms can ensure they evolve with their customers is to help them keep up with changing legislation.
A Sage research paper titled Payroll and HR in SA: Rising to the challenges of change showed that 30% of HR and payroll professionals struggle to keep up with changing legislation.
Accountants can therefore become indispensable by translating complicated laws into simple terms for their customers.
Source: MyBroadband.co.za