Spotlight Reporting, a New Zealand company provides accounting firms with a range of reporting and forecasting tools, recently released its report 2023/2024 Global Advisory Trends: Realise Success in the Changing World of Accounting.
Spotlight Reporting in association with its partner, Karbon, conducted a study with over 1100 accounting professionals in Australia, Asia, Canada, USA and New Zealand to understand key trends prevalent among accountants with a strong focus on Small and Medium (SME) sized firms.
The following outlines 5 key takeaways as well as a summary of implications for SME firms.
The world has changed since the pandemic.
Technology in accounting, once thought to steal job has given rise to the agile accountant.
It has created huge opportunities and advantages for those willing to embrace change.
Clients continue to face hardship, highly competitive environments, uncertain futures and inflationary pressures.
As a result, SMEs globally are facing multiple challenges and need help more than ever.
Firms offering a diverse range of services and adapting to client needs are reaping rewards.
The number of advisory-led accounting firms is growing.
- 57% of firms are working on offering more services
- 42% of firms are looking to grow future revenues from advisory services to be 51% or more of their total fee revenues
- 24% of firms are “Progressive Firms” offering mainly advisory services
Clients are no longer seeking simply technical experts. They want assistance and trusted guidance to develop strategic plans.
Many firms are adopting an industry specialisation focus.
New services provided by accounting firms include:
- Environmental and Social (ESG) reporting
- Budgeting and Forecasting
- Management Reporting
Top challenges for Accounting firms over the next 12 months include:
- Client engagement and interaction
- Pricing structures
- Hiring staff
WHAT YOUR FIRM MUST DO!
The survival, growth and success of your firm will be based on its ability to:
- Gain an in-depth understanding of your client’s needs
- Tip: Be sure to gain an understanding from a BUYER perspective
- Build, maintain and nurture client relationships using proactive Account Based Strategies
Undertake Business Innovation to identify and develop a broader range of services, programs and support
NEED HELP WITH YOUR FIRMS’S GROWTH STRATEGY?
Check out my article:
How to Develop a Better B2B Growth Strategy for Your Small or Medium Professional Service Firm?