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A significant proportion of the recent QuickBooks Connect Conference in Sydney two weeks ago was focused on the changing role of accountants and how they need to adapt not only to rapid advances in technology but also the changing needs of their clients.
This discussion has been taking place for a while now, with many of our accounting and bookkeeping partners now well aware of the impact automation will have on the way they engage with their small business clients.
In collaboration with our accounting and bookkeeping partners, we are working to help guide them on how to reshape their business to take advantage of digital disruption and, in the process, make themselves indispensable in the new knowledge-based economy.
In any change situation there is a portion of those affected who take a ‘if it’s not broke, don’t fix it’ mentality, however this mentality will result in unfavourable results for not only accountants but also their small business clients.
The impact of automation
Our global head of accounting, Rich Preece, who delivered one of the keynote addresses at the QBC conference, predicts that a third of accountants will struggle to make a living within the next five to six years unless they adapt and truly embrace the changing nature of the industry.
The sector is rapidly realising their role is evolving into business advisors who will play a more active role in the strategic direction and overall performance of their clients using smart insights we are able to provide them from our data and machine learning from that data.
Time and time again, I have received feedback from our small business clients they are looking for more input from their accountants and bookkeepers. The input they want is about cash flow, business inefficiencies, pricing, and a deeper understanding of what the true value drivers are for the company.
More business insights and less time spent on compliance and tax issues is the growing theme. The needs and requests from small business owners will help guide accountants and how they provide significant value to their customers.
Ever-changing technology
Intuit is leading the world when it comes to the adoption and integration of new technologies onto our platform. Technology such as virtual reality, emotion detection and machine learning will affect not just business owners, but accountants.
Accountants and bookkeepers could gain a lot from understanding how this technology will affect their clients, how their clients will utilise it to drive their future growth, and how they can adopt this technology to improve their interactions with their small business customers.
Accordingly, accountants passionate about becoming strategic advisors who embrace, learn about and implement new technology smartly for the benefit of their customers will see their value grow exponentially.
We are excited about the changing role of the accountants in this age of digital disruption, and we will continue to engage and partner with them as the profession evolves.
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