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The relationship has gone from transactional to trusted advisory in the face of tough financial conditions.
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Clients have grown more demanding of accountants: KeyPay
28 November 2022
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Clients expect more of accountants and now demand an advisory rather than a transactional relationship, according to a survey by payroll specialist KeyPay.
KeyPay co-founder Phil Bernie said its research revealed a surge of client expectations driven by the tough financial conditions.
“With economic uncertainty on every business leader’s mind, it’s unsurprising that an increased expectation for advisory support to respond to economic hardship emerged as a priority,” he said.
“With this, we can expect a continued shift in the role of an accountant to more strategic business adviser, with firms having to adopt a consulting perspective to keep up.”
Over 80 per cent of public practice accountants surveyed by KeyPay’s State of Accounting report said client expectations had significantly increased over the past two years, with only 15 per cent saying it had remained the same.
Top of client demands were help through economic hardship, nominated by 61 per cent of accountants, and assisting in future-proofing businesses, 57 per cent.
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Other expectations included faster response times at 60 per cent, and increased support and advice for technology at 56 per cent.
The report confirmed that the role of accountant was changing from purely transactional to involving more advisory work. More than half of the accountants surveyed — 55 per cent — said their clients wanted a holistic relationship to ensure stability and growth post-pandemic.
The pandemic spurred a rise in digital technology by both accountants and clients, with automation offering the prospect of time saving.
More than nine out of 10 respondents said they used the cloud to help save time and provide better services, with over two-thirds also using cloud payroll software. Mid-sized organisations with 11–30 employees were 24 per cent more likely to use payroll software.
KeyPay said accountants’ understanding of technology also needed to rise in line with client demands for advisory services.
Accounting firms were also looking to grow their offerings alongside the increased demand for advisory services with payroll services, tech consultancy, as well as advisory and training, included as the top areas accountants are looking to expand into, according to the report.
KeyPay is a cloud-based workforce management and payroll platform system. Founded in 2010 and launched in 2013, KeyPay more than 139 million timesheets have been approved by KeyPay as it provides an automated data flow from employees’ rosters, timesheets, leave, and reporting.
KeyPay’s State of Accounting report surveyed 339 public practice accountants across Australia and New Zealand.
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