Building client relationships with industry leader Kane Munro

The modern accountant has evolved to become a strategic adviser, going beyond traditional roles to build stronger client relationships. A survey conducted by Intuit QuickBooks revealed that there is an increasing demand for accountants to provide more support with financial management and technology management. However, only 10 per cent of businesses view their accountant as a key strategic partner.

This highlights the need for accountants to adapt and evolve their service offerings to cater to the changing needs of their clients. As businesses grow, their needs become more complex, and the capabilities of their existing accountant may be surpassed. The survey also found that firms that work with tech-advanced clients see boosts in efficiency, strategic advisory, and client communication.

To succeed as an accountant today, it is important to have both traditional accounting skills and soft skills. Soft skills such as communication, collaboration, and emotional intelligence are just as important as technical skills. Almost all respondents to the survey (98 per cent) agreed that being able to identify and troubleshoot complex issues ranks as the most important soft skill.

In response to these changing client demands, accountants are increasingly using technology to provide real-time financial insights, marketing, and client communication services using AI. The survey revealed that more than eight in 10 respondents expect technology to elevate the quality of their advisory services, particularly in business strategising, risk management, and valuation services.

Building strong client relationships is crucial in the accounting industry, and strategic partnerships yield a strong positive perception. Firms that provide transactional service models are at risk of being undervalued. With businesses needing to integrate various technologies into their operations, the accountant’s role has evolved to cater to the full spectrum of their clients’ needs, from compliance to tax advice to strategic advice.

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