https://www.youtube.com/watch?v=0zlEFTgk1tg

Within days of each other accountants have been in the ‘spotlight’ for getting laughs….. but not for the right reasons. First, the mix-up with an Oscars envelope for ‘Best Picture’ now termed envelopegate. Second, an ‘excruciating’ recruitment video from the Australian Department of Finance to attract graduates. So how are accountants viewed?

Trust is key

While we do have our moments, generally accountants are viewed as one of the most trusted professions. In fact we have been consistently ranked 11th in the Roy Morgan’s Annual Image of Professions Survey. Deloittes was ranked number one to work by graduates by GradConnections. But the accounting profession has been undergoing significant change.

Meeting client growing needs

Accounting firms are now calling themselves ‘consulting’ firms and their accountants now referred to as consultants. Why? Because the profession is now becoming a more broad service provider to business. No longer are we just ‘number crunchers’ and ‘bean counters’ preparing tax returns and financial statements. Our services have gone further into providing advice and information to business managers. This allows business managers to make more informed decisions. Technology now extends into providing information technology services in accounting. For larger firms they are becoming ‘one stop shop’ business service providers to business. This has seen them competing with consulting firms as McKinsey & Co, Bain & Co, Boston Consulting Group.

Remaining relevant with customers

Bookkeepers and management accountants are no different. With the introduction of Goods and Services Tax in Australia, the role of bookkeepers has become important. Our role with owners and management has become more intimate. Business is becoming more technology based through transactions, e-commerce, online banking, cloud accounting and many addon features. Our knowledge, skill and experience is critical to success. It’s becoming necessary for business to keep up with competitors. Remaining relevant with customer technology needs is required by business.

Technology key to innovation

To demonstrate how technology influences business, let’s look at some of the best performing USA stocks in the last 20 years. We see Facebook, Amazon, Microsoft, Google and Apple. Watching Sky News “Smart Money”, Xero Managing Director Trent Innes identified the cost benefits to business using cloud based technology, allowing remote access to their business on mobile devices as smartphones and tablets. This allows business success through innovation and improved cashflow management. This is followed by CEO Simon Griffith from Who Gives a Crap, an online social enterprise. Their purpose is to build toilets for those in need by selling 100% recycled paper cleaning products online. They use tehnology to streamline their logistics and warehousing to minimise costs.

We’re human, but we’re needed

So yes, accountants or consultants are human. It is what makes the profession one of the most trusted and sought after. Our work is wide and varied as our clients needs change and evolve. Management accountants are sought for our intimate understanding of our clients. This allows us to provide insights they could not achieve on their own. Our role is no longer bean counting. It’s now advising and using technology to allow business owners and managers to make more informed decisions. Technology is now a growing part of the service provision for clients. Innovation is essential to for businesses to remain relevant with their customers, now and in the future.

 

Why Foley Business Management is relevant to your business

Our purpose is to build sustainable communities and to create a better world for our childrens’ children.

This is why we take a holistic approach to our clients, not just preparing financial statements and leaving it to the client to work out on their own. We provide financial management solutions to small businesses, not for profits and social enterprise so they can make informed decisions. For many people, owning a business is a big step. One that will affect you, your family and your community.

If you would like to speak to one of our consultants for a free 30 minute consultation, please contact us to organise a time that is convenient. A business can be a rewarding experience for you, your family and your community! Let’s make sure you do it the right way.