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Accountancy in the future...
A.K.A... The real impact of 'Making Tax Digital' (MTD) and Artifical Intelligence (AI).
What is your ‘Average’ client worth?
- Fee income: £500 to £5000 for mid range accountants.
- The ‘norm’ is £1,000 to £2000 per client per annum.
- ‘Compliance’ is the key service delivered by most accountants.
- MTD is widely expected to have a massive impact on ‘compliance’ based fee income.
How are your Client Relationships Going to Change?
Right now your clients are ‘happy’ to pay for ‘Year End’ accounts, because they don't see an alternative.
Consider how long it takes to submit a VAT return on Xero, how much value can a traditional 'accountant' really add?
Post MTD, what will accountant be doing for their clients?
- What will be written on the invoice?
- How much will business owners be ‘happy’ to pay when they feel they have an option?
What are the 'Big Four' doing to mitigate risk?
- Management Consultancy Fee Income now greater than Audit Fee Income.
- Acquiring ‘Management Consulting’ Businesses
The Big 4 now generate more fee income delivering ‘Management Consulting’ than the top 4 Management Consultancy companies:
- Boston Consulting Group, (BCG)
- Bain and Company
- McKinsey and Company
Most accountants realise the days of 'value added bean counting' are over. Call Enquir3 on 0207 100 5180 to find out how to engage with your client base for long term success.
See the recent article by 'AccountingWeb' which suggests the following are 11 challenges that SMPs consider the most pressing (high or very high impact):
- Attracting new clients (46 percent)
- Keeping up with new regulations/standards (41 percent)
- Experiencing pressure to lower fees (41 percent)
- Rising costs (39 percent)
- Differentiating from the competition (39 percent)
- Technology developments (35 percent)
- Serving clients operating internationally (34 percent)
- Personnel and staffing issues (33 percent)
- Managing cash flow and late payments (32 percent)
- Retaining existing clients (23 percent)
- Succession planning (23 percent)