The ready availability of cloud-based and self-service accounting tools means today’s accountants must find a way to remain relevant or risk becoming obsolete, according to RSM.
Andrew Sykes, director, RSM, said,
“Cloud accounting has made day-to-day tasks such as keeping track of income and outgoings, and finding ways to minimise clients’ tax burdens easier. This means that accountants now have more time to really advise clients on what will help their business grow and planning for the future.
“Clients expectations are changing. They no longer want you to provide a picture of their financial position – they want you to analyse it and provide advice on what to do to improve it. Time saved on repetitive tasks, greater security, convenience, and flexibility offered by cloud-based tools means that the accounting virtually does itself.
“This means that the traditional role of accountant has shifted. Clients are now looking for strategic advisors who can use this up-to-the-minute information to provide greater insight and guidance. Accountants who don’t make this shift will find themselves struggling to meet clients’ needs.
“Today, the best accountants get to know a client’s business intimately. They are always on the lookout for opportunities, and they are experts in their field, such as taxation, risk management and mergers and acquisitions.
“By becoming a genuinely trusted advisor, accountants can build longer-term partnerships with clients. This results in more challenging and rewarding work for accountants, and it also makes it more likely that they will be able to grow their business over time as clients come to rely on them more and more.”
RSM is a full service national accounting and advisory firm delivering expert corporate financial and advisory accounting services to clients across diverse industry sectors.
Its unique one-firm structure means clients can more readily connect to its extensive national and international networks, expertise and industry experience.
Nationally RSM has 29 offices, combined with over 90 years’ experience. Its network spans across 110 countries and comprises 730 offices.