Back to the future
Great article by Leon Gettler about the accounting industry having a bit of a mid-life crisis. Gettler predicts, and I completely agree, tomorrow's accounting firm will go back to its roots in management accounting.
What's management accounting?
- Business management mind-set rather than tax-accounting-compliance mind-set
- Consistently deliver services that drill into core non-tax issues
- Collaboratively work with clients
- Cloud accounting will be the new normal
- Accountants will truly be the external CFO
- Practical advice on business management
What will an accounting firm of the future look like?
- Tomorrow's accounting firm will look nothing like what it is today
- Broaden their employee base and skill set
- Broaden their service base to include HR, IT, marketing & management consulting
- The internet will be at the heart of any service
- Not compliance based
CV for the accountant of the future!
- Communication skills for high quality engagement
- Good at tax but better around business management and business advisory
- Great with technology
- Can help clients to run their business
- Has the courage to make business owners accountable to their business plan