According to Sage’s Practice of Now report, 67 per cent of accountants indicated that they felt that the profession was becoming more competitive than ever.
“Where a ‘one-size-fits-all’ approach was once common, today’s accountancy firms need to specialise to stand out,” said Sage executive vice president Jennifer Warawa.
“In 2019, many accountants will move towards providing thorough knowledge and counsel to address the needs of specific verticals.
“Instead of striving for a breadth – offering a wide range of services, working with varying clients, and staying vertical agnostic – success in the future may mean honing in on one or two verticals and becoming the go-to source of expertise in those areas.”
Sage’s predictions come in contrast to recent research from Unison Financial Group and Bstar which found that 70 per cent of respondents believing that expansion of services would be the most effective new revenue generator and strongest opportunity to seize growth over acquiring new clients to their practice.
“Once again, it is the accountant that will most likely be viewed as the central point of contact for clients to discuss their financial affairs post-royal commission, given their status generally as the trusted adviser,” said Unison Financial Group managing director George Haramis.
“Whilst accountants generally are considered to be the trusted adviser – can you really claim to be the trusted adviser if you only deliver one service?
“Not to do so – means there is a huge opportunity cost for both the client and the practice. The last thing any accountant wants is to lose a client because they not delivering the right services.”