Speaking on the sidelines of QuickBooks Connect 2019 in Melbourne, Intuit accountant business director Ariege Misherghi said she has seen a shift in expectations from small business clients, who now expect their accountants to be able to give them greater insights into their business.
“There is a new generation of small business owners and their expectations are shifting — that old paradigm of accountants being the stewards of data, it is just outdated and what these new small business owners are looking for are people to give them advice,” Ms Misherghi told Accountants Daily.
“They want people to not just share the data, or own the data, or clean the data; they want people to make sense of it and they are looking for concrete advice to help them grow.”
Ms Misherghi said that while compliance was far from being on the death knell, accountants should view it as a base platform to work off and provide business advisory insights rather than relying on it as the endgame.
“Compliant books are the foundation for any healthy conversation on future-looking objectives,” she said.
“Compliance is absolutely alive and well and it is a baseline expectation, but it can’t be the end product; it is an expectation in order to deliver on advisory.
“Accountants recognise the need to shift into advisory, and the reality is they are advising today but they are trying to get advice on how to monetise that, how to create a revenue stream around this need to advice.”