Growth opportunities appearing for accountants

Predictive analytics and specialist advisory services are just two of the potential avenues that accountants can unlock as the industry evolves, according to the latest research.

As part of its annual Accountants Research Report, research house Bstar has indicated that the ability to attract new high-value business clients remains the number one business concern for Australian accountants.

With accountants looking for new ways to attract clients, Bstar urged firms to actively seek niche markets and specialised fields in which to spruik their services.

“Successful practices are targeting advice work in growth industry sectors such as health professionals, education, infrastructure, transport/logistics, retirement, aged care and ‘not for profit’ community organisations.”

“These opportunities are not commonly offered as advice services, offering a point of difference for advice pratices,” Bstar noted.

Accounting firms that establish themselves as medical specialists will thrive, as they can support medical practices and practitioners through the varied stages of their careers, offering tailored advice at each step of the journey.

“Medical specialists can be targeted and gained as clients in their graduate stage. Developing solutions tailored to each stage, and a consistent advice process, will allow services to be provided, and clients retained, over their career lifecycle.”

In addition to specialised advisory offerings, Bstar CEO Grant Bloxham lauded the opportunities provided by ‘big data’ and predictive analytics software in shifting the skill set of the contemporary accountant.

“Accountants are already aware of the impact of cloud-based accounting and compliance technologies on their practice. They agree that these technologies, by accessing real-time business information, have changed the way professional advice is provided to their clients.”

Mr Bloxham added: “Btsar anticipates that real-time information will be superseded by predictive information. Business owners will leave their existing accountants and engage with those who can provide predictive advice."

 

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