In line with broader industry opinion, Skeggs Goldstien’s director Jonathan Reynolds told Accountants Daily that clients increasingly want their accountant to provide more than just compliance work.
“Clients need more proactive advice rather than just compliance aspects,” Mr Reynolds said.
“Don’t get me wrong, the compliance aspects are a great source for businesses to generate revenue, but I’m finding that clients are wanting more and more. Whether it be business clients, whether it be personal clients, they’re wanting more advice.”
Mr Reynolds said if an accountant does not or cannot provide a particular service their client needs, they need to help their client find someone who does.
“They’re not wanting, ‘I can’t provide that. You better go and see a financial adviser or a mortgage broker’. They’re actually wanting to be handheld and they’re wanting to be led through these uncertain times,” he said.
“They don’t need to wear all the hats but they just need to be able to provide these services and if they can’t provide them themselves, then have an outsource requirements.”
Accountants who fail to do this could eventually find themselves pushed to the sidelines, according to Mr Reynolds.
“The risk is if they don’t have a solid referral relationship that is going to provide them the advice or they don’t develop their skills to provide it themselves, eventually that other work will get taken off them,” he said.
“That’s the biggest risk, they make themselves redundant.”