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Accounting firms are falling into two distinct groups according to a new report, those that are strategically innovating and those that are still sceptical of the need to change.
Today, Bstar released the executive summary of its Accountants Research Report 2017/18 in conjunction with BT Financial Group.
The report found that accountants’ primary concern is growth, with firms responding in two contrasting ways.
The first group is the strategic innovators that are excited by the opportunities, are taking action, changing their practice model, and are well-positioned to grow.
However, the second group is the majority that are still hesitating, sceptical of the need to change, or concerned about the risk of failing.
Bstar CEO Grant Bloxham said these practices run the risk of being left behind if they fail to act.
“Quite simply, the top threat facing practices is failing to act. The key issue is whether the practices who most need the benefits of a new model can make changes,” the executive summary reads.
“The majority of practices are reacting to declining revenues by becoming more conservative and risk averse. They are not prepared to take risks with existing revenue. They want certainty of increased revenue before they will change. They must weigh the risks of continuing decline against the risk of making changes.”
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