Disruption not all 'doom and gloom'

In a message posted online, CEO David Lane listed a number of disruptions affecting the accounting profession but made it clear that digital disruption is nothing to be feared by accountants.

“It’s certainly not all doom and gloom,” he said.

“In fact, many accountants are finding ways to turn these potential disruptors into enablers, by focusing on the things they can offer that technology can’t.”

As an example, Mr Lane said that some accounting firms are using cloud accounting software and white-labelled SMSF administration products to help them efficiently service the more routine needs of their clients.

“On one hand this enables them to offer their services at a more competitive price point, and on the other it frees up more time for them to provide additional value-added services that leverage their professional expertise.”

He added: “Even if your clients have already adopted their own cloud accounting or SMSF administration service, there are still opportunities to deepen your relationships with them by helping clients harness the full power of these digital technologies.”

Commenting on the future of accounting, Mr Lane said it’s “bionic” and not “robotic”.

“Winning firms will offer a hybrid of innovative technology and a personalised client proposition,” he said.

“The key is to make the shift to become a trusted adviser that businesses and individuals can’t afford to do without. And for firms who are able to do this well, the future looks brighter than ever."