Staying relevant for your clients


There are various thoughts being shared about the changing role of accountants, mainly due to technology and the fact that younger clients tend to switch more readily than older ones.

The general theme is that to stay relevant, accountants need to become more strategic rather than just offering what might be termed as “clerical” services.  For many, this is taking their undoubted knowledge of running their own practice and transferring this to clients as business advisory services.

I would suggest that many businesses are looking at the trends of automation, robotics and AI and wondering how this effects their business.

Will my accountant be able to expand their offering to provide me with a more tech-minded person who understands how to implement and maintain systems such as those that automate reconciliation of receivables or be able to analyse high levels of data as a service?

Is this an extension of audit services for smaller SMEs?  I believe that many accountants are beginning to embrace data analytics to the extent that as part of their “business advisory” role they can not only spot trends but can be more proactive in helping business stay in business.

At FloFunder we are working with progressive accountancy and insolvency practices who are proactively looking at ways to add even more value to their end clients.  Whilst it may seem strange that we are working with insolvency practices who often are engaged too late to save a business, they, like many others, see a positive impact on the economy by partnering with accountancy practices earlier in the process to help those companies where cash flow is the only issue as larger companies delay payments.