The Accounting Industry: Can Firms Keep Up?

The last two years have shown the world that the unexpected is to be expected and the accounting industry is no exception to that. Accounting firms, small and large, have been forced to adapt and change traditional practices to accommodate the dynamic clients they are serving. These changes within the industry will impact the role accountants play in servicing their clients, platforms for communication and the solutions that can be offered moving forward.

Transactional accountants are slowly becoming a thing of the past and are now being replaced by firms who can provide a holistic approach to caring for their clients. It is becoming a priority in most businesses to consult with fewer advisors which has created an opportunity for accountants to step in and share their expertise on solving the difficult problems. This has opened the floodgates in the accounting world for more consultative services and the ability to create more in-depth strategies for clients.

We have also seen an evolution of technology throughout all industries and the accounting field as a whole is being forced to stay ahead. The COVID-19 Pandemic made businesses rethink their communication pathways and allowed for more convenient ways to speak with professionals. Instead of waiting for your quarterly meeting, it has now become the standard to schedule a video conference or partake in short, easy communication through texting or instant messages. With less barriers to overcome it is now easier than ever to talk with your accountant. These cloud solutions are paving the way for a more personalized experience and will only continue to advance within the accounting world as well as other industries.

Along with technology, the future of work and the way employers manage their workforce is now more fluid than ever before. A traditional in-office firm is moving further away from being the standard which has given employees more flexible work environments and is empowering them to be more productive. Accounting firms who provide this hybrid model are seeing better talent retention and acquisition across the board. In a short amount of time the accounting field is seeing this remote transition can be implemented at any firm, regardless of size, as long as the right leadership and systems are in place for success.

By: Federico Marsico, Client Relations Manager

January 7, 2022