Bookkeeping and accounting professionals are on the edge of a new industry paradigm, with technology changing the entire way we do business as a profession.
Of course, change is inevitable. But what marks this period as different is the rapid pace that technology is moving and the speed at which businesses are adopting that technology. In fact, Gartner expects spending on cloud application services (including cloud accounting software) to reach over $75 billion by 2020, with growth rates in the double digits as businesses scramble to move to the cloud.
In order to thrive, accounting professionals needs to transition their businesses to a model that meets the needs of today’s clients — and quickly. I recommend bookkeepers and accountants start with a needs assessment in order to understand what knowledge, abilities, and processes they will require to add the most value to their clients.
Gaining an honest awareness of what your target clients are seeking — and the current state of your accounting firm — is the first step toward making the pivot. Here are several other steps you can take to ensure your firm is future-ready today.
Step 1: The Gap Analysis
Gather together the stakeholders in your business (your partners and team members) and commit to asking the tough questions about your business. It may also be worth bringing in an outside consultant, or picking the brains of your colleagues in the industry to help you get a different perspective.