Member Since: Sep 13th 2016
Director of Practice Development AccountantsWorld
Jun 29th 2018
Glad you found value in the post, Stephen! Thanks for sharing your experience here. I observed that it is perceived that automation starts with technology. It is not true. It is the processes in accounting firms' offices that generate the real opportunities for automation, which technology can then facilitate.
Jan 31st 2017
Thanks, Ed! Glad you found value in this article!
You hit the nail on its head. It will call for changes to the business models of firms. Anything NOT repetitive and codifiable on computers can't be charged by the hour.
It will need to be charged "BY THE IMPACT" it can make in client situations.
I am sure that Accounting Profession will figure out the science of charging for such impacts.
I am doing some research on how "impacts" are quantified in the minds of human beings i.e. how humans perceive value and what in that perception is actually (somewhat) quantifiable. I am guessing that the hospitality industry has found some insights on "(quantifiably) pricing for (non-measurable) experiences". Interesting future!!!
Dec 9th 2016
Very important update from you, Seth!
The trend clearly states "what" to do to achieve future growth i.e. get into Client Accounting Services (CAS) segment.
But it is more important to know the "how" to ensure success in CAS. The standard "practice management" procedures and technology will NOT work well in CAS. It is because the number of people to people interactions (firm employees dealing with client employees) will dramatically increase. The number of communications - emails, phone calls, documents - both digital and electronic - will also increase dramatically. Any volume jump in such interactions will severely stress-test and even break a firm's infrastructure/resource capacity. Not to forget - it will be critically important to re-train and re-align staff to provide truly professional customer service - it will need strengthening "people skills" and "communication skills".
Firms WILL need to carefully select "technology" platforms that facilitate digital interactions and digital workflows, ideally integrated with accounting software itself.