Alex Alexandru, General Manager of Reckon, talks about emerging accounting trends and how to get a real edge. In an industry that is rapidly evolving with technology and changing practices, keeping yourself sharp and competitive is key to success. Here, Alex breaks down his top 6 tips for staying relevant in the accounting and bookkeeping industry in 2023…
1) Expand your services with consulting offers and software advice
With many simple aspects of this role now being taken over by accounting software, modern accountants have more room than ever to expand your service offerings and provide value in other ways.
The ability to offer consulting services tailored to your accounting business has evolved significantly. Today, modern accountants are not limited to accounting – in fact, with the right education, you can contribute to everything from strategic client engagement and compliance to offering professional advice on leadership, cloud software and automation technologies.
Accountants are often well-suited to provide these critical consulting services because of their familiarity with business processes, experience with accounting software, and a comprehensive understanding of your clients’ businesses. Maybe it’s time to take advantage of the opportunity to offer installation services, training, ongoing support and valuable process advice.
2) Double the data tips
With such a rich set of financial data, it is imperative that the next generation of accountants and advisors use it to create the most value for clients. By offering professional advice on cash flow forecasting, alerts on impending financial issues, advanced budgeting and ways to reduce overhead costs, you become an oracle of valuable information and business advice.
Because your clients have already adopted at least accounting and bookkeeping software, the value of Big Billing now lies in your ability to interpret accumulated data to inspire action.
A client that processes large volumes of data requires efficient processing of this information to obtain valuable information for informed decision making.
Having staff in your practice who are proficient in IT and data analysis is highly beneficial in achieving this new service offering.
3) Continuously educate yourself
Accountants must continually improve their knowledge and experience and stay up-to-date on industry trends, best practices and emerging technologies. This can be achieved by attending conferences, workshops, webinars and obtaining relevant certifications or advanced education.
For example, you can become BAS certified, take courses in software technology and data analysis, or expand into accounting roles through further training and certification.
4) Build confidence by becoming a thought leader
Becoming a thought leader, even in a relatively small way, helps build your credibility and demonstrate your capabilities in the marketplace. In turn, this helps you become more attractive to clients and potential clients.
Thought leaders actively share their knowledge and insights with others. As an accountant, you can write articles, blog posts, or white papers on relevant topics, contribute to industry publications or websites, participate in panel discussions or podcasts, and present at conferences and events. Sharing your experiences helps you establish (and develop) a credible voice while gaining recognition.
Accountants can use social media platforms to collaborate with peers, clients and the wider community. They can participate in industry-related discussions, share informative content, and provide valuable information through posts and comments. Active engagement on platforms such as LinkedIn, Twitter, or specialized accounting forums helps create a strong online presence and positions them as thought leaders.
hot tip: Learn more about becoming a thought leader.
5) Expand your partner’s services
One effective approach to expanding your range of services and enhancing your revenue streams is to partner with companies that offer additional services. For example, consider getting involved with small business loan providers.
By partnering with various small business lending organizations, you can not only provide your clients with enhanced business services, but also earn commissions. Many businesses often need short-term loans during difficult times, and you can become their trusted vendor.
Another great source of income is legal documentation. Businesses often need help with tasks such as entity formation, trademark registration, trust establishment and employee contracts. You can be that source.
6) Attend live events and participate in old school networking
Whether you’re just starting out or trying to stay relevant, it’s important to understand the importance of attending the right networking events and live conferences. For the accounting and bookkeeping industry, there are many high-quality industry-organized events across the country featuring leaders in their fields, industry partners and industry experts.
To keep your finger on the pulse, and most importantly, to interact with real accounting peers from diverse backgrounds, you can absorb the latest knowledge and perspectives in a natural way.
The best education you will ever receive is listening to peers and industry leaders who have done things differently. By learning from people in person, you can take a shortcut to past issues and gain the hard-earned knowledge of others in a similar position.
We invite you to join us at the 2023 Reckonnect Partner Conference!
We’re delighted to announce the triumphant return of our long-awaited conference, and we couldn’t be more excited to reconnect with our Reckon partners in beautiful Sydney.