Episode 77. In today's news episode, we discuss "How Accounting Firms Thrive in a Competitive Market."
Key takeaways from this episode include:
➤ Shout out to Steve Cox of Iris, who appeared recently on this episode "The Future of the Accounting Profession" https://accountinginfluencers.captivate.fm/episode/the-future-of-the-accounting-profession-with-steve-cox-of-iris-uncut
➤ QUOTE: "A new breed of accountancy practices, flourishing in post-pandemic conditions, are making life hard for traditional firms."
➤ how the competitive landscape has changed for accountants from existing firms to new entrants into accounting
➤ figures on how many new accounting firms have started all over the world, all fighting for the business of those already in the marketplace
➤ speculating whether the new breed of accounting firms actually need qualified accountants or just software certified professionals
➤ how the great resignation in accounting may instead be a great evolution as many start their own practice on their terms
➤ three things accounting firms can do to improve they are feeling the pressure from competition
➤ the surprisingly low proportion of accountancy practices who promote a cloud-first offering to their clients
➤ the advantage of organic growth through automation vz new client acquisition to take the load off fee-earners working long hours
➤ why it makes commercial sense for accounting firms to consider selling their lowest profitability clients
➤ what compliance based accounting practices who are struggling with technology, cloud and digital can do to grow
➤ how many accounting managing partners reach 50+ and change their thinking from the firm to their exit
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