I would argue the accounting industry is trapped in some “boxes” or old ways of doing things simply because that is the way it has always been done, it has been successful, and if they were to change, they aren’t quite sure how to change or what to change to.
Simply put, it’s about clients and viewing the world from their perspective. It’s about abandoning unnecessary “boxes,” and taking advantage of technological advances. It’s also about not being afraid of change, but also not changing for change sake. It’s about finding and implementing the best, best practices for your firm or company.
Seth Godin stated in his book (Tribes), “change almost never fails because it's too early. It almost always fails because it's too late." He also stated, "organizations that require success before commitment, will have neither."
Get out of your box and stop "client change."
What do you think should change in our profession?
What should NOT change?
2 comments:
Brian:
The public accounting industry is stuck with what I call the "1970s mentality". Firm owners are partners have been trained to perform traditional tax and assurance services at a very high quality level. In the past, clients only came to their CPA for assurance and tax services. There was plenty of year round work and the CPA firm was profitable.
Today, clients need a more diverse skill set from the CPA. However, we, as an industry, want to think that clients just continue to need taxation and assurance services. Clients come in to have a tax return or financial statement prepared but leave unsatisfied because their real needs have not been addressed. Most of the time, the CPA does not know what questions to ask.
Public accounting firms are less profitable and marketable than in the past. Until we start to think outside the box and understand our fiduciary responsibility to serve our clients, the public accounting industry will continue to underperform.
Eric Davis, CPA, CFP
Brian:
The public accounting industry is stuck with what I call the "1970s mentality". Firm owners are partners have been trained to perform traditional tax and assurance services at a very high quality level. In the past, clients only came to their CPA for assurance and tax services. There was plenty of year round work and the CPA firm was profitable.
Today, clients need a more diverse skill set from the CPA. However, we, as an industry, want to think that clients just continue to need taxation and assurance services. Clients come in to have a tax return or financial statement prepared but leave unsatisfied because their real needs have not been addressed. Most of the time, the CPA does not know what questions to ask.
Public accounting firms are less profitable and marketable than in the past. Until we start to think outside the box and understand our fiduciary responsibility to serve our clients, the public accounting industry will continue to underperform.
Eric Davis, CPA, CFP
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