Regulatory changes, emerging trends, and new technologies. Alone, each of these developments would be enough to create a rapid evolution in the accounting profession. Together, these and other changes have created a flashpoint for many accounting practices, requiring them to adapt at unprecedented levels. This can cause inefficiency and insufficiency when it comes to managing the increased demand for organizational resources.
To help firms succeed and adapt more easily to the ongoing changes which are reshaping the profession, NetSuite recently released a whitepaper, “9 Developments Shaping the Future of Accounting” which details the key areas where accountants should focus their attention.
Since it is often easier to embrace changes and benefit from them when the developments are explored independently in context, this series of articles will delve into each of them so your firm can successfully embrace the changes, using these key strategies:
View new information as a source of insights. With all of the data you are faced with on a daily basis, it’s easy to feel overwhelmed. However, the key to success lies in viewing the flow of information as a source for building your knowledge-base that you can leverage to assist your clients with related challenges. As regulations change, business trends and technologies evolve, so do your clients’ needs. Being able to advise them in these areas quickly and thoroughly will help you transition into a higher value advisory relationships with your clients more rapidly, too.
Focus on efficiency and client satisfaction gains as you evaluate new technology solutions. It may feel like technology innovation is outpacing your firm’s ability to adapt. The antidote? Keep focused on the “why” behind any need or desire to implement a new platform or solution. If you are clear on your objectives (and your clients’ needs) as you evaluate workflow and client-facing technology infrastructure options, you’ll be able to reduce the “noise” to only those that will help your firm work smarter, respond to regulatory changes, and/or serve clients better.
Remember that success requires innovation. While managing rapid change can be difficult, it can also be a driver of new opportunities and the expansion of your firm’s capabilities—which can both create a foundation for future success. Keep in mind that some level of change is necessary in order for any business to evolve and grow. Having to strategize and shift can actually be beneficial in keeping your perspective fresh and you team engaged as they work together to find new ways of approaching firm operations and service delivery. Change can also give different people within your firm the chance to grow as well—change in and of itself is not a bad thing. It’s often the speed and potential impact that can make it stressful.
As the confluence of regulatory changes, emerging trends and the evolving technology landscape continue to reshape the accounting profession, it’s more imperative than ever for accounting professionals to stay aware of them and manage their impact on their firms. As you become more familiar with the developments that are contributing to this evolution, you’ll be better prepared to embrace and leverage them to the benefit of your firm by offering higher value services and insights to your clients, creating new growth opportunities, and increasing your firm’s operational efficiency in spite of the rapidly evolving profession.