Our industry is going through change, change so substantial and fast that it can only be called a paradigm shift. However most in our industry are either blindly unaware of it or are choosing to ignore it.
The Dodo birds extinction was largely due to its fearlessness of humans and all that we bring with us. It did not adapt to change and as a result perished into the annals of history.
Technology is drving change for the compliance part of the accountancy industry. Due to this our clients are expecting quicker turn-around times and reduced fees. Compliance assignments are quickly becoming commodities that will be able to be provided by banks, business advisers and the such-like.
We have to add value to our clients through the use and interpretation of real-time data. In addition we have to help our clients grow their businesses so that they meet the personal and business goals that they have set themselves. We need to be alongside them on their journey through life, guiding as appropriate through both good times and bad.
I myself believe that the only way forward is through working with my clients on their business in a different way. Focusing on the fundamentals such as undertaking GAP analysis, the vision, governance, business and bank service reviews and then determining how we can add value. By researching and understanding market fluctuations and current local conditions we can effect change for our clients that add value.
I have helped develop and invested in resources in anticipation of this new era in accounting services provisions. Strategic, business and succession planning services are the new “front line” of our clients needs and requirements.
The compliance annual accounts are quickly becoming by-products of timely and accurate monthly management reporting that we now work with our clients on.
Let the lesson of the Dodo birds demise be a guide to us on how to recognize and adapt to change. The alternative to not changing is extinction.
Nigel is Director and owner at Quantum Advantage Ltd that is leading positive change in the Accounting industry. He is a member of NZICA and the Institute of Directors, and hold directorships on several company boards, including PrimePort Timaru, Opuha Water and Quantum Advantage Ltd. He is a foundation member of the Canterbury Water Management Committee and currently sits on the board of Roncalli College as Deputy Chairman. Over the years he has gained positions on the advisory boards of many large farming entities, which has given him an in-depth knowledge of rural and related sectors, with specialist knowledge in the irrigation and dairy industries.