Here are 7 potential changes on the horizon for the accountancy profession driven by changing markets:
- Speed to market becomes even more important. Innovate; deliver cool services to clients then innovate some more.
- Deepening specialisms. Experts rule and become highly marketable.
- Death of timesheets and time-based billing. (Good riddance.)
- Hub and spoke accountancy firms emerge. Hub consisting of core senior team who win the work. Spokes are outsourced highly specialist professionals drawn together on a project by project basis to deliver the project. The best become even more sought after and command premium rates – ref point 2 above.
- A move away from process driven compliance work toward more bespoke consulting projects.
- Importance of Firm brand name slips in prominence as star or thought-leader individual accountants utilise online channels to demonstrate their expertise and boost their individual brand.
- Authenticity prevails – larger firms threatened with losing credibility in favour of smaller niche practices and individual star performers who can demonstrate relevance to specific sectors and build communities, create cool services and innovate faster.
Any other suggestions?