“Every new beginning comes from some other beginning’s end.” Seneca
Chartered Accountants (CA) will be obsolete sooner. Technology will make it happen. To put it differently, CAs’ way of doing practice will be obsolete sooner.
Manual Accounting was taken over by software, taxes are taken over by online sites, audit tools are making audit less human, GST is gradually making taxes online and integrated. Seminars are going to be more and more Webinars, so networking opportunities are reduced. Clients are online; relationship association is gradually giving way to convenience and self-help.
Life is going to change. This transition phase of the business is also a transition phase for practicing accountants. They need to acquire new skills.
Unless accountants adapt to technologies and new means of practice development, obsoletion is imminent.
“Organizations that create a low-effort service experience, helping their customers solve problems quickly and easily, are most successful at building customer loyalty.” “Matthew Dixon, The Effortless Experience: Conquering the New Battleground for Customer Loyalty
Effortless and ease are the new drivers of every business. Sites like Protact are emerging as a new way of managing taxes and professional practice.
What clients really want?
- Anytime advice
- Real-time information
- Tracking of the work
- Data management whenever they need
- Relevant content
- Everything under one roof
- Ease and convenience
The platforms like Protact offer all the above features. They offer ease of doing the practice.
What an accountant of the future needs to learn;
- Relinquish old methods
- Adopt new technology
- Online presence
- Create ease for the clients – dealing with you and solving their problems
- Create helpful content
- Embrace social media
- Promote content
Everything above is an outsource-able. Accountants need to focus on knowledge assimilation and knowledge broadcast. Knowledge professionals like accounting or management consulting always had relied on the content-driven self-promotion. However, the opportunity which larger firms and renowned accountants used to get at conference and seminars are now available to everyone. Thanks to technology, internet, and social media.
More the compliance more the technology will be at play. Adopt technology and move ahead in the value chain.
Accountants need to: Relinquish – Adopt – Outsource – Embrace (RAOE)
Have your own RAOE.
1) What will you Relinquish?
2) What will you Adopt?
3) What will you Outsource? and
4) What will you Embrace?
Answering these four questions will make you think. Think about your style of working. Think about your clients’ need.
Whether you are a chartered accountant or pursuing any other profession, whether you are an entrepreneur or CXO, RAOE is for everyone.
“The real voyage of discovery consists not in seeking new landscapes, but in having new eyes.” Marcel Proust