According to the Paper’s author Greg Holman, founder and director of GPS Wealth, accountants are under increasing pressure to demonstrate their point of difference and add value just to maintain their ground. Those who want to gain ground, fend off competitors and achieve sustainable growth must expand their value proposition, beef up their soft skills and team up with the right partners in order to take their businesses to the next level.
“A look at what’s happened in other industries demonstrates that no one can afford to stand still. Digital disruption will destroy accounting practices that are inefficient, inflexible and provide a low level of service,” he said.
Titled “Melding accounting and advice: How to get future ready in a digital world”, the paper concludes that the best way for accountants to capture growth opportunities and future- proof their business is to offer financial services like insurance, lending, budgeting and cashflow management, strategic advice, retirement planning and estate planning. This can be done a number of different ways such as establishing a joint venture with an established advice firm, via a referral arrangement or by employing a qualified adviser in-house.
Drawing on Holman’s extensive experience helping hundreds of accounting practices expand their client value proposition by adding financial services either internally or through a referral arrangement, the white paper examines the changing role of accountants, the benefits of having a broader, deeper client relationship and the risk of doing nothing.
“Accountants still hold the coveted position of most trusted adviser,” Holman said.
Get a free copy of GPS Wealth’s white paper Melding accounting and advice: How to get future ready in a digital world.