Tide is rising for accountants-new thinking & alliances can future proof businesses says Zervides

MELBOURNE, Australia - March 13, 2018 - PRLog -- Although the tide is rising rapidly for accountants, there is still time to restructure practices and develop new revenue streams and service offerings through professional alliances – and in doing so, futureproof businesses said Institute of Public Accountants (IPA) Victorian Vice President and Australian Wealth Solutions (AWS) principal Sam Zervides in his presentation at the recent IPA Victoria Congress.

There have never been more changes, challenges or opportunities than accountants are seeing today said Sam Zervides in the opening remarks of his presentation.

"By taking action now accounting firms can propel their business to the next level and deliver more value – especially to SME clients.

"However, in order for accountants to remain relevant in an intensely competitive market, a new paradigm and mindset is needed".

SME surveys repeatedly confirm the accountant is regarded as the 'trusted adviser' yet far too many accountants are failing themselves and small business clients by not adopting a more pro-active leadership role in the provision of client service and engagement affirmed Sam Zervides.

The traditional (now obsolete) accountant model is based on the premise of selling time for services provided.  To truly embrace the role of trusted small business adviser, accountants need to focus on selling value-add not hours as it is contrary to the modern-day demand and needs of SMEs.

Restricting the client advice to the annual review of how best to manage tax and compliance obligations is not enough.  Accountants must become more involved in the business and financial decisions of their SME clients and this requires a new set of skills and client engagement infrastructure.

Accountants must go beyond the trusted adviser to become the 'trusted business partner' for their SME clients.

Sam Zervides continued, "By discarding the 'commoditised' role and developing a network of alliance relationships with fellow professional advice practitioners, accountants will be better positioned to address the needs of their clients.

"The integration of a financial planning offering should be a priority as it will provide the accountant with a stronger grasp of their clients' financial situations and enable them to provide a greater depth of financial / insurance / superannuation strategies, cash-flow management, business succession and retirement planning options".

Other services in the client centric model includes mortgage brokers, specialist lenders, investment managers, insurers, corporate solicitors, etc

The power of the 'trusted business partner' will be realised through alliances underpinning new services and facilities that in turn generate more revenue.  As the result accountants will be working more efficiently; have capacity to take on more clients; and charge more for providing more value to clients.

Firms that fail to adapt will experience loss of business value from declining revenues previously generated by outmoded service streams.

"The tide is definitely rising and those accountants that take action and future proof their businesses NOW will be winning practices of tomorrow", concluded Sam Zervides.

ENDS

Issued by Australian Wealth Solutions     www.wealth-solutions.com.au

Media enquiries:     Mr. Joe Perri
Joe Perri & Associates Pty Ltd
Telephone:          +61 3 9324 0362
Mobile:          +61 412 112 545
Email:          jperri@joeperri.com.au