15 Jun The accountancy industry over the next ten years
We live in a time where most industries are undergoing massive changes. Technology is continuously evolving, globalisation is making the world increasing more connected, and companies are moving towards commoditisation. All of these factors, and more, are going to have profound impacts on the accountancy industry; our experts have suggested several ways in which the industry changes will benefit clients in the next ten years.
1. Customers will receive quicker and more accurate services
The effects that AI and independent machine learning will have on the accountancy industry cannot be overlooked or ignored. The ability for far greater analysis, trend and pattern recognition, as well as the detection of anomalies will mean that accountancy firms will have more economic and efficient methods of establishing present and predicting future finances, resulting in much more accuracy when advising clients. It will also significantly speed up the data gathering and analysis processes too, meaning you will be able to receive solid advice much more quickly.
2. Prices are likely to decrease
With the increased globalisation, and instant communication offered by the internet, clients and firms no longer have to be geographically connected for a relationship to be built. Combined with the lowering of these costs, it is likely that more accountancy firms will enter the global market place due to a wider customer basis and lower initial capital investment. This means established firms will are likely to have to lower their prices in order to compete with emerging practices, significantly benefiting the client, who will receive more choice of practitioners at lower prices.
In addition, the success of online accountancy software such as Quickbooks and Xero have removed some of the need for human operators. With software replacing the need for employees, firms have another reduction of startup costs, which will be reflected in their pricing. Established firms may have to diversify or focus on the ‘human touch’ to continue with their current pricing levels, giving customers a wider choice of accountancy firm styles to choose from.
3. Clients will receive better customer service
One of the ways social media has impacted the customer-businesses relationship is by offering a easy platform by which contact can be established. While firms use this to promote themselves and their unique selling points to potential clients, customers often use this medium for discussing customer service and satisfaction. Accountancy firms that are well respected and have a good reputation are able to reap many rewards from these, but customers using social media can easily affect this reputation, especially due to the high visibility of these platforms. As such, accountancy firms will have to pay increasing attention to their social media presence and customer service via these platforms in order to maintain their brand name, ultimately resulting in a better quality service for clients.
While these changes are likely to happen in the future, SQK accountants pride themselves on offering the best quality service to their clients at affordable prices in today’s market. For any advice or further information please contact us today.