How Accounting Firms Thrive in a Competitive Market
Episode 77. In today's news episode, we discuss "How Accounting Firms Thrive in a Competitive Market." "A new breed of accountancy practices, flourishing in post-pandemic conditions, are making life hard for traditional firms." Key takeaways from this episode include: ➤ Shout out to Steve Cox of Iris, who appeared recently on this episode "The Future of the Accounting Profession" https://accountinginfluencers.captivate.fm/episode/the-future-of-the-accounting-profession-with-steve-cox-of-iris-uncut ➤ QUOTE: "A new breed of accountancy practices, flourishing in post-pandemic conditions, are making life hard for traditional firms." ➤ how the competitive landscape has changed for accountants from existing firms to new entrants into accounting ➤ figures on how many new accounting firms have started all over the world, all fighting for the business of those already in the marketplace ➤ speculating whether the new breed of accounting firms actually need qualified accountants or just software certified professionals ➤ how the great resignation in accounting may instead be a great evolution as many start their own practice on their terms ➤ three things accounting firms can do to improve they are feeling the pressure from competition ➤ the surprisingly low proportion of accountancy practices who promote a cloud-first offering to their clients ➤ the advantage of organic growth through automation vz new client acquisition to take the load off fee-earners working long hours ➤ why it makes commercial sense for accounting firms to consider selling their lowest profitability clients ➤ what compliance based accounting practices who are struggling with technology, cloud and digital can do to grow ➤ how many accounting managing partners reach 50+ and change their thinking from the firm to their exit Source: https://www.internationalaccountingbulletin.com/sponsored/how-firms-can-thrive-in-todays-competitive-market/ ━━━━━━━━━▼━━━━━━━━━ We'd love to get to know you! Join, follow, subscribe, like, share and engage with the Accounting Influencers Communities on any of these platforms: ➺ Main show website. For access to every single show with full shownotes: https://accountinginfluencers.captivate.fm ➺ LinkedIn. For announcements of published shows, tagging guest so you can build your network and offer feedback on the show: https://www.linkedin.com/company/accountinginfluencers ➺ Youtube. For videos of all podcast interviews and bonus video content: https://www.youtube.com/channel/UC3AwPLSr2rCqTylGj0s7TJQ ➺ Twitter: https://twitter.com/accinfluencers ➺ Facebook: https://www.facebook.com/accountinginfluencers ━━━━━━━━━▲━━━━━━━━━ NOTE TO LISTENERS: The Accounting Influencers Podcast is a CPE-accredited daily radio-style show with four segments coming out every Monday which are repeated on the other 4 weekdays as standalone episodes, plus a bonus 'from the client's perspective' episode on Saturdays. On Sundays, listeners get a short min trailer for the coming week's episodes. Every Tuesday the show gives you a relevant news topic from the accounting and fintech world with a direct application to accountants, CPAs and bookkeepers. Great to stay informed and build your commercial acumen. Every Wednesday and Friday, we feature an uncut interview with top authors, leaders, thinkers and performers in the accounting and fintech world. Every Thursday the show gives you a practical 'here's what works' tips concerning a key challenge, need or strategy for accountants, CPAs and bookkeepers. Great to stay current and keep your skills topped up. Finally, every Saturday gives listeners a bonus episode which focuses on the buyers of accounting services - the clients themselves. In particular how they feel, react to and experience their interactions with accountants. That includes why they buy or don't buy, why they move or stay and why they think how they think about you, your firm, your prices and your offerings. Martin and Rob...