In the constant reinvention and evolution of the accounting industry, firms must balance a talent shortage on the one hand, with the increasing demand for broadly skilled resources on the other – a complex tightrope walk that takes strategy and finesse.
Clients are increasingly expecting more than traditional compliance and tax services. They want strategic guidance and proactive business advice to navigate the complexities of the business world, while still requiring core accounting services.
This presents a fantastic opportunity for accounting firms, but also raises a critical question: How can firms provide resources that are both well-versed in basic accounting and tax needs and possess broader knowledge of business processes and data analytics?
The rise of the Business Advisor
The decline in entrants to the accounting profession can be attributed to its negative perception among younger generations as only involving long hours and unappealing tasks. However, the role of a trusted business advisor, with a deeper and broader set of skills, offers a more attractive career path.
This evolution not only addresses the talent shortage but also modernizes the profession, making it more appealing to new entrants (and firms) in many ways:
Shifting perceptions
The traditional accountant stereotype – someone who crunches numbers all day – is not inspiring to younger generations. The business advisor role, however, is dynamic and strategic, positioning accounting as a springboard to a broader, more consultative career path.
Skillset evolution
The business advisor role demands a wider skillset, including business acumen, financial analysis, and strategic thinking. This aligns with the desires of younger professionals to develop well-rounded skills applicable across various areas.
Increased job satisfaction
Business advisors play a strategic role within companies, partnering with different departments and providing valuable insights. This leads to a more stimulating and fulfilling work experience compared to purely technical accounting tasks.
A diverse talent pool
This includes individuals who might not have considered accounting due to its traditional image.
Improve retention
Offering opportunities for growth and skill development keeps young accountants engaged, preventing them from leaving for other fields.
Skillset evolution
The business advisor role demands a wider skillset, including business acumen, financial analysis, and strategic thinking. This aligns with the desires of younger professionals to develop well-rounded skills applicable across various areas.
Strategic outsourcing: supporting this role evolution
To maximize the opportunities presented by the changing role of the accountant into trusted business advisor, strategic outsourcing can provide the necessary bridge. By outsourcing, firms can:
Access a global talent pool
Expand capabilities by tapping into skilled professionals worldwide, often at a lower cost..
Focus on value creation
Outsourcing administrative tasks allows firms to dedicate more resources to developing advisory services and client relationships.
Build a diverse skillset team
Outsourcing provides access to a team with diverse skills, enhancing service offerings.
Enhanced team efficiency
By outsourcing routine tasks like bookkeeping and payroll processing, your in-house team can dedicate more time and resources to providing higher-value advisory services.
Maintaining the balance
Combining a focus on business advisory services with strategic outsourcing creates a winning formula. Firms can offer a broader range of services to clients, enhancing their experience and loyalty.
At SAPRO, we're here to help you navigate this exciting shift. We provide resources and support to develop your advisory skills and explore strategic outsourcing solutions, ensuring you maintain a successful balance in this evolving landscape.
If you're unsure what to do next, reach out. Our team is here to guide you with strategies tailored to your firm's unique needs. Collaborate with a trusted expert partner to get the information needed for great decisions.
Our SAPRO India Managing Director, Saurabh Mehta, weighs in on AI in the Accounting industry.
As seasoned professionals in the accounting industry, we're excited to share our perspective on the evolution of AI. This article was created by accountants for the accounting industry. Our accounting team has researched extensively and tried to demystify AI and explore its potential through an accountant's lens.
We hope this piece, along with our upcoming articles, spark meaningful conversations and inspire more accountants to embrace and become curious about AI.
