Are Accountants Being Threatened in Their Own Profession ?

Accountants have been indoctrinated into a culture and stick there for years as they fear changes. Accountants are in fear to step out of their comfort zone. This professional accounting service is being threatened by a variety of factors: new technology, intense competition, consolidation, an inability to incorporate new services into a business strategy, and the erosion of public trust, just to name a few. At the same time, most experts agree that the morale in the accounting industry is at an all-time low.

Accountants believe that their clients need them. However this statement will not be 100% true no more knowing the fact that there are readily courses available on ‘Accounting for Managers”, QuickBooks & other user friendly accounting programs offered to these clients readily. Also, what most small businesses and solo-entrepreneurs solution would be to get a bookkeeper and have their books audited once per year.

Accountants are being threatened because they are not fulfilling the basic requirement of their clients. They do not know how to market their business and profession to be more attractive to their clients. Who are the main threats to the “Accountant”?

2 main professions have been identified, namely:
• The Business coaches
• The Consultants

In fact, accountants need to learn from these types of people or even better, become these people. If you don’t advise your client enough on making and saving money with time, then your business will be in trouble. Current recession that’s happening right now, is weeding out businesses and changing business culture and structures.

The major transformations that accountants need to undergo in their businesses are listed here for brainstorm,

• Accountants must change the way they do and manage their business. They must be able to provide marketing advice, coach or consultant to their clients.
• Accountants must begin to market to a specific target audience and they have to become the expert in this niche.

These professionals must learn how to get clients and how to market their business, and how to keep their relationship with their client intact by fulfilling what the clients want.

Accounting scandals in large companies and organizations generate notoriety and often result in adverse publicity for the accounting profession; As a result, the personal devastations and profession were severely suffered.

Organizations and reporting requirements evolve to address the increasing complexity of events and transactions for today’s need. Accountants need more-advanced tools to fulfill their societal obligations in this increasingly complex environment with its many shades of gray areas.