Accountants warned on revenue disruption
As calls continue for accountants to expand their services beyond traditional compliance work, the chief executive of a software provider has pointed to global patterns that indicate digital disruption is set to hit accounting revenues in Australia.
Speaking at the AccountantsDaily Business Advisory Day in Melbourne earlier last week, Rob Nixon, founder and chief executive of Panalitix, told attendees they must recognise that the landscape in which accountants operate is rapidly changing and they must act now to remain relevant.
"If you want to remain relevant, then you need to get to the real-time data," Mr Nixon said, stressing the importance of using all tools available to move forward.
"Your revenue, particularly your compliance revenue, is being digitally disrupted and it’s happening all over the world," he added.
"We have an office in the US and we have an office in the UK too, and exactly the same thing is happening there as well; in our western world, technology is disrupting your primary source of revenue.
"Disruption and technology [are] changing the landscape so fast we need to adapt and adopt right now."
Mr Nixon said the new technology has changed what clients expect from their accountant. "Most clients want additional services," he said.
"They do want more; but you’re going to need skills, you’re going to need tools, methodology and impetus and training to actually deliver what it is they actually want over and above compliance."
Mr Nixon noted accountants need to transform their business, but insisted it isn't about preparing for the future, it's about remaining relevant right now.
"This is not all about the future, it’s about now. This is about becoming the firm of now."