Agile accounting climate to benefit small firms, says CEO

Speaking to Public Accountant, chair of Walker Wayland and Power Tynan chief executive, Paul Hilton, said the accounting industry is moving more towards a culture of collaboration than it has been in the past.

He said agility is becoming more important in the accounting world and is something smaller firms should be using more to their advantage.

“When you're competing against the big four, they're a lot harder to move. Agility is really important, so if a firm’s team is on board and they have a good mindset, the onus is on those practices could do really well if they want to. It's a lot easier to move, say, 10 people than 10,000,” Mr Hilton said.

As for finding the right network, Mr Hilton said it took more than five years until he created a network of collaborators that he was satisfied with.

He noted the network needs to have a strategy, and the firm’s strategy needs to be aligned accordingly.

“If you don't have a similar strategy that leaves you content, it's not going to work. We spend a lot of time to make sure our strategy is aligned. If they're not aligned, well you need to find another network that is aligned,” Mr Hilton said.

Mr Hilton said one major risk for accounting firms that don’t collaborate would be that firms will be left with a skills shortage and will not have a proper succession plan in their organisation.

He also added that firms will be left without a solid client base, and that the client is more likely to move to another firm that has the services they require.

“As well as the accounting practices facing those disruption issues, every client of every accounting practice is also facing those issues. If we're going to be a good adviser to our clients, we need to understand those issues ourselves and talk to our client about it,” Mr Hilton said.