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Consultant calls 'rubbish' on accounting doomsayers

The accounting industry is well and truly alive despite the doomsayers who have predicted otherwise in the past few years, says one industry consultant.

Consultant calls 'rubbish' on accounting doomsayers
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With technology advancements sweeping through the industry, many have predicted the fall of accountants as clients move to a simpler, automated system.

Sarah Penn, managing director at Mayflower Consulting, has rubbished these claims, saying that accountants are still a precious asset today.

“I think accountants are pretty well-placed at the moment. Accounting services are not going away fast,” Ms Penn said.

“All that talk that’s being going around for the last couple of years that accountants are all going to go broke, no one is going to use accountants anymore, that everyone is going to do things automatically through the ATO and everything will be done through robot advice ... it’s rubbish.

“As a small business owner, I can’t tell you how much I need to have a good accountant on my side and every other business owner is exactly the same.”

Ms Penn suggested that accountants should take onboard the same advice they give their clients and plan for the threats of the near future.

“Accountants are in a pretty good place at the moment in the industry. It is a very valued industry, so it is a good time not to rest on your laurels, but just to take a deep breath and sit back and go, ‘Things are in pretty reasonable shape. Now, I’d like to think about where I’d like to be in three to five years and how I’m going to get there’,” she said.

“Fundamentally, humans are very good with coping with change. What we are not good with coping with is not knowing what’s happening, even if we’re the person that can make the decision about what’s going to happen.

“It’s very easy to give your clients that advice, but it’s a very different thing to sit down by yourself and plan ahead.”

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