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Accounting firms have been urged to establish a point of difference to reach out and attract a new wave of clients in 2018, says one leading accountant.
Institute of Public Accountants 2016 member of the year Timothy Munro believes that while it is a positive move that most firms have started embracing cloud accounting, it has also created a sense of similarity across the industry.
“The slower moving firms are all starting to embrace cloud accounting, and they’re in the process of moving to cloud practice management and document management systems,” said Mr Munro.
“The more nimble firms that have embraced cloud years ago have now progressed to focusing on how to do things better and faster, with a focus on using tech to help their clients improve processes for better profits and business efficiencies.
“There’s a 'sea of sameness' out in the accounting industry right now. It seems that almost everyone is offering cloud accounting and a choice of three fixed price packages.
“Accounting businesses need to establish a real point of difference to stand out, and they need to have a purpose that stands out loud and proud in their marketing both to attract clients, and also to attract new team members that are passionate for the same purpose.”
The Change Accountants & Advisers chief executive also believes that, in attempting to establish a point of difference, specialist accountants will start to attract the attention of firms, leading to a potential “bidding war”.
“Accountants that are great with cloud accounting and especially the 'add-ons' for client’s businesses are highly valued, and these accountants will command the highest salaries as accounting businesses start to understand their value,” said Mr Munro.
“Don’t be surprised if bidding wars on key team members start to happen.”