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The Accountancy Revolution has begun and it’s exciting!

The first part of this exciting change I noted in the first post on this topic is the “rapid technological means of data creation and production” that we are seeing change our profession.

As noted, the changes we are experiencing are rapid.  Unlike my past history in this profession, the changes are almost difficult to keep up with.  To stay abreast of the new software and the new methods of accounting data manipulation are setting apart the accountants who can keep up with it… and those who can not.  And those that benefit are the client, if we decide to take it to them.

Note that accounting data creation is becoming a result of bank feeds, automated server calls and intelligent API design.  We are moving away from the need for accountants to manipulate accounting data and seeing more intelligent computers take over.  This change probably brings fear for some of those in the profession.  But I find it intriguing!

First of all, it can’t be stopped.  Second, these changes are going to be catalysts to push our profession to stop doing accounting and begin offering services that other professions can’t offer.

We can now focus on developing our design expertise on the client’s business process, education towards more effective ways of operation within their businesses and developing key metrics and business intelligence for the client.

So don’t let these rapid changes of managing technological data scare you.  Instead, let them be an impetus toward higher service in our great calling as business specialists!

 

 

  • On 06-15-2011 at 3:21 pm, Alycia Edgar said:

    The services you describe above are exactly what we do. We’ve developed this niche over the last 5 years here in Australia and it is not a common niche. But I as you can see that we are headed in that direction more and more. I’m super excited about it! It’s so rewarding to really help a business from the inside out rather than as an outsider looking in.

    It’s a win win for everyone!

    Reply
    • Jason Blumer

      On 06-16-2011 at 2:54 pm, thriveal said:

      Alycia, we need you in the THRIVEal +CPA Network! It’s a Network of hip, young, collaborative, innovative accountants. We’ve got some Aussie members, so you are welcome!

      Hurry, there is a Community Call (as we call it) coming up where we all hang out together and innovative and learn together. It’s all freakin’ free.

      Join here: http://thriveal.com/thriveal-cpa-network-membership/ Once you sign up, you’ll get instructions on how to join through your email!

      Reply
  • On 06-16-2011 at 4:41 pm, Richard Phillips said:

    You’ve nailed this in the first sentence Jason – this is exciting!

    We’re seeing from our accounting partners globally that the move to a cloud platform is exciting in itself as the door to endless service opportunities opens when you have visibility of realtime client data. The more forward-thinking visionaries are moving first and winning disproportionately to everyone else – which isn’t unusual in any revolution.

    One of the challenges we hear from accountants who are starting to move now though is why should they bother offering new services when the compliance revenue river hasn’t dried up yet?

    How do you see the firm of tomorrow operating from a service perspective? What will they offer and how will it be delivered?

    In some of our global markets we’re already seeing government legislation move away from heavy compliance and force accountants to think innovatively about the services they offer – is it just a matter of time for everyone?

    Reply
    • Jason Blumer

      On 06-16-2011 at 10:59 pm, thriveal said:

      Richard, adding value to our services and capturing value is going to be a key differentiator between firms moving forward. We can’t just prepare tax returns, we have to help our clients build their businesses.

      The accountants who figure out how to deliver this value will move out front.

      Thanks for the comments, Richard!

      Reply
  • On 07-01-2011 at 4:55 pm, Jonathan Godwin said:

    Jason, and anyone else who reads this post…I am new to this concept of accounting moving to the cloud, and new to THRIVEal. I am very interested in making the switch, however, and I really do want to differentiate myself among my peers to offer better and value-added services to my clients. I’d love to hear from anyone who has worked with Xero.com and Freshbooks, or any other recommended web-based accounting packages for feedback. I am going to be doing some research in the coming days and weeks as I enter this coaching program with Jason, and I’d like to hear from people who have the transition to cloud-based accounting packages. Talk to me, people!

    Reply
    • Jason Blumer

      On 07-02-2011 at 12:23 am, thriveal said:

      Dude, your journey is going to be exciting. First, follow the dude’s blog that commented after you… big time thought leader.

      Second, we are going to talk through the journey to the cloud (and so much more) in Pioneering the New Firm coaching course. Glad you are in! We’ll do some goal setting at the end of the course and can hopefully bring it all together then.

      Third, the THRIVEal Community Calls are going to be mind blowing. Tons of learning going on there. Hook up there (just look for the emails).

      It’s a slow process to go to the cloud the right way, but will affect our industry in bigger ways than you could ever imagine. This is more than just a software change, believe me! Hang in there.

      Reply
  • On 07-01-2011 at 10:09 pm, Joey Brannon said:

    It’s funny. I had a copier salesman call on our office last week. We never bothered to get a central office copier or biz hub or any of that stuff, it just didn’t make sense for us. But what struck me as interesting is this guy isn’t a copier salesman anymore. Now he is a business process and workflow specialist, and it isn’t just semantic. That’s really what he does now. It’s a much more wholistic view than selling a copy machine. It’s kind of like the buggy whip salesman reinventing himself as a defensive driving instructor to new Model T owners.

    It got me to thinking. In 10 years business owners aren’t going to need to enter a single scrap of accounting data. It will simply be created, captured, categorized and reconciled by the business systems they use every day. And there will be a lot of accountants selling the equivalent of copy machines to paperless offices.

    As a profession we need to seriously envision a world where technology obsoletes much of what we do today in order to determine the value that clients need us to deliver today. Dude, you’re onto something BIG. Glad to be on the journey with you! Great post.

    Reply
    • Jason Blumer

      On 07-02-2011 at 12:25 am, thriveal said:

      Joey, you always nail it. Great insight with the copier sales dude and the buggy whips. Now we have to convince the masses to embrace the change and fight the fear of losing their jobs…

      Reply
  • On 07-02-2011 at 8:12 am, Jonathan Godwin said:

    Joey, that was a great post! I appreciate those comments, because you are definitely spot on. Jason and I had a conversation on Thursday about how we had been trained to keep records, issue financial statements, speak in terms of billable hours. I had a conversation with a client about a month ago, and when he told me he didn’t want or need a quarterly compilation, I had to fight the urge to be offended by it, or worried that now I couldn’t bill him enough. However, we have spoken since, and while he still doesn’t want the compilation, he wants so much more from me that the revenue isn’t a concern now. He wants an involved business consultant who can walk him through the tax issues, help with payroll, and consult with him on a larger scale than just giving him paper that he won’t read anyway.

    Your analogy was perfect. I don’t want to be talking to clients about bringing me check stubs in even 5 years. I want to blow their minds with new suggestions that save them time, because I have come to know that it doesn’t phase me out of the picture. It makes me more valuable to them. I had a similar experience when I started using flat fee billing last year. Clients LOVED it, and even went along with a proposed fee increase.

    Jason, I want to thank you for opening this new door in our profession. I can see how some will have to be coerced to walk through it, but I am here to say that for the sake of my clients and my profession, I am ready to take it all in.

    Have a great holiday weekend, everyone. I’m looking forward to the 15th!

    Reply

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