Staying Relevant: Redefining How Accounting Firms Deliver Services.

• Author: Patel, Anant
• Position: Professional issues

the next generation of accounting firms will need to reflect new marketplace needs. Traditional models may not be relevant anymore, and firms that do not innovate how they deliver services will find themselves falling behind. As compliance activities continue to become more commoditized, accounting firms are moving into a more consultative role. Despite past success, firms that have been focusing solely on preparing tax returns and performing audits will need to find ways to stay relevant and keep up with the growing client needs.

Embracing Technology

New technology is leading to audits being done more efficiently--and providing accounting firms with opportunities to provide value-add services to significantly deepen client relationships. Enhanced technology does not have to mean that accounting firms will lose client hours; it can mean firms adding more clients or doing more for existing clients.

Technology will continue to evolve in ways that can be foreseen and in ways we could never imagine. For example, documents are commonly stored and accessed through the cloud. Not every accounting firm has its own cloud capability, but they all have access through software that performs specific actions, like tax software, Prepared by Client (PBC) document request software or systems that pull down a client's entire audit software and can collect and organize the data in a way that makes auditing more efficient.

In addition, advanced technology may help accountants move toward using Big Data for data extraction rather than just relying on sampling. That could create higher-quality audits and the ability to provide a more comprehensive review. Technology like artificial intelligence could be used for things like real-time or continuous auditing.

Becoming a Trusted Adviser

Technology is creating new opportunities, but it's not enough to excel in a new generation of accounting firms. As clients move beyond audit and tax compliance needs, they are increasingly looking to partner with a trusted adviser. Accounting firms need to provide consultative services that help clients better meet today's business environment, while helping them look to a future defined by rapid technological advancement. Some areas of locus:

* Emerging growth services: Growing companies are facing new challenges that come with activities like raising equity, developing new markets, expanding globally and going public. To serve those needs, accounting firms must offer more...