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What future for accounting

Accounting firms can no longer rely on tax returns to generate business. The times are changing fast.

  • The ATO plans to auto-complete 1 million tax returns in 2014 (and increase that to 4.5 million).
  • Company returns are easier and faster to complete thanks to pre-fill features in cloud accounting software.
  • Indian outsourcers are driving down the price of compliance and other accounting services.

Where does this leave accounting firms for whom compliance is their primary source of revenue? How can they change their businesses to be more efficient at processing returns? Where will accountants find replacement revenue streams?

There has never been a stronger case for all accounting practices to overcome the resistance of diversification and now take on providing the full advice services that clients have been seeking from the most trusted profession, since accounting as a profession was introduced.

Yes this requires the individual accountants to undertake further studies and  undertaking further ongoing Continual Professional Development to maintain their currency in the subject matters. Clients have become smarter as social media and their friends advice around the barbie has also improved.

One thought on “What future for accounting

 Jeff Mazzini
Robert Watson April 11, 2014, 5:06 am

I believe the automation of processes in many industries will impact many other professions in the same way. The world is continuing to evolve at a much more rapid rate and countries, governments, companies of all sizes and individuals at all levels will need to embrace continuous learning and improvement initiatives to maintain pace and to remain competitive.

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