MyFirmsApp Product Manager Mike Page spoke with BD Academy founder & CEO Rob Brown at this year’s Accountex event on a number of hot topics in the profession today.
Rob regularly hosts the Top 100 Club Podcast, interviewing accounting leaders and global influencers about what makes the good accounting firms great, and Mike spoke about the mobile App space and key areas, including:
Challenges in the accounting market
“There are massive changes in technology, the shift to the cloud, and a lot of practices really struggled to take that on board and how to maximise that.
“The second market problem we see is particularly cost reduction, trying to be competitive and adding value at the same time – and you’ve still got to do that core compliance piece.
“The third area is how they differentiate – there are more professionals within the profession than ever before.
“It really helps around connecting and communicating with the practices’ clients and potential clients. There’s a whole raft of tools within that area from tax tables to calculators to notifications – making sure the accountant is present on the most valuable real estate on the planet – the mobile phone.”
The shape of the profession
“Some of the progressive practices such as Alan Woods (Woods Squared) – they’re doing really well. At the other end of the spectrum, you have those who are taking over practices who are struggling. With forthcoming MTD, the goalposts have changed slightly now, but for some senior accountants ending their careers, there’s too much change there – a whole spectrum.
“There’s a wealth of opportunity, and I think you have to be able to position yourself correctly.”