In the face of disruption, the advisory industry is stronger than ever
Over recent years, the world of advisory has experienced a seismic shift. In the face of immense obstacles and equally great learnings, the profession is evolving. Why? Because, more than ever, accountants and bookkeepers are embracing change – and it’s propelling the industry forward.
So what led us here? The past few years have seen small businesses lean heavily on their advisors to survive the pandemic’s ripple effects. However, with heightened demand has come new challenges.
Although the peak of COVID-19 may have passed, rising inflation and cost of living pressures – amidst ongoing local and global disruption – are presenting a whole new set of obstacles. As a result, advisors aren’t waiting for the return of stability; they’re adapting – becoming stronger and more resilient at a time when uncertainty is the only sure thing.
The data and stories in our new State of the industry report reveal the early stages of an industry-wide transformation. Inside, you’ll discover insights and inspiration that will help your practice evolve with the times. And it begins with understanding how the industry is changing.
In the past financial year, we’ve seen expanded offerings, like strategic consulting and software implementation, rank near traditional practice offerings (like accounting and advisory) as sought-after services. Meanwhile, larger firms are leading the way in cloud software usage, turning to apps to streamline document management and simplify client reporting to free up time.
Other big shifts are in people and culture. To combat the skills shortage, practices are prioritising education and training, and looking beyond borders to find skilled professionals. In turn, more firms are adopting hybrid or remote working alongside increasingly globalised teams.
These actions and attitudes indicate a move away from the traditional ways of doing things. Instead, accountants and bookkeepers are building towards a more strategic, digital and adaptable profession.
From implementing advanced practice tools to focusing on wellbeing to create engaged and satisfied teams, advisors are more ready and willing to tackle whatever’s around the corner. Because your next steps, no matter how small, will help to uncover the industry’s full potential – which is critical to the engine room of our nation’s economy, small businesses.
Head to our State of the industry page to download the full report today.
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Source: Xero Blog
