Ep: 6 Top experts answer: "Are business owners any closer to receiving proactive advice from accountants?"
The Accounting Answers Podcast, hosted by Rob Brown, asks critical questions of the experts, leaders and influencers who shape the decision-making of accountants, CPAs and finance professionals. Today we ask:
Are business owners any closer to receiving proactive advice from accountants?
You'll hear insightful and passionate answers from these 5 experts and influencers:
David Cieslak | CPA Technologist helping companies grow strategically with cloud-based solutions
Davis Bell | CEO of Canopy, the firmwide operating system for modern firms.
Della Copp | Director of Brand & Buzz at bookkeeping support platform Botkeeper
Denise Froemming | Inspiring Growth, Empowering the Next Generation as CEO of CalCPA
Dermot Hamblin | Accounting tech consultant & Co-Funder of ACCT For Your Future
Tune into more on this weekly show for short, sharp episodes that keep you informed of what's happening in the accounting world and the whole ecosystem of consultants, organizations, vendors and advisors who serve them.
This episode was first published in an earlier season of this podcast.
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How do you stay informed about what's happening in the accounting world? Not so much the news and the day today, but the trends, the patterns, the drivers of change. What if you hadn't advised a robot of experts to help you gauge what the world is thinking about vital trends and patterns in the accounting world, about what's working and what isn't? You could put some prompts into chat GPT and get an idea, but what if you could go to the real people themselves who are on the front line working with and in accounting firms? I'm talking about real people, real opinions, real insights. I'm Rob Brown, and for this brand new accounting answers podcast, I've interviewed 111 people in the know from tons of different countries' roles, viewpoints, all to keep you ahead of what the world is thinking in accounting finance and tech. And I've asked them all the same five questions about change, talent, people, tech, and the future of accounting. That's over 500 billion passionate and articulate perceptions, insights, viewpoints from professionals with a say in this game. And in this show, coming out every working day for the next few weeks, you're going to hear every single answer. Each episode will focus on one of the five questions and give you answers from five of our experts. So let's deep dive into today's episode. All this week, we're asking our accounting experts and influencers with a business owner, so any closer to receiving proactive advice from accountants. As compliance becomes more automated, less valued, more commoditized, a more consultative approach is emerging, something more than mere reporting, historical record keeping, some call it CAS or client advisory services. There are many forms. Let's hear what our experts think. Let's grab a few moments with David Cislack, CPA technologist who helps companies grow strategically with cloud-based solutions, ensuring that businesses leverage the latest technology for optimal financial management. The short answer to that is absolutely yes. And I would say we've seen an evolution within whether it's public or private, we've seen an evolution in the skills in the approach that practitioners are taking. So more consultative, less tactical, more strategic. So if you think about just what we used to call client write up is now called as client accounting services, looking for that value added dimension in terms of what we're working on from numbers perspective and the value that we're giving back as we analyze and work with that information. So it's not just business intelligence, I'll call it financial intelligence. And it really is about insight. What do the numbers tell us? And I really think that no matter what discipline you're working against private or public, it really is about what's inside the numbers and what can, what actionable insights, what can we glean from that? And I would tell you the other dimension to that too, is just a vertical focus more and more. We're not looking for generalists. Yes, we want to make certain you have a general understanding, a generalized background, but it's specific to a line of business. It's specific to a transaction. It's in becoming even more targeted, more vertical in its focus. And I would tell you business owners are not just asking for that, they're clamoring for that, because that's really going to be a key for success, is do you understand the implications of this information as it relates to my business, maybe in the case of the practice that I'm standing up, a new line of business and establishing that vertical, the ability to understand it in that vertical context is going to be huge. My concern would be for those practitioners who don't embrace this, don't understand it and embrace it. And at least you almost, by definition, start to relegate yourself more to just that kind of tactical transactional role. And really, that's not where the future of the profession is. We need to move away from transactional. We must continue to pursue the strategic and lacking that, really going headfirst into that really is going to define your path forward. John, as we listen to Davis Bell, CEO of Canopy, the worldwide operating system for modern firms, who's revolutionizing how accounting practices operate and engage with their clients through technology. I think we're probably closer to that to some extent than maybe the question makes it sound like. I think that many accountants are doing this, but at the same time, I think there are lots and lots and I don't know the proportion, but there are lots and lots of folks who need to make this transition. And I think that, A, is to the benefit of the firm, the accountant, but B, I also believe that it's going to be a necessity of survival, because I think you're going to get technology that's going to get really good at the low value ad stuff. And so I think as you get software that can do the traditional more transactional, low value ad things, I think the only avenue for a service provider like an accountant is to get involved at that higher value ad stuff that software is probably not going to be good, at least for a long time. So I think that's how I think. Now engaging with Dela Karp, director of brand and buzzer, bookkeeping support platform, Boxkeeper, where she's at the forefront of transforming bookkeeping with automation and artificial intelligence. I would say business owners are closer to receiving proactive advice. And the reason that is true is so many firms are working on those advisory services that they can coach for businesses that they're working with to look at the data that's available to them. Firms are receiving that on a constant basis from business owners and in the past, they've just been closing the books for them. What they're now doing is proactively sitting down with the clients, having those conversations with them to help them understand areas of concerns, areas of opportunities, where their growth can be considerably more influenced as they work through the processes of being business owners. So I think it's just going to be something that continues to develop over the years. Lending that considerable voice now to the conversation is Denise Froming, inspiring growth and empowering the next generation, a CEO of Carl CPA, leading initiative to support and advance the accounting profession. Yes, and I'm seeing that more and more with the firms that I'm dealing with, as far as the real-time data and being more of a strategic advisor. I'm just going to give you an example, because I was talking to a colleague the other day, and she's a speaker and an author, and she was looking for a new CPA, and she said they actually interviewed her for fit. It's very different, and she said that they interviewed her, wanted to make sure she fit with the firm that they could provide the value that she wanted, and that strategic oversight as well, and she said it's now accounting is her new love language. That's what she said, and it's because it has freed her up from being so worried about doing her tax returns and saving and making her dreams come true. They freed her up and reduced all of her stress. She said she's just become a different person, and she no longer is arguing with her husband, and it's just a much different process when she has to go through all this, and they'd helped her think about the future and what she's going to do in the future. Just a whole different way of working and interacting with your CPA or with the firm. My fear for the firms that don't embrace and lean into this new world is that they won't be around, because the fees that they're going to be able to charge are going to be less and less, and they'll just not be able to sustain that business model. And now a few insightful words from Dermot Hamlin, accounting tech consultant and co-founder of ACT for your future dedicated to integrating technology into accounting for future readiness. On an overall basis, I'd have to unfortunately say no. Undoubtedly, we have a crop of accountants that have moved or are moving at a good pace into advisory services, not for all of their clients, but those that need it today. And obviously, they're sowing the seeds for those that are going to need it tomorrow. But unfortunately, I think we still have a number of end clients, people that I speak to that still see accountants as number crunches, still see accountants as a cost. And unfortunately, some of those people are only going to find out part too late. What a good accountant, what a great accountant can do for them. I was having a chat with one just prior to Christmas, and he was regaling this story about how someone had neglected his advances, and yet three months later, unfortunately, his business had gone under. And when they spoke, he turned around to the gentleman and said, "I really should have taken your advice three months ago." And the accountant had to say, "You absolutely should have done, because your business would still be thriving, and the extra lit of money that I was asking for on a monthly basis would have paid dividends for you." So yeah. So there you have five great answers to the question. Are business owners any closer to receiving proactive advice from accountants? Every working day of the week, Monday through Friday, we give you the insights of five top influencers in the accounting world on this critical area for proactive advice from accountants. That's 25 valuable perspectives, viewpoints and best thinking every week. And with each fresh week comes a fresh question with more thoughts from the best accounting influencers and leaders we can find. Thanks for listening to the Accounting Answers podcast and sharing this brand you show with your friends. If you want to join the conversation, you can plug into our community of influencers at accountinginfluencers.com and check out our virtual speed networking events. These happen every few months for the North American region and the UK Europe region. Great opportunities to raise your profile, build valuable connections and share your thoughts with influential peers. Until next time, this is your host Rob Brown saying stay informed, stay relevant and stay connected.
