Accountants' traditional margins are under huge threat due to compliance, the core business of accountants, becoming increasingly commoditized by new entrants to the market that are tech-driven and that are able to get the work done twice as fast for half the price. This is one of the views of Rob Nixon of PANALITIX, a recent speaker at Alliott Group's Worldwide Conference in Australia.
Other views expressed by Rob, and which were also of interest to the lawyer members of international alliance Alliott Group, included:
- Technology innovation is moving so fast that eventually machines will be doing the majority of accounting work and unless firms embrace it with purpose, it will eventually take away their revenues
- The inefficient systems and processes used by clients, firms and governments are the only things keeping the accounting profession in business
- While technological developments such as cloud and artificial intelligence need to be embraced, firms must also change their business models to ensure they can capitalize on these developments.
To find out more about what the future could hold for the professions, go to https://www.alliottgroup.net/practice-management-resources-for-owner-managed-firms/disruption-in-accounting-market/
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