{"id":103,"date":"2018-09-16T00:00:00","date_gmt":"2018-09-16T00:00:00","guid":{"rendered":"https:\/\/sageamptesting.wpengine.com\/en-au\/blog\/?p=103"},"modified":"2026-02-05T20:14:46","modified_gmt":"2026-02-05T09:14:46","slug":"3-ways-your-accounting-practice-can-stay-competitive","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-au\/blog\/3-ways-your-accounting-practice-can-stay-competitive\/","title":{"rendered":"3 ways your accounting practice can stay competitive"},"content":{"rendered":"
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\n\t\t\t\t\t\t\tGetting customers<\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t
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\n\t\t\t\t\t\t3 ways your accounting practice can stay competitive\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t

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\n\t\t\t\n\t\t\t\t\"\"\t\t\t\tJennifer Warawa<\/span>\n\t\t\t<\/a>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n

While many accountants fear their changing role, there\u2019s now more opportunity than ever to grow your practice, writes Jennifer Warawa, Sage EVP of Partners, Accountants and Alliances.<\/strong><\/em><\/p>\n\n\n\n

Gartner reports that by 2020, Artificial Intelligence will become a positive net job motivator, creating 2.3 million jobs worldwide, while only eliminating 1.8 million.<\/mark> By the same year, there will be 20 billion internet-connected things\u00b9, and by 2025 millennials will make up three quarters of the global workforce.\u00b2<\/p>\n\n\n\n

With technological and demographic changes sweeping Australia and the world, how will accountants be affected?<\/p>\n\n\n\n

Accountancy as a profession is now more competitive than ever. It used to be that your accountant was down the street or across town. Now, thanks to technology, businesses will go all the way across the country\u2014and in some cases to another country\u2014to find an accountant who really services their needs.<\/p>\n\n\n\n

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Free research report: The Practice of Now 2020<\/h2>\n\n\t\t\t\t\t\t\t\t\t
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We surveyed 3,000 accountants from Australia and worldwide to reveal how the accounting landscape is changing. Discover how your fellow accountants are preparing for the next decade and learn what you can do now to keep your practice successful.<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\tDownload Report<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\"\"\t\t\t<\/div>\n<\/div>\n\n\n\n

Technology has levelled the playing field. Competition is everywhere, with client demands ever increasing and evolving. A global Sage survey suggests accountants agree. 67 percent feel the profession is more competitive than ever, and 83 percent say their clients expect more now than five years ago.\u00b3<\/p>\n\n\n\n

So how can your practice stay competitive? Put simply, you need to ensure you stand out from the rest and that comes down to focusing intensely on three key areas:<\/p>\n\n\n\n

1. Embrace emerging technology<\/strong><\/h2>\n\n\n\n

Clients today are very tech savvy\u2014and anticipate the same from their accountant. This is especially true for millennials, who will soon make up most of the workforce. They\u2019re inherently tech savvy, with 41 percent believing technology will make the concept of \u201cyour desk\u201d redundant. Instead, they think everybody will work via a mobile device.\u2074<\/p>\n\n\n\n

Some accountants have a fear of no longer being of use to their clients because of technology. However those who have embraced the cloud<\/a> are discovering they can reduce expenses, make accounting (and business performance information) more accessible to their teams, and automate admin tasks\u2014providing more time to add value to their clients\u2019 business through offering business advice and foster client relationships.<\/p>\n\n\n\n

Sage research reveals 67 percent of accountants say cloud technology is improving client interactions and service offerings, while 66 say they would invest in AI to automate repetitive and time-consuming tasks.\u00b3<\/p>\n\n\n\n

2. Develop your soft skills<\/strong><\/h2>\n\n\n\n

Communication is key to cultivating a good relationship with your clients, staying up to date with their changing needs, and generating new service opportunities.<\/p>\n\n\n\n

An NAB survey of Australian small to medium-sized enterprises (SMEs) reveals that while many practices do keep in regular contact with their clients, one in three do so only once per quarter.\u2075<\/p>\n\n\n\n

Staying up to date with your clients\u2019 changing business needs is critical to retaining them. Thirty one percent of SMEs say the main reason they have switched accountants is because their business needs changed, making it the number one reason for doing so.<\/p>\n\n\n\n

Seeking feedback from clients is also something many Australian practices neglect, but is critical to retaining clients and improving services. One in four Australian SMEs say their accounting practice has never sought any feedback, while only one in five say their practice does so regularly.<\/p>\n\n\n\n

Whether positive or negative, client feedback is key to improving your services. It shows you value your client\u2019s opinion, helps you highlight problem areas you may be unaware of, and lets you know what your clients value.<\/p>\n\n\n\n

3. Be a trusted advisor<\/strong><\/h2>\n\n\n\n

A future-proof firm is all about helping clients beyond core accounting. More importantly, it\u2019s about forming \u2018customers for life\u2019 throughout the entire year, not just around tax time.<\/p>\n\n\n\n

Most practices realise the practitioner of tomorrow will need to be more of a business advisor\u2014something clients are increasingly demanding. NAB research reveals Australian SMEs consider accountants their most trusted business advisor, ahead of business networks, lawyers, and family.\u2075<\/p>\n\n\n\n

However, one of the main reasons SMEs switch practices is because they don\u2019t receive any proactive advice, just reactive service. Believing they know what their client\u2019s situation is, many practices simply don\u2019t ask their clients about their business. But the reality is that businesses are changing all the time and practices often make assumptions about a client\u2019s situation that aren\u2019t necessarily correct.<\/p>\n\n\n\n

Being inquisitive by proactively asking your clients open-ended questions<\/a>, listening to their business concerns, and asking the right follow-up questions is key to unlocking the issues relevant to them. And doing so regularly will help you tap into their changing needs.<\/p>\n\n\n\n

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How can Sage help your practice boost efficiency and grow?<\/h2>\n\n\t\t\t\t\t\t\t\t\t
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See how Sage Accountants solutions can help your practice become more efficient, build closer relationships, and take maximum advantage of the future.<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\tDiscover More<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t<\/div>\n<\/div>\n\n\n\n

1. \u201cKey Insights into the Australian Accounting Industry\u201d, NAB Professional Services, 2018
\n1. Gartner, 2017
\n2. \u201cGlobal Generations: A Global Study on Work-Life Challenges Across Generations\u201d, EY, 2015
\n3. \u201cThe Practice of Now\u201d, Viga and Sage, 2018
\n4. \u201cWalking the Walk\u201d, Sage, 2016
\n5. \u201cKey Insights into the Australian Accounting Industry\u201d, NAB Professional Services, 2018<\/sup><\/em><\/p>\n\n\n\n

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