{"id":4405,"date":"2018-05-30T10:00:36","date_gmt":"2018-05-30T09:00:36","guid":{"rendered":"https:\/\/www.sage.com\/en-gb\/blog\/?p=4405"},"modified":"2026-01-29T10:37:26","modified_gmt":"2026-01-29T10:37:26","slug":"grow-your-practice","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-gb\/blog\/grow-your-practice\/","title":{"rendered":"Want to grow your practice? Focus on tech, clients and millennials"},"content":{"rendered":"
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\n\t\t\t\t\t\t\tGrowth & 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\tWant to grow your practice? Focus on tech, clients and millennials\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\"Mark\t\t\t\tMark Redstrom<\/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

As an accountant, staying on top of the game has never been more vital in an industry that\u2019s becoming increasingly competitive, meaning it can be harder to grow your practice.<\/p>\n\n\n\n

Competitors are not just around the corner. They might be on a different continent but thanks to the internet, your clients have no qualms about seeking out the right kind of expertise.<\/p>\n\n\n\n

If you want to remain the first choice in the minds of your clients, here are three things that you need to do.<\/p>\n\n\n\n

1. You need to be technologically fearless to grow your practice<\/strong><\/h2>\n\n\n\n

The fact we no longer write in hardcover ledgers is testament to the fact accountancy and technology have been evolving hand in hand for decades.<\/p>\n\n\n\n

In recent years, cloud computing<\/a> has been driving massive changes that, as just one example, have meant accountants can have a live view of client data, so no longer need to periodically chase them on the phone or via email.<\/p>\n\n\n\n

Artificial intelligence<\/a> (AI) is building on this to deliver even more benefits. While at the moment AI is largely found coping with the small stuff, such as bank account reconciliation, some practices are already experimenting with smart assistants<\/a> as a first line of customer interaction.<\/p>\n\n\n\n

Blockchain and cryptocurrencies<\/strong><\/h3>\n\n\n\n

But all of this is chicken feed to the technological revolution that might be on the way in the form of blockchain<\/a>. Put simply, a blockchain is a kind of ledger or database that is decentralised<\/a> (that is, it\u2019s spread across the internet so concurrent copies exist in multiple places) and it\u2019s impossible to defraud.<\/p>\n\n\n\n

Its uses within accountancy should be obvious. These uses will also be abundant, especially if governments embrace the technology, as appears to be happening.<\/p>\n\n\n\n

The question of whether accountancy firms will have the know how to fully embrace blockchain is another matter, however, although you can bet clients will be asking about it very soon in their initial consultations.<\/p>\n\n\n\n

And the biggest real-world manifestation of blockchain in today\u2019s world \u2013 cryptocurrencies such as Bitcoin \u2013 is almost certainly set to become yet another aspect of everyday accounting.<\/p>\n\n\n\n

Some businesses already accept Bitcoin and while all convert it to regular currency before accounting for it (or record it as an asset), there may well become increasing need for accountants to deal with cryptocurrencies directly. It\u2019s not hard to imagine the challenges inherent in what is such a volatile monetary system (or at least right now).<\/p>\n\n\n\n

In the future, accountancy practices may choose to enhance their technological expertise so it is on a par with their basic ability to provide advice on tax and legislation. Some firms might even choose to put their technological focus at the centre of their business to distinguish them from the \u201cregular\u201d accountancy firms. Where will you stand in all of this?<\/p>\n\n\n\n

How to stay ahead<\/strong><\/h3>\n\n\n\n