{"id":68773,"date":"2020-09-11T12:22:31","date_gmt":"2020-09-11T10:22:31","guid":{"rendered":"https:\/\/www.sage.com\/en-za\/blog\/?p=68773"},"modified":"2026-01-29T17:59:12","modified_gmt":"2026-01-29T15:59:12","slug":"3-accounting-practice-improvements-according-to-customers","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-za\/blog\/3-accounting-practice-improvements-according-to-customers\/","title":{"rendered":"3 accounting practice improvements, according to customers\u00a0"},"content":{"rendered":"
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\n\t\t\t\t\t\t\tResearch<\/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 accounting practice improvements, according to customers\u00a0\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\tPeterjohn Bishop<\/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
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In t<\/span>he latest version of The Practice of Now survey,<\/span>\u00a0respondents were asked\u00a0<\/span>what pain<\/span>–<\/span>points their businesses experience<\/span>d<\/span>\u00a0with their accountants, and what<\/span>\u00a0<\/span>they expect<\/span>ed<\/span>.<\/span>\u00a0We candidly asked if they felt that their\u00a0<\/span>accounting needs\u00a0<\/span>we<\/span>re being met, and if not,<\/span>\u00a0how they could be improved.<\/span>\u00a0\u00a0<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>The 2020 edition includes a new element \u2013 a qualitative survey from Coleman Parkes<\/span>,<\/span>\u00a0which\u00a0<\/span>conducted<\/span>\u00a0thorough interviews with users of accounting services. These interviews comprised small and medium<\/span>-sized<\/span>\u00a0businesses in Australia, Canada, France, South Africa, Spain, the UK, and the United States.\u00a0\u00a0<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>Here<\/span>,<\/span>\u00a0we will delve into some of the answers, and the areas that respondents felt the less<\/span>–<\/span>progressive accountants were struggling with<\/span>\u00a0\u2013<\/span> digitalisation, assisting businesses with compliance and making their services attractive to future generations.\u00a0<\/span>These insights can be used to\u00a0<\/span>improve<\/span>\u00a0your practice and\u00a0<\/span>business<\/span>\u00a0offering<\/span>s<\/span>.<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>Improvement 1:\u00a0<\/span><\/strong>Constant\u00a0<\/span><\/strong>d<\/span><\/strong>igitalisation<\/span><\/strong>\u00a0<\/span><\/h3>\n

\u00a0<\/span>According to the main Practice of Now research, 82% of responders agree that their expectations of bookkeepers and accountants have grown to include advisory services around finance and accounting technologies.\u00a0<\/span>In South Africa, 82% of accountants agreed that firms need to increase the pace of technology adoption to stay competitive.<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>Globally,\u00a0<\/span>83% of accountants stated that digitalisation and continuous emergence of new technologies have meant that, to be able to keep up with the market, they have had to invest more<\/span>\u00a0\u2013<\/span>\u00a0and rapidly at that.\u00a0<\/span>But they\u2019re also reaping immense benefits.\u00a0<\/span>South African accountants that have updated their technology in the past five years report improved productivity and efficiency (68%), and 69% said their firm is ready for the next wave of digital technologies, like AI and robotic process automation<\/span>.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>In Australia, the C-suite executives of a medium-sized energy business note<\/span>d<\/span>\u00a0the benefits clearly<\/span>:\u00a0<\/span>\u201c<\/span>T<\/span>echnology has enabled us to make real-time decisions.\u201d With technology being this critical to clients, i<\/span>t<\/span>\u00a0cannot be discounted by accountants.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u201cTechnology has positively affected our relationship,\u201d said the CFO of a small US-based construction business<\/span>.<\/span>\u00a0<\/span><\/p>\n

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\u201c<\/span>O<\/span>ur accountant has been adapting to technology and they have definitely elevated the quality of their work by utilising the technology properly.\u201d<\/span>\u00a0<\/span><\/p>\n<\/blockquote>\n

A financial controlle<\/span>r<\/span>\u00a0from a medium<\/span>-sized<\/span>\u00a0retail business in Canada said that their accountant, whom they\u2019ve been using for more than 30 years, has<\/span>\u00a0progressively adopted<\/span>\u00a0emerging technologies, and that is one of the reasons why they have stayed with the<\/span>ir accountant<\/span>\u00a0as long as they have.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>Some of the technology their accountant has been helping them with include automation, cloud, and cybersecurity.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>What became clear fr<\/span>o<\/span>m the survey was that businesses measure their accountants by how willing th<\/span>ey<\/span>\u00a0are to embrace and implement technology.\u00a0<\/span>A director in a small analytics business in South Africa warned<\/span>:<\/span>\u00a0\u201cMy accountant hasn\u2019t adopted any technologies, which is why she is being replace<\/span>d<\/span>\u00a0with somebody who can. My accountant is not embracing technology, but my industry is.\u201d<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>An individual with income tax responsibilities in the UK believes that their accountant should be IT literate. \u201cThis is the modern world. Everything is computerised now.\u201d\u00a0<\/span>\u00a0<\/span><\/p>\n

\n\tGet the report<\/a>\n<\/div>\n\n

\u00a0<\/span>Key takeaway<\/span><\/strong>\u00a0<\/span><\/h2>\n

\u00a0<\/span>There is a definite need for accounting professionals to keep abreast of technologies. Reach out to industry bodies that you are affiliated with as they regularly release reports detailing not only what is available, but also what is in the pipeline.<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>Most importantly, keep an open mind about adopting technology sooner rather than later. Implementing new technologies in your own practice first will give you a good idea of what exactly it is that you can offer your clients.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>Improvement 2:\u00a0<\/span><\/strong>Stay up to speed with changing regulations<\/span><\/strong>\u00a0<\/span><\/h3>\n

\u00a0<\/span>In the Practice of Now survey, 79% of accountant<\/span>s<\/span>\u00a0agreed that regulation from industry, government, and international bo<\/span>dies are chang<\/span>ing<\/span>\u00a0working practices.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>Globally, the legal requirements that customers need to handle \u2013 and that accountants are expected to assist with \u2013 are expanding\u00a0<\/span>exponentially. COVID-19<\/span>\u00a0<\/span>has highlighted this when businesses need<\/span>ed<\/span>\u00a0help\u00a0<\/span>from\u00a0<\/span>their accountants<\/span>\u00a0to apply for<\/span>\u00a0government assistance schemes.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>A financial controller of a medium-sized retail business in South Africa said that the skills and talents that\u00a0<\/span>they\u00a0<\/span>valued most in their account were regulatory compliance. <\/span>\u00a0<\/span><\/p>\n

\u201cHiring an accountant today is about more than just accounting,\u201d said the CEO of a medium<\/span>-sized<\/span>\u00a0security business in France<\/span>.<\/span><\/p>\n

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\u201cMy accountant gives me information about the law in\u00a0<\/span>France so that I can take charge of the new laws and change accordingly.\u201d\u00a0<\/span><\/p>\n<\/blockquote>\n

This doesn\u2019t only apply to compliance with accounting legislation. The owner of a small technology business in Spain said<\/span>:<\/span>\u00a0\u201cI know they\u2019ve been doing a lot about GDPR. And sometimes I needed legal<\/span>\u00a0advice<\/span>.<\/span>\u00a0<\/span>W<\/span>hen I discussed it with them, they recommended a lawyer.<\/span>\u201d\u00a0<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>Businesses across the board felt that having their accountants assist them with changing regulations was one of the ways they expected them to accompany them on their business journey<\/span>s<\/span>.<\/span>\u00a0<\/span><\/p>\n

\u201cBecause the company is growing,\u201d said the CIO of a medium-sized French business, <\/span><\/p>\n

\u201c<\/span>It<\/span> means that they are doing more in terms of work because we have more things to\u00a0<\/span>d<\/span>o. This includes payroll and covering all the\u00a0<\/span>government\u00a0<\/span>regulations like VAT<\/span>.<\/span>\u201d\u00a0<\/span><\/p>\n

The executive of a medium-sized energy business in Australi<\/span>a<\/span>\u00a0said that their current accountancy firm has a knowledgeable team, all of whom are experts in taxation, corporate finance, and compliance. \u201cWe can rel<\/span>y<\/span>\u00a0on their team,\u201d they said<\/span>.<\/span>\u00a0\u201c<\/span>T<\/span>hese are the main factors that keep us loyal.\u201d\u00a0<\/span>\u00a0<\/span><\/p>\n

Key takeaway<\/span><\/strong>\u00a0<\/span><\/h2>\n

Staying up to speed with ever-changing regulations is a challenge, particularly because clients expect immediate in-depth and broad knowledge of changes. Any industry body of which you are a member will certainly be tracking these changes, but it also pay<\/span>s<\/span>\u00a0to regularly visit government websites.<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>Your software vendor can also offer support. Often when new legislation requires additional functionality to be added to the software, the support documentation will explain this need, and also the law that requires it. <\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>Improvement 3:\u00a0<\/span><\/strong>Includ<\/span><\/strong>e<\/span><\/strong>\u00a0future generations<\/span><\/strong>\u00a0<\/span><\/h3>\n

\u00a0<\/span>If you want to grow your practice in terms of compliance offerings or improve your digitalisation for the benefit of clients, where should you start? <\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>While it is possible to start training in these areas, a better solution \u2013 one that should underpin any plan to improv<\/span>e<\/span>\u00a0your practice \u2013\u00a0<\/span>is to embrace the new generation.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>In this year\u2019s P<\/span>ractice<\/span>\u00a0of Now survey, 84% of respondents agreed\u00a0<\/span>that<\/span>\u00a0the biggest impact on their working practices and culture\u00a0<\/span>came from<\/span>\u00a0engaging with employees from younger generations, who bring with them unique expectations and attitudes<\/span>. Practices are forced to change when they employ the younger generation, whether it is to keep them or to attract them. <\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>In\u00a0<\/span>South Africa<\/span>,\u00a0<\/span>respondents plan to rely on their reputation as a good employer (48%) and their reputation for industry excellence (39%)<\/span>\u00a0t<\/span>o attract the best talent. They also hope to stand out by offering competitive compensation (36%), flexible working practices (35%), senior-level diversity (31%), an attractive company culture (24%), and potential for rapid development (23%).<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>Millennials and Gen-<\/span>Zers<\/span>\u00a0(<\/span>those whose adulthood started in the 21<\/span>st<\/span>\u00a0century) bring with them an ability to embrace change, a strength which many of the older generations lack.<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>Be it implementing cloud-based\u00a0<\/span>technology<\/span>, fin<\/span>d<\/span>ing technical solutions, digitalising workflows<\/span>, or finding new business in alternative spaces, millennials are a crucial asset to traditional firms\u00a0<\/span>that<\/span>\u00a0are looking to grow and compete in the digital landscape.\u00a0<\/span>T<\/span>heir ability to learn the compliance landscape as it exists today, without being held back by habits from yesteryear, certainly counts as an advantage.<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>Key takeaway<\/span><\/strong>\u00a0<\/span><\/h2>\n

How do you go about attracting younger talent to your practice?\u00a0<\/span>\u00a0<\/span><\/p>\n

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  1. Fish\u00a0<\/span><\/strong>in the right pool.<\/span><\/strong>\u00a0The Practice of Now survey asked over\u00a0<\/span>1,000<\/span>\u00a0US respondent<\/span>s<\/span>\u00a0where they look for new talent for the<\/span>ir<\/span>\u00a0firms.\u00a0<\/span>Nearly 40%<\/span>\u00a0said they looked to social media platforms such as LinkedIn and Facebook. This far outweighed traditional channels like college recruitment efforts, which only 15% of respondents used.\u00a0<\/span>Younger people live their lives\u00a0<\/span>on<\/span>\u00a0social media, and as such, they expect\u00a0<\/span>y<\/span>ou to be there too.\u00a0<\/span>\u00a0<\/span><\/li>\n
  2. Hire from outside accounting backgrounds<\/span><\/strong>.\u00a0<\/span>Nearly 90%<\/span>\u00a0of respondents claimed that they would be amenable to hiring from areas like project management, customer service<\/span>s<\/span>, training, and\u00a0<\/span>other backgrounds<\/span>. To find the younger generation who would meet your needs, it could be time to recruit youngsters who don\u2019t necessarily hold an accounting qualification.<\/span>\u00a0<\/span><\/li>\n
  3. Be flexible.<\/span><\/strong>\u00a0When asked the main reason that new staff join their practice, rather than their competitors<\/span>\u2019<\/span>, 38% of respondents claimed it was flexible working practices. PwC\u2019s Millennials at Work research, which talked to over 4<\/span>,<\/span>000 graduates, reported that\u00a0<\/span>flexible working conditions were second only to training and development in terms of most-valued benefits from an employer. Flexibility trumped cash bonuses, healthcare, and pensions.\u00a0<\/span>\u00a0<\/span><\/li>\n<\/ol>\n

    \u00a0<\/span>Conclusion<\/span><\/strong>\u00a0<\/span><\/h2>\n

    While the challenges brought by 2020 have been difficult, they have also presented numerous opportunities. These opportunities would be wasted if accounting professionals didn\u2019t use the lessons therein to grow stronger, more competitive practices.\u00a0<\/span>The Practice of Now 2020 results show that converting the needed emergency response into new service offerings could become more necessity than nicety if practices want to grow in the years to come.\u00a0<\/span><\/p>\n

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    The Practice of Now 2020 <\/h2>\n\n\t\t\t\t\t\t\t\t\t
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    Discover how accounting is on the brink of positive disruption and what accountants and bookkeepers should do to be successful<\/span><\/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\tGet the 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<\/span><\/p>\n<\/div>\n

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    Subscribe to the Sage Advice enewsletter<\/h2>\n\n\t\t\t\t\t\t\t\t\t
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    Get a roundup of our best business advice in your inbox every month.<\/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\tSubscribe<\/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","protected":false},"excerpt":{"rendered":"

    In the latest version of The Practice of Now survey,\u00a0respondents were asked\u00a0what pain–points their businesses experienced\u00a0with their accountants, and what\u00a0they expected.\u00a0We candidly asked if they felt that their\u00a0accounting needs\u00a0were being met, and if not,\u00a0how they could be improved.\u00a0\u00a0\u00a0 \u00a0The 2020 edition includes a new element \u2013 a qualitative survey from Coleman Parkes,\u00a0which\u00a0conducted\u00a0thorough interviews with users […]<\/p>\n","protected":false},"author":1107,"featured_media":0,"menu_order":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sage_video":false,"post_featured_image_hide":false,"sage_hide_published_date":false,"sage_hide_read_time":false,"sage_hide_share_buttons":false,"footnotes":""},"categories":[49],"tags":[294,313],"business_type":[5],"lilypad":[],"context":[],"industry":[],"persona":[15],"imagine_tag":[51,357],"coauthors":[433],"class_list":["post-68773","post","type-post","status-publish","format-standard","hentry","category-research","tag-accountants","tag-bookkeeping","business_type-accountants"],"sage_meta":{"region":"en-za","author_name":"Peterjohn Bishop","featured_image":"","imagine_tags":{"51":"Accountants","357":"Practice of Now"}},"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"Sage Advice South Africa","distributor_original_site_url":"https:\/\/www.sage.com\/en-za\/blog","push-errors":false,"_links":{"self":[{"href":"https:\/\/www.sage.com\/en-za\/blog\/api\/wp\/v2\/posts\/68773","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sage.com\/en-za\/blog\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sage.com\/en-za\/blog\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-za\/blog\/api\/wp\/v2\/users\/1107"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-za\/blog\/api\/wp\/v2\/comments?post=68773"}],"version-history":[{"count":0,"href":"https:\/\/www.sage.com\/en-za\/blog\/api\/wp\/v2\/posts\/68773\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.sage.com\/en-za\/blog\/api\/wp\/v2\/media?parent=68773"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sage.com\/en-za\/blog\/api\/wp\/v2\/categories?post=68773"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-za\/blog\/api\/wp\/v2\/tags?post=68773"},{"taxonomy":"business_type","embeddable":true,"href":"https:\/\/www.sage.com\/en-za\/blog\/api\/wp\/v2\/business_type?post=68773"},{"taxonomy":"lilypad","embeddable":true,"href":"https:\/\/www.sage.com\/en-za\/blog\/api\/wp\/v2\/lilypad?post=68773"},{"taxonomy":"context","embeddable":true,"href":"https:\/\/www.sage.com\/en-za\/blog\/api\/wp\/v2\/context?post=68773"},{"taxonomy":"industry","embeddable":true,"href":"https:\/\/www.sage.com\/en-za\/blog\/api\/wp\/v2\/industry?post=68773"},{"taxonomy":"persona","embeddable":true,"href":"https:\/\/www.sage.com\/en-za\/blog\/api\/wp\/v2\/persona?post=68773"},{"taxonomy":"imagine_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-za\/blog\/api\/wp\/v2\/imagine_tag?post=68773"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.sage.com\/en-za\/blog\/api\/wp\/v2\/coauthors?post=68773"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}