Recent research found the biggest challenges facing accountants in 2015. This was undertaken by Prysm Group, the organisers behind Accountex.
The research shows that accountants struggle to differentiate themselves in the industry. This is not a surprise when each firm will provide a similar number of services to clients.
It does not become a surprise when another biggest challenge is offering new services. This in theory is a great idea, and something the Big 4 have started adopting. For the average firm developing the services provided will need serious thought.
Is this a challenge for 2015? Or a problem that will see the accountancy profession change as a whole over the coming few years?
The research involved 32 suppliers who, between them, have over 14,000 accountancy firm clients. Its findings highlighted that the four biggest challenges facing accountancy practices in 2015 are: Standing out in a crowded market (86% saw this as a major challenge. It was also seen as the single biggest challenge by 18%, more than any other option) Using technology to reduce manual processes (82%) Offering new services (82%) Improving marketing & client acquisition (82%)