Are Accountants Being Threatened in Their Own Profession?

This may be a little controversial for some, but then if you are offended, examine your reasons why.

I am a professional woman in a so-called 'man's' profession and after over 14 years in accounting and audit, ventured out into my own business. So when I speak of accountants, my focus is the entrepreneur or professional running their own business. When I started my own business, I had no intention of following the flock and I still don't. But, I truly believe that we as accountants are being threatened in their own profession.

Why, you ask?

Accountants have been indoctrinated into a culture and like a cult, they fear change. They look around, see what everyone else is doing to create and manage their businesses and do something similar, fearing to step out of their comfort zone. Then again, perhaps they just don't know what to do differently.

Accountants believe that clients need them. But how could this be when we now have 'Accounting for Managers" courses, QuickBooks & other user friendly accounting programs. A long time ago, I came to the realization that most small businesses and solo-entrepreneurs don't want number-crunchers. In this case, their solution would be to get a bookkeeper and have their books audited once per year. It certainly is cheaper.

You see, accountants are educated on technical issues, preparing the financial statements, analyzing the profit and loss, balance sheet and cash flow statements...all good in preparation for getting a job in a company. However this is not so good if you want to start your own business and make money running it. We need to know about business. Even when you look at the articles and tips written by accountants to their clients, they talk about "accruals" and "software" and "concepts"

CLIENTS DON'T CARE!!

That's YOUR job! They don't want the details.

Clients only want 3 things:

1. Make Money
2. Save Money
3. Save Time

Accountants are being threatened because they are not fulfilling this basic requirement to their clients. They do not know how to market their business and become attractive to their clients. When I say 'attractive', I mean you attracting your clients, clients coming to you, rather than you going out to get them. So what do accountants do instead? They resist embracing change and establish 'rules' like "Accountants don't advertise".

Bah-humbug!

This makes us too reactive and subject to clients dictating our fees, because now they are in charge. We went out and worked to get that client. We didn't attract them. Sadly, we really just sit and wait for clients to walk in! Hey, businesses don't want accountants anymore. They want those 3 things. (Know them by heart!)

So who are the main threats to the "Accountant"?

I have identified 2 main professions, namely:
Business coaches
Consultants

Now, this is NOT a bad thing. In fact accountants need to learn from these types of people or even better, BECOME these people.

If you don't advise your client on making and saving money and saving time, then your business will be in trouble. This recession that's happening right now, is weeding out businesses and changing business culture and structures.

What can we do right now?

The major transformations that accountants need to undergo in their businesses are few and doable.

Accountants must change the way they do business NOW!
They must become a marketer and an adviser, coach or consultant to their clients.
Accountants must begin to market to a specific target audience and they have to become the expert in their niche.

These professionals must learn how to get clients, learn how to market their business, learn how to keep their clients and learn to give the clients what they want. Instead of putting up barriers to prevent the threat (this is like using a typewriter instead of a PC or trying to ignore the internet for getting business), accept and embrace the threat.

Or should we call it an opportunity?

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