London, 2nd June: Recent research from the Forum of Small Business revealing a 20 per cent drop in the number of clients going to practitioners for advice since 2004, highlights the need for accountants to offer increasingly personalised and valued advice. With clients using the Internet to source information more often, accountants need to really combine their industry knowledge with an in depth awareness of clients' individual needs. In addition, changing deadlines and the regular emergence of new legislation means that accountants need to be more adaptable than ever. Simon Crompton, General Manager of MYOB, comments on their evolving role.
'The fact that more clients are going to the internet for basic advice should not be too much of a worry for the adaptable accountant. It is true that small businesses and individuals alike are increasingly using the Web to source information but this does not make the accountant's role as an advisor redundant. Accountants just need to adapt their approach and ensure they really know clients inside out so their advice is beneficial and specific to them. For instance, a web search on software is going to throw up a variety of company names with links to their home pages, where each will extol the virtues of its own technology. Conversely, an accountant who knows his client's needs well will be able to prescribe the exact products and processes for them. Being adaptable means that even if everything else in the accountancy sector changes, your clients should remain a constant.
The accountancy profession is full of variety ' legislation, deadlines and technology in the sector are constantly changing, so accountants need to be adaptable to survive. There has been much debate recently over adjustments to the e-filing deadlines. Whilst change will be debated and contested, practices much be prepared for the eventuality that the proposed changes do come into force. The sooner we comply the sooner a practice should become more streamlined.
Legislation is another area which is under constant development. There is no way we can all be experts on every standard out there, but it's worth keeping an eye on both European and Global legislation, since there's a high chance it will come this way as the accounting community strives for international standardisation.'
About MYOB
MYOB is a global provider of solutions that liberate business owners and accountants from the burden of day to day administration, empowering them to achieve business success. MYOB develops and delivers award-winning software, services and support for more than 500,000 businesses and over 10,000 accounting practices worldwide.
Owner-operated businesses are the most dynamic force in the world economy and yet they are universally challenged by limited resources. MYOB uses its knowledge, expertise and scale to help them build better businesses. MYOB also works directly with accounting practices to streamline their processes and maximise their productivity. MYOB solutions are used by leading accounting practices from tax agents and sole practitioners to the Top 20 firms. Through its understanding and partnership with both business owners and accountants, MYOB strives to further enhance the links between them for their mutual benefit. MYOB Limited is a public company listed on the Australian Stock Exchange (ASX symbol 'MYO').
For further information
For more information on MYOB please call Denise Duffy on 020 8799 0272 or email [email protected]
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