The future of the profession, part two

I regret to say that my experience does not support that view

Rather like a taxi drive they'll take the next fare that comes without thinking about whether it's going in the same direction that they want to go

But that does provide real opportunity for the firms who know what they're about. It's so much easier to compete when the competition doesn't know it's in the race

Richard

www.taxresearch.org.uk/blog

The audience comprised Mercia member firms and I was addressing them directly.

In general I would accept that some firms have a plan and others are just pootling along sometimes oblivious to what's changing around them.

Having said that, and as I said in part one of this summary many firms that "have an established practice and know [their] clients well, are not suddenly going to lose a swathe of clients who all decide to rush off at once".,

Mark Lee
Tax Advice Network

Richard – a taxi driver is expected to “do the knowledge”…accountants need to educate themselves of practice strategy, pricing, marketing and sales.

I’ve been in the market now for four years. We’ve spoken (in depth) to over a thousand firms, all over the UK and members of the various networks. From this experience I’d estimate only 1% of the market truly knows what they are doing. Those that do have a strategy are struggling to build dynamic teams to implement the strategy.

If accounts/tax wasn’t a compulsory purchase, and it wasn’t easy to save tax, accountants would not be so well rewarded for doing the wrong things. The sad part if that although most accountants earn well many pay a higher price of being unhappy while others are blissfully ignorant to everything that's going on.

Bob
MORE

Mark - I thought I owned that phrase! Anyway, I am wondering if this is being too kind…perhaps “arrogantly incompetent” would be closer to the truth?

Take the Tax Credit article here – we have hundreds of proactive accountants in a room and only a handful are offering Tax Credit advice….I bet they are all doing Money Laundering so are they REALLY interested in helping their clients?

Bob

Thanks for your comments Richard and Bob

Just for the record It's one of four stages in a long standing and recognised learning model often referred to by psychologists Bob.

Mark Lee
Tax Advice Network

Mark - mine is Unconciously unethical and relates more to billing.

Bob

Thanks Mark for the two thought provoking articles. I am in at an early stage of launching a 'traditional accountacy practice'
providing compliance services! What would really help is some directions around your comments about the 'alternative to a traditional accountant'. What does this mean? What are the specific changes likely to affect the oneman band business model?

I would really appreciate if you could give some pointers for further reasearch & reading on the issues you have raised.

I've shared loads of related material on my blog for ambitious accountants.

Happy to write something specific on this topic or to pull my previous scribblings all into one place.

Mark Lee
Tax Advice Network

Is it really worth having an article that concludes that there will be change, challenges and opportunities for accountants??

Its not rocket sciene is it!!!!!!

Sorry you think that's the only part of the article worth considering.

Mark

Marketing procedures can sometimes mask incompetence. Do you agree? and how can this damage the future reputation of a firm which operates on par 100% accuracy. In accounting, can one really market the firm base on what one can do rather, than marketing a team of professionals who are capable of sharing the work through specialization in order to achieve a desired out come?

Lloyd T. Wright
Student