FEATURE | Accountancy
A high IQ is needed to solve clients’ difficult technical challenges. Tax, audit and advisory are intellectually rigorous disciplines and logic is essential. EQ is equally as important. Business is based on relationships which flourish with honest and transparent communication. And I would now add a third
requirement: DQ or digital quotient. Digital has created new markets, new ways of doing things and is challenging traditionally successful organisations. The accountancy profession is no different. We must all be prepared for the new
opportunities that are being created and the new skills that are being demanded by clients; we are at a tipping point. We need to innovate and remain relevant in the 21st century. Increased competition through regulatory changes and globalisation must make us press the accelerator on innovation and foster DQ. Secondly, the profession must offer solutions and advice not products. When you think about the complexity of individual businesses and the unique challenges they face, it’s not enough to think about an ‘off the shelf’ service being right for everyone. Each client challenge
38 DIRECTOR OF FINANCE
must be examined on its own terms. Only accountancy firms that have the right mix of wide-ranging subject matter experts, with a collaborative culture of working together across disciplines, will be able to take advantage of this growing trend.
If ever there was a time for a complete drains-up review on how business reacts to relentless change, it must surely be now
Thirdly, millennials are now in the driving seat. We are living in an age where a workplace can have five generations working together. The impact of this on workforce behaviours, employee motivation and engagement cannot be underestimated. This multi-generational environment is a new diversity challenge
for HR teams especially when competing with tech start-ups and other exciting sectors. Creating a unifying culture to maintain a flowing pipeline of talent must be a focus. And finally, accountants must be fully
realised business advisers. Businesses don’t just want a ‘numbers person’; they rely on their advisers to challenge their thinking and want to work with people who have opinions and, importantly, provide insightful, joined-up solutions that help them succeed. Consider a tax review project, for
example. As technology replaces elements of the routine parts of such a review, time is freed up to spend on other aspects. In turn, the adviser will provide a deeper and more valuable insight into risks, controls and strategic opportunities. As the pace of change continues to
quicken and technology evolves, there will be opportunities and challenges ahead. The accountancy profession must adapt or it will stagnate. Relevance and value in the 21st century isn’t a given. Q
Paul Eagland is Managing Partner at BDO
dofonline.co.uk
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52