Do you have the skills to compete in this new environment?
The financial industry is rapidly evolving and, as accountants, you must be ready to deal with these changes. To determine the Top 5 skills accountants need to compete in this new environment, I interviewed Rob Brown of the Accounting Influencers Roundtable, to gain his valuable insight.
With the advent of software vendors and Fintech changing the business dynamic, accountants are steadily being phased out. These companies are changing the game and slowly taking over our profession. It is vital for you to wake up and develop skill sets necessary to stem the tide and take our industry back.
The tech companies, however, cannot replace the consulting and advice CPAs provide to business owners. Accountants of the future, Rob says, can utilize Fintech and software to automate lower-level tasks, which allows you more time to focus on consulting and being an advisor.
To stay relevant and competitive, you need to develop these five attributes to stay in the game or face being marginalized and phased out in the business world of the future:
1. Technical skills
As CPAs, you must maintain a strong set of technical skills. You always need the fundamentals, and it is important to realize you don’t know everything. Looking for new knowledge and new information is critical. It is important you join or be a part of a network, where you can learn and ask questions from others in your profession and learn best practices.
It is no secret that most CPE is boring. I had a conference I was attending where I left early because the presentation delivery was poor and it was boring. I don’t agree with reading off an entire PowerPoint as a presentation. This is why in my organization; we offer conferences which are fun. Ask any of my WealthAbility® Network members.
2. Technology skills
You need to be tech savvy. Yes, this can be a challenge for the older generation, including myself. However, you can ask for help. Oftentimes, I ask my millennial and Generation X employees in my firm for help. You need to submerge yourself around people that can help you if you are having technology challenges.
We did a survey for my WealthAbility® Network members, and technology was listed as one of the top 3 of what they need. Knowing how to automate lower-level tasks will afford you more time to consult and advise your clients.
3. People skills
You need to be able to communicate effectively with your clients. Good communication builds credibility and helps relay that you are a trustworthy advisor. You must teach and provide insight to your clients to help them make the best business decisions to thrive. People skills don’t have to be outside your comfort zone.
You can build on your strengths, based on your skills. You shouldn’t fear losing clients or saying the wrong thing. You have to remember to convey to your clients that it is not about you, it is about your client.
4. Sales Skills
As a CPA, you are selling an idea, and have to be able to persuade and negotiate. You need to be considered a trusted and reliable source. Asking questions is a major component of your sales process. Phrasing your question as “would it be ok if I asked you about X?” is a great way to get permission from your client and gain their trust and respect. They will be more interested and engaged with you as a result.
5. Entrepreneurial Skills
You must think like an entrepreneur. You should not think like an accountant, but instead think like a business owner. I have been asked, how do you determine who is in your network? One of my rules is you have to be an entrepreneur first. Remember it’s about your clients and they deserve better.
Clients then will recognize you as the most valuable member of their team. You are the key advisor and you should always put your clients first.
Overall, the accounting atmosphere is changing. Your clients’ expectations are changing. You should see change as an opportunity to become better and improve your skills. Now is the time to transform and revolutionize our accounting industry and be a force of good!
Tax and wealth expert Tom Wheelwright® is a CPA and the founder and CEO of WealthAbility® and the WealthAbility® Network of 60+ CPA firms.
Tom is dedicated to transforming the accounting profession by creating training, systems and support CPAs need to thrive in today’s environment. He and WealthAbility® host CPA training to hundreds of CPAs across multiple events every year and has worked with Martin Bissett, Jody Padar, Tyler Clark and several other Top CPA Influencers in the world.
Tom’s professional journey included stops in Big 4 accounting, as an in-house tax advisor for Pinnacle West Capital Corporation, and as an adjunct professor in the Masters of Tax program at Arizona State University for 14 years. Today, he shares his wisdom as a best-selling author, host of The WealthAbility® Show and The WealthAbility® for CPAs Show podcasts and as a contributor to Accounting Today, Entrepreneur, Inc., Worth and Newsweek. He has spoken on stage on six continents, and his work also has appeared in Forbes, The Wall Street Journal, The Washington Post, "FOX and Friends," "NPR," "ABC News Radio," and hundreds of other media outlets.
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