Accounting and finance professionals need to rapidly evolve their service offering to small business clients. Why? Technology.
Technology will automate and commoditize the historical service offerings that professionals have relied on to earn income, and live a good life.
Tax prep, bookkeeping, and more, will become the domain of machines. Machines, powered by AI will do the work. The machines will be fed, directly by cloud-based accounting systems. The machines will make recommendations to the business owner.
“Pay this estimate for your taxes. Would you like me to setup a payment for you?”
“Keep an eye on this customer’s AR. Would you like me to text a payment reminder?”
“Recommend you establish a budget for next year. Would you like me to generate one?”
Accounting and finance professionals will need to invent new offers for the entrepreneurs they serve. This will require the professional to adopt an artisan mindset.
“What can I do, that a machine cannot?”
As accounting artisans, we will create valuable offers for the marketplace, by:
- Leveraging the data the machines provide us with.
- Creating bespoke (custom) financial interpretations (“reporting” or “dashboards” are our current distinctions for this). We offer a new distinction – Creating Financial Art™.
- Delivering verbal and written interpretations of the financial concerns of the business.
These new and powerful offers will need to be customized for each entrepreneur / business. Adopting the mindset that no two businesses or entrepreneurs are the same, is critical to being a successful accounting artisan. Looking deep, into the ambition of the entrepreneur, her business model, and marketforces, will allow the professional to deliver a unique and powerful interpretation. This interpretation will, in turn, allow the client entrepreneur to be successful and live a great life.
To your success.
Scott