Proactive accountants will leverage new technologies like cloud accounting to help their clients grow their businesses, finds Xero’s 2016 State of Accounts Report. Automation and real-time data are bringing connected services into the accounting firm, empowering accountants to spend less time on traditional number crunching activities, and more time on the trusted advisor role that adds value to clients.

Thirty percent of the 2000 UK business owners surveyed put accountants at the top of their list of trusted advisors, 15 times higher than management consultants at two percent.

Business advisory the future of accountants

Xero State of Accounts 2016

MYOB’s chief executive, Tim Reed, says accountants will become more like business coaches. “They will be more like personal trainers in the gym, but for business,” he said in an article in the Australian Financial Review. He says the “connected practice strategy” that has underpinned MYOB’s growth represents their vision for the future accounting workplace: new income streams in business advisory supported by automating processes, providing a real-time picture of how a business is tracking.

“They [accountants] will be more like personal trainers in the gym, but for business.” – Tim Reed, MYOB

Xero’s report finds an emerging appetite for engaging with accountants for more value-added work, with 56 percent of small businesses surveyed saying they would access their accountant for tasks ‘beyond accounting’ in the next ten years. With 59 percent reporting they don’t think they’ll need an accountant in ten years’ time, the time is ripe for accounting firms to grow their beyond accounting services over the next decade.

Business advisory the future of accountants

Xero State of Accounts 2016

Accountancy and bookkeeping firms that have joined ezyCollect’s Partner Program are not only advancing their credit control functionality, they are also accessing connected services that move them higher up their customers’ value chain. Here are just a few ezyCollect connected services:

Credit checks
Add a credit check report to your clients’ credit risk assessments for all new customers. With the  click of a button you can order a comprehensive Veda business credit check report, delivered to your inbox with two hours. Advise your clients of their new customer’s likelihood of a late or default payment in the next 12 months.

Credit monitoring alerts
Receive real-time alerts when a monitored business registers a negative credit event in the market place. Get early warning of credit management problems so that your clients can take decisive action to recover their cash and be first in the creditor queue.

Escalate to debt collection and legal agencies
Order a legal demand letter from within the ezyCollect app. Keep the collections momentum going at the precise point when other creditors stall.

Install an online payment gateway
Increasingly, personal and business transactions are moving online. Assist your clients to easily install an online collections gateway, supported by Pay Now buttons on their invoices and reminders, so their debtors are one-click away from paying them.

The relationship with accountants is changing. As Xero’s report suggests,the future is bright for those ready to embrace technology. Will riding the cloud earn you a seat at your client’s table?

Schedule a demo to see how ezyCollect’s connected services will benefit your clients.