Small business owners are the engine room of Australia and those that have survived the last two years are looking to fire up for 2022; what are the skills and trends that can help accountancy and business advisory franchisees stay ahead of the game?
Financesonline.com points out that accountants today are applying business skills, strategic thinking and tech skills that go beyond traditional accounting roles and turn a modern-day accountant into a business advisor.
And a 2020 survey by Sage revealed business advisory skills like growth modelling were considered essential by respondent accountants, who also ranked tech skills as the most important attribute for future business. Strategic thinking was ranked second, followed by communication skills, customer service skills, and understanding how to grow a business.
2025-2030 skills set
Skills accountants rate as crucial:
- 51% technology skills
- 43% strategic thinking
- 40% communication skills
- 30% customer service skills
- 29% growing a business
Source: Sage US Practice of Now report 2022
Services accounting firms provide
- Accounting/bookkeeping 79%
- Payroll 25%
- Tax 24%
- Compliance 20%
- Advisory 17%
- Assurance/audit 15%
- Outsourced CFO 5%
Source: Sage Practice Now 2019What are small business owners looking to do in 2022?
Xero revealed what small business owners have been doing, and are likely to continue to do this year:
- Simplify processes
- Rebuild cash in the business
- Rethink supply chains
- Reduce debt
- Improve digital efficiencies
- Retain staff
- Boost digital marketing
- Introduce cardless payments
Source: Xero Small Business Trends 2022 based on surveys and reports across the US, UK, Singapore, Australia and New Zealand.
Five for the future
According to the International Association of Independent Accounting Firms, accountants need to have their eyes firmly set on five aspects of business:
- Agile accounting
- Blockchain
- Cryptocurrency
- Hiring and retaining staff
- Sustainability principles