2017: Not quite the accounting industry doom and gloom that was predicted?

2017: Not quite the accounting industry doom and gloom that was predicted?
By Samantha Dean

We are seeing some positive signs in the Australian accounting industry. If you haven’t already, check out the latest The Good, The Bad & The Ugly Report which provides annual benchmarking figures on the Australian accounting profession and a snapshot of a typical firm.

Highlights from the report

  • Record numbers achieved in 2017
  • Partner revenue increase of 13%
  • Profitability per partner increases to $362k (before partner salaries)
  • Cash flow continues to improve
  • Operating costs fall

What is interesting, is that the report also shows a shift in focus amongst firms, and many are now concentrating on:

  • Standardisation of procedures and tools
  • Enhancing of communication and collaboration with all stakeholders in the firm

We are also seeing this focus is towards relationship and process, which is moving away from the traditional growth productivity and profitability focus.

At BlueprintHQ, we are seeing evidence of this in the data we’ve collected from interviewing and working with firms in the industry. Below are the common issues firms face, and a sample of a typical clients’ results benchmarked on these key issues.

Let’s have a look at the key issues you may be facing in your business, that could be blocking you from achieving your goals. If any of the following come up for you, then you’re not alone.

  • Business is dependent on a few people
  • Lack of clarity in service offering and pricing model
  • Lack of standardised client engagement model
  • Time poor
  • Lack of systems and procedure
  • Need for revised structure to deliver strategy

Ok, so we could write an entire book on each of these, and the available solutions. The good thing to know is that they are all solvable, with the right motivation. So, let’s look at each of these in turn over the coming weeks and months.

Stay tuned, and until next time.

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