We often use the words ‘revolution’ when we are describing something disruptive, challenging and mostly, negative.
But I believe there is a positive revolution brewing within the accounting profession; one that will have a direct impact on how the role that accountants play for businesses.
There have been a number of debates on the impact of predictive changes to the profession, over many years. I first encountered such predictions back in 2015, when I first read this article by the ICAEW, and solutions such as Cloud and FinTech are leading the charge.
But the revolution I refer too, is both one of both challenge and opportunity.
This is the revolution of the SME economy – the fact that the little ‘Davids’ can work together to become one big co-operating Goliath, and more importantly, one that they all can benefit from.
Well, this is where the accounting profession comes in.
As we know, the integration of technology provides the chance for accountants to be more than ‘number-crunchers’ or ‘historical experts’.
The insight that they can extract from financial data, offers the ability to build a enhanced foundation of trust between accountant and client. One cannot underestimate nor deny the power of providing bespoke and timely information, that can be used to drive business performance, reduce costs, increase efficiency, improve competitiveness etc.
But the real magic happens when accountants have shifted their thinking, to the point where their SME clients will rely on them for trusted business advice first, and accounting second.
Imagine SMEs gaining access to the type of decision-making insight, that not only reduces their chance of business failure, but also gives them the fair opportunity to compete in or even disrupt larger markets?
One could argue that that is already happening or even the fact that larger companies (with more resources and capacity) could use innovation to kill of SMEs before they even get going!
But imagine our 4.9 million UK SME warriors, combining insight, agility and the adoption of new technologies into a new model of work, that shares what they know with each other in one single place safely and securely?
Imagine the diversity of knowledge, business models, resourcing and the sheer level of business opportunities that would be created?
I, passionately, believe our technology will enable SMEs today to achieve exactly that. If you would like to learn how, feel free to get in touch.
We will SMEs become the Goliaths of tomorrow. But not a whole army of bad, hairy, angry, evil Goliaths.
Rather, a singular-Goliath economy of financial innovation that you can’t even imagine yet, but most certainly, a mass of sharing and support that welcomes smaller Davids to the party.
Accountants who have a genuine desire to help their clients grow, will have the chance to control the guest list.
Watch this space..
About the author:
Joel Blake OBE is the Founder and CEO of FeeLYX.com, a financial marketplace platform for the SME sector. With over 15 years experience in helping businesses to grow, Joel is passionate about innovating the growth of SMEs through the use of FinTech and financial data analytics. He was awarded an OBE for Services to Business Support and Enterprise in 2016.