Changes in the Australian Accounting Industry

Some Insights and how Rubiix is responding

We recently attended a seminar from one of Australia’s big four banks highlighting what they saw as the latest insights from Australia’s accounting and wider professional services sector.

The presentation was eye opening and incredibly useful. The accounting sector, like all sectors, is going through rapid change driven by technology and we want to be at the forefront of this change. We want to ensure that the services we provide are what the broader business marketplace is looking for.

We pride ourselves on supporting our clients through a transition to the “new economy” and it was pleasing to see that many of the perceptions mentioned in this seminar were insights and services that we already deliver. Our advice is current when compared with what else is out there in the marketplace. At the end of the article you will see a form where you can send us a message providing feedback about our services. We would love to hear from our clients about services that we provide that they find useful, as well as if there are services that you would like to see more of.

We hope you enjoy this article and the insights it highlights.

For us to be successful it’s critically important that we understand what our clients need and provide them with the services that they require. We feel that we are successfully doing this and we do a great job of retaining our clients.

Accountants are Trusted
It was highlighted that Accountants are the most important and trusted of Advisors for Small to Medium Enterprises (SMEs). SMEs turn to their accountant more than any other professional services firm when it comes to business planning and financial services. Over a period of time we have seen that our clients are coming to us more often for all facets of business issues where we can assist them in finding solutions, becoming their trusted advisor in business.

There’s Still Room for Growth
The data presented showed that Accountants are doing well at providing the services that SMEs are asking for. SMEs use Accountants for everything from tax preparation, tax planning, legal advice, insurance needs and business planning services. The insights match what we are seeing, showing that  in addition to this there’s a growing need and interest in access to and advice on technology and IT Services – especially with respect to how they impact the Finances of a business. This is a fast growing area of our accounting practice.

What services do SMEs turn to professional services firms for – and which ones do accountants offer?

We offer a broad range of services because this is what our clients have asked for.
It was pleasing to note that many of our services were highlighted as being valued by SMEs in the key insights presented, re-affirming we are providing exceptional and necessary services to our clients.
– Business Planning and Strategy
– Cash Flow and Budgeting
– Tax Planning
– Business Growth Advice and Financial Future

These are just a small range of the services the SMEs most value and that we offer. Our website lists many more of our services that are available to all our clients.

Financial Literacy and Understanding Your Numbers
One interesting insight was the suggestion that up to one quarter of Australia’s SMEs don’t understand their numbers – they don’t really understand how their business is performing. We take the time to educate our clients, ensuring that they get the right reports from us with the data they need but, more importantly, we also make sure that they understand the numbers that we are presenting to them.
We take pride in knowing our clients can rely on us for any queries that arise during their daily running of a business. If they know their business like we do, then we can build on their business together.

Adapting as Your Business Adapts.
From this seminar it came out that Accountants are not always seen as adapting to clients changing business needs. We understand that your business is changing. As it does, our advice and services can change. We evolve as your business evolves.

We are a proactive accounting firm. We want to ensure that we are providing you with a proactive service that you value – it’s important to us that you feel like you are getting a personalised service.

Regular Feedback = Continued Learning

We want you to feel like we are your trusted advisor. For this reason we regularly seek feedback – to make sure that the services we can provide are meeting your needs.
We are lucky being in the accounting industry as traditionally ours has been an industry where clients are less likely to change advisors than in other industries. We pride ourselves on never being complacent. We focus on personalised service and proactive relationships with our clients. We want you to be proud to refer others in your network to us.

We want to be reachable and we hope that you find our level of accessibility right for you. Most SMEs that were part of the insights presented say they are happy with the level of access that is provided to them. But we are always striving for improvement so if there are any issues with the level of access we are providing for you we want to hear from you. We know we can always do better.

Like the insights suggest, we welcome regular feedback as this is a tool to improve our business, services and be part of the continued learning experience.

The Future is Bright for Accounting Services

Technological advancements present a bright future for business and a bright future for accounting. Increasing interest in the services we are providing across the board excite us. We’re looking forward to helping more businesses grow as we grow our own business.

We understand the importance of collaboration in our own growth and look forward to building even stronger relationships as we work together now and into the future. Let’s grow together.

If you want to find out more about our services, or have any feedback for us, please contact our office.

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