There is no doubt that COVID-19 has reshaped the world that we live in. But maybe, and it’s a BIG maybe, the Accounting Industry was already on track and indirectly preparing itself and the clients with a culture leaning towards digital interactions.
The increasing use of technology in all facets of work and communication in our industry has helped us – we are the lucky ones.
Questions pertaining to what the future holds is the norm and with still the presence of a data vacuum, that we are all dealing with, it seems sentiment washes in and out of positives and negatives. The stock market seems counterintuitive but many are getting in and pushing forward. The future viability of certain businesses and their Industries and what their impact on the accounting firm’s bottom line is also circulating the professional’s mind.
On a positive note, Accountants now seem to be getting over the initial ATO / Government enabled JobKeeper, JobSeeker overload and are slowly being able to free up more time to focus on their clients, catchup on normal EOFY work and review past opportunities that were parked due to workload restrictions. No doubt the new Financial Year will bring another overload of work and therefore planning or mapping out the year is an essential.
The marketplace, it is awakening, and the opportunities are definitely showing themselves slowly but surely.
A few things to be mindful of:
- There are no bargains out there that are really bargains
- Due Diligence is going to become more specific
- Mergers are becoming a focus
- Clawback percentages and timeframes are being affected
- Staffing landscape is changing
- Cultural Fit and Post-Integration is essential with distancing in play
No one has a crystal ball so choosing the positive might be the best default. Please don’t forget to get paid… I disagree with the practitioners that are saying it is unethical to charge their clients. The way one charges maybe unethical but we are professionals that can distinguish what is right and wrong – we don’t need to be Charity (100%)
New opportunities, from the pent-up demand, to spend and the desire for some sort of change will shake out new clients, so don’t stop talking, fist bumping, elbow bumping..
Stay safe and Let’s Talk
Magnus Yoshikawa +61(0)408885944
