How to Spend More Time Planning Your Clients’ Needs
I think I can state the following in all seriousness: “The paperless office will make you a better accountant.” Quite a controversial statement to make? Maybe. But to me, it’s the essence of our accounting world.
With the tools we have at hand, we are presented with opportunities that were only faint wishes in the past. We spent so much time creating the data and getting it ready to do all the compliance requirements that there was precious little time to do in-depth planning. We were usually out of time or budget to use our creative advisory mind to introduce new and possibly profit-altering suggestions to their business.
Well, now we can. We have the data. One clever professional suggested that in the future, infants would be implanted with a chip that will carry all the world’s knowledge, similar to an encyclopedia updated by WiFi. What humans will have to do is learn how to “apply” the knowledge rather than just accumulate it.
I know, I know. Ridiculous! But not really! And, to some extent, we have the forerunner of that today in our accounting world. The facts (data) are more easily created, leaving us lots of time to “apply” our knowledge to better the clients’ financial success.
That ability will call upon our breadth of knowledge. Cost accounting, marketing, controllership and technology all represent this area. And, that will force us to be better accountants.
Lesson: Don’t throw away all those non-financial accounting textbooks. You are going to need them! And, we can premium bill for all the work!