The End... or not!

[Radrich]

Here is a theory to stimulate debate about the future of the profession, and most other professions at that.

As an armchair theorist I have made certain assumptions about running a quality practice but can't quite get my head around how much profit is left in the business when their is an economic downturn like this one. Surely some of you must be losing revenue as some clients close or leave their business's yet you still sit burdened with the sunk (or fixed costs) of the practice, no matter how good a quality service you give.

Now throw in some recent trends..... more homeworkers, skilled people without jobs, dispersement of geographical boundaries because of technological advances, cloud computing, social networking, wiki's, blogs, RSS feeds, and you can see where I am going with this....traditional business boundaries and heirarchies falling away as self-organised networks set themselves up and colloborative partnerships start taking hold.

So let's move on, now you get a good bookkeeper, an excellent tax accountant, and business consultant who decide to colloborate via one of the wiki's by setting themselves up without any having an interest in the others business except that someone fronts it to the client, gets paid and then disperses what's owed for the services they provide to the others.

This form (alliances, JV's, etc) has existed for ages but technology has made it easier,

Surely business's are going to gravitate towards this where a fancy high street presence is no longer a prerequisite, costs can be as low as what it costs to work from home, but good fees can still be leveraged??

What will a typical accounting practice look like in 10 years time?

[elainec100@cheapaccounting]

What will a typical accounting practice look like in 10 years time?

Like any business you have to move with the times, take advantage of technology fit for purpose, offer something some one wants to buy at a price that they are willing to pay.


Can't say I am much of a one for theory - just get on with putting it into Practice! :)

[MyAccountantOnline]

What will a typical accounting practice look like in 10 years time?

Very different to what it looks like now.

I have been in the profession since the early 1980's and in that short time it has changed so much.

The key as with any business is to move with the times.

In my practice we no longer have a reception in our office and do everything online. We dont meet with our clients its all done online, and have very few locally based clients - even 5 years ago that would have been unimaginable and probably still is to traditional high street based practices.

[avalanche]

i have been with the same accountant for over 10 years and love to visit him a couple of times a year and get as much advise as i can

its more than just submitting a return, its a chance to hear someone else's opinions about financial matters

[MyAccountantOnline]

i have been with the same accountant for over 10 years and love to visit him a couple of times a year and get as much advise as i can

its more than just submitting a return, its a chance to hear someone else's opinions about financial matters

I absolutely understand - I dont for one moment think you'll ever see the high street practices completely disappear and there is most certainly a place for them.

I know many clients do like to meet with their accountant and will carry on doing so and that's great, but I do also think we'll see more and more people wanting to, and being very happy to work with accountants online only - especially people who work online themselves.

When you work with an accountant online it doesnt mean you dont get advice - online in my case certainly doesnt mean form filling only.

[KidsBeeHappy]

Very different to what it looks like now.

I have been in the profession since the early 1980's and in that short time it has changed so much.

The key as with any business is to move with the times.

In my practice we no longer have a reception in our office and do everything online. We dont meet with our clients its all done online, and have very few locally based clients - even 5 years ago that would have been unimaginable and probably still is to traditional high street based practices.


And not so long ago (ie this side of the millenium) I was working in a practise that had only 1 computer that only 1 person was allowed to use and only then for tax returns, but 5 typewriters (to type out the accounts - and yes, lots of bottles of tippex), and an awful lot of 24 column analysis paper for all those ETBs (which incidentally was locked in the senior partners office and you had to go and sign for it).

[elainec100@cheapaccounting]

And not so long ago (ie this side of the millenium) I was working in a practise that had only 1 computer that only 1 person was allowed to use and only then for tax returns, but 5 typewriters (to type out the accounts - and yes, lots of bottles of tippex), and an awful lot of 24 column analysis paper for all those ETBs (which incidentally was locked in the senior partners office and you had to go and sign for it).

oh the good old days :rolleyes::eek::p:D;)

[MyAccountantOnline]

And not so long ago (ie this side of the millenium) I was working in a practise that had only 1 computer that only 1 person was allowed to use and only then for tax returns, but 5 typewriters (to type out the accounts - and yes, lots of bottles of tippex), and an awful lot of 24 column analysis paper for all those ETBs (which incidentally was locked in the senior partners office and you had to go and sign for it).

How sad is this for fun one day I'd just love to use an old paper ETB...I do need to get out more. It must take 15 minutes now to do what used to take hours.

I can remember fighting over 1 shared PC and pre that being the youngster of the practice given responsibility to instal the first PC including a trek all the way to CSM in Birmingham to buy Auditman!

[elainec100@cheapaccounting]

buy Auditman!

see even the software was sexist then :rolleyes::rolleyes:

[KidsBeeHappy]

Thing is, there are still a load of these firms out there. It's just that as online technological embracing people, they're all off your radar.

[frauke]

oh the good old days :rolleyes::eek::p:D;)

I remember being over the moon when given Twinlock files to do the accounts after using books for ledgers! Of course after working from extended T/b's first on paper, then moving onto spreadsheets I thought it was making everything so much easier, until I went looking for that 1p that disappeared, due to rounding up on one spreadsheet and rounding down on another!

The Supercalc launch, when they introduced multi sheeted spreadsheets. ... Lotus 123.....

When the computer fails, or someone posts something completely wrong, I do go back to the T to explain the error of their ways........ I used to be able to do mental arithmetic really fast - but I don't know if its age, but since computers I can't do it any more.

[elainec100@cheapaccounting]

Thing is, there are still a load of these firms out there. It's just that as online technological embracing people, they're all off your radar.

I'm sure that there are. They are off my radar as I tend to concentrate on what the clients needs rather than what other accountants may be doing :D:D

Hence why we are "the UK's most innovative practice of 2010."

http://www.accountingweb.co.uk/topic/practice/progressive-practice-2010-winner-announced/443929

I've been dying to be able to quote that some where :D

[elainec100@cheapaccounting]

When I first started I had an adding machine, with a till roll and a handle. Hence the big muscles pulling that handle all day! It was blue.

And in those days the debit was by the door and the credit by the window.

[frauke]

I'm sure that there are. They are off my radar as I tend to concentrate on what the clients needs rather than what other accountants may be doing :D:D

Hence why we are "the UK's most innovative practice of 2010."

http://www.accountingweb.co.uk/topic/practice/progressive-practice-2010-winner-announced/443929

I've been dying to be able to quote that some where :D


Well done, congratulations Elaine

[MyAccountantOnline]

see even the software was sexist then :rolleyes::rolleyes:

I had never even thought of that - but true!! Perhaps thats why it came to a sad sorry ending:|

[KidsBeeHappy]

I'm sure that there are. They are off my radar as I tend to concentrate on what the clients needs rather than what other accountants may be doing :D:D

Hence why we are "the UK's most innovative practice of 2010."

http://www.accountingweb.co.uk/topic/practice/progressive-practice-2010-winner-announced/443929

I've been dying to be able to quote that some where :D

Glad to have been of assistance.
Isn't it good though when one of their client crawls out of the dark ages and comes to you?

[elainec100@cheapaccounting]

Glad to have been of assistance.
Isn't it good though when one of their client crawls out of the dark ages and comes to you?

ah now it is not the clients that are in the dark ages :p:p

I think they especially like it when the on line system gives them an up to date set of accounts rather than waiting until several months after the year end.

How anyone manages a business on data more than 12 months out of date I never understand!

[KidsBeeHappy]

You're going to love this one, so put your cup of tea down now.

In my old practise, the staff used to take the clients computerised accounting records, and then manually write out the cash book (entry by entry) on analysis paper and then spend a good few hours making it add up.

Efficient eh! Whilst charging the client.

[elainec100@cheapaccounting]

You're going to love this one, so put your cup of tea down now.

In my old practise, the staff used to take the clients computerised accounting records, and then manually write out the cash book (entry by entry) on analysis paper and then spend a good few hours making it add up.

Efficient eh! Whilst charging the client.

roflmao :D:D:D:D

Classic - don't you just love accountants

[Williams lester]

Classic - don't you just love accountants

Most of them, no....but we all love you Elaine ;)

[elainec100@cheapaccounting]

Most of them, no....but we all love you Elaine ;)


Ah thank you. :p Group hug anyone :eek::eek:

[David Griffiths]

roflmao :D:D:D:D

Classic - don't you just love accountants

I showed one of my partners how to do a simple cashflow using this newfangled spreadsheet. Next time I went into the computer room (for indeed we had a dedicated room in those days), he was sat in front of the screen punching figures into a calculator - to add up the totals for each row!

:redface:

[Williams lester]

Ah thank you. :p Group hug anyone :eek::eek:

Ok.

Talking of people you love...did you find out where Zeno has gone? You must be missing him!

[elainec100@cheapaccounting]

I showed one of my partners how to do a simple cashflow using this newfangled spreadsheet. Next time I went into the computer room (for indeed we had a dedicated room in those days), he was sat in front of the screen punching figures into a calculator - to add up the totals for each row!

:redface:

got to love him - at least he has a calculator. Very progressive :)

[elainec100@cheapaccounting]

Ok.

Talking of people you love...did you find out where Zeno has gone? You must be missing him!

No - I have sent him a PM and nothing.

Very worried in case something is wrong.

I never knew his real name :) (how many times have I said that :eek::eek::eek:)

[David Griffiths]

got to love him - at least he has a calculator. Very progressive :)

It was in those days! :eek:

[elainec100@cheapaccounting]

I loved choosing what tick I was going to use when I was auditing and making up new ones. :p:p Ah life was so simple then.

Oh and being really popular when you found a new coloured pen range to use. ;)

And now I just get out more :D:D