Mar 23, 2015
This is a sign that recently appeared on the wall of gymnasium of which I’m a member. I first thought the manager was probably having a go at me because I’m slightly overweight. However, the more I thought about it, it’s obvious that the sign is a challenge to all people who visit the gym.
Then I thought about the
accountancy profession. We’re indeed living in times of
challenge.
Small business reduction -
$500million “red tape” reduction, announced by the Australian
Taxation Office (ATO), targeted at accountants.
“Digital disruption” – which
is expected to have significant effect on at least six major
industries over the next two years, with variations in activities
of 24-43% forecast.
The tax return market is
under continuous pressure. Tax return are becoming more of
a “commodity” product.
In survey after survey,
small/medium enterprises have identified that they want a wider
range of services.
These are just some of the
emerging challenges facing accountants in 2015.
To navigate these challenges,
accountants will have to change their traditional work and delivery
models – just as what accountants have been doing, virtually every
decade, for the last 50 years.
Peter Towers
MANAGING DIRECTOR
ESS BIZTOOLS PTY LTD
+61 7 4724 1118 | 1800 232 088