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Fintech, keeping up or being left behind?

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Alistair Gray Permanent, Qualified Finance, Band 3...

We live in an evolving world where the rate of technological advancements continues to accelerate.  These changes transcend multiple industries and automation, machine learning and all manner of advancements are being increasingly utilised for business improvements delivering efficiency savings daily.

This is very noticeable in the financial world as Fintech continues to fuel change across the entire financial arena and is very evident in the world of Public Practice.  Accountants now have the tools to become true business advisers and consultants, delivering meaningful insight to their clients who now see more tangible gains through this approach.

This insight is invaluable to small business owners, who now can receive the service of a fully staffed finance team, but through their accountant and cloud software at a fraction of the cost.  Recently, I sat on a panel at Accountex and learned that statistically, accountants see their clients on average less than once per year; this seems to sit at odds with he fact that Accountants are the second most trusted profession. 

Fintech is rapidly changing business and the fintech revolution is here, a revolution of tech literate, business savvy accountants with a massively increased ability to drive value. The question remains, are you fully embracing this technology and the value it can bring?

If you’re not a cloud-based firm delivering the best advisory services, are your clients therefore receiving the best service? Might your employees be tempted away to a competitor firm who are offering a slick, value-oriented technology solution to their clients. These are salient questions for employers, employees and recruiters operating within the Public Practice market.

So the big question is, are you keeping up or at risk of being left behind?

Alistair Gray Head of Public Practice