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Entrepreneurs expect more relevant insight from their accountant. For the industry, this is lucky in the event of an accident: extensive automation of annual work and returns is forcing accountancy to reinvent itself. It is urgent, but how do you make the transition permanently as an office?
“As an office, we want to do more with consultancy work.” For many people in accountancy, this is a familiar sound. However, it appears difficult for many offices to take the step. However, the need for advice is growing rapidly among entrepreneurs. “The amount of financial data held by an average SME currently doubles every fifteen months,” says Thijs Olthof, CEO of Liquid. “For example, if an entrepreneur wants to make a forecast, he or she often works in Excel. You get off to a quick start in the beginning, but the spreadsheet quickly becomes complex, difficult to maintain and difficult to link to accounting data, for example. That is why you often see that an entrepreneur calls in the accountant when things get exciting. But he can't spare headlong four hours to provide insight either.”
Artificial Intelligence
The need to provide customers with more advisory support will be accelerated by Artificial Intelligence (AI). Olthof: “It is inevitable that primary work, such as returns, administration and financial statements, will be increasingly automated. It may seem unthinkable, but in the coming years, we will go from a time of labour shortage to labour surplus. At the same time, the demand for relationship managers, accountants and controllers for complex consultancy work will actually grow. So, as an office, you need to look at how you can unburden those people with smart software solutions and offer customers what they ask for. The human touch is becoming even more important.”
AI is now also being used in Liquid's advice software. This helps the accountant to report better and offers tools to interpret information. It provides valuable input for consultations. Olthof: “AI is a tool that you have to learn to use. With Liquid, we are focusing on AI so that you can advise your customer faster and better. Think of it as a smart colleague who is always available. So you can make forecasts and extrapolate insights in the blink of an eye in Liquid. It also means that colleagues who previously had little experience in consulting work can now take that growth step much faster. This makes you more relevant as an office,” Olthof explains. “For that relevance, customers want to pay more.”
Future translation
Good consultancy work is often underexposed, says Henk Aardoom, partner of Full Finance: “Many accounting firms use packages that make you look back. Translating into the future has been difficult for years. Liquid has been developed with a clear focus on the issues of entrepreneurs. It helps them to keep accounts in the future, so to speak.” The software works seamlessly with accounting programs and salary packages and helps to analyse the performance of entrepreneurs and, above all, to look ahead. With better tools to advise customers, not only does the role of the accountant change, firms must also look at revenue models. Olthof: “The further automation of primary work, such as financial statements and returns, is still underway. This leads to inevitable downward price pressure and forces offices to find new business models.”
Creating support
Due to changing roles and revenue models, accounting firms must investigate how new software and processes find their place within the organization. According to Aardoom, young people can play an important role in creating support. “Younger generations are taking up new developments enthusiastically. We also saw this, for example, when compiling in a risk-oriented way. It is not motivating if you learn to work in a modern way during the course, but are unable to apply it in the office. It is therefore not a good idea not to make changes because of the older generation. You should start with the young people and motivate them to include everyone in the organization. They are up to date with new techniques and can take other employees in tow. This way, you keep the work interesting, increase the added value for the customer and prevent people from ultimately dropping out.”
Human side
“Software is only twenty percent of the story, the human side of implementation is the other eighty percent,” says Olthof. That is why Liquid and Full Finance also work together regularly. Full Finance supports administration and accounting firms with advice, guidance and training in the areas of accountancy, taxes, mergers and acquisitions and ICT. “For example, we help deploy, implement and adopt software that allows offices to optimize processes. By working together with Liquid, we bring that human dimension to the process,” says Aardoom. “They help accounting firms develop a vision and create support. And that is important. If, as an office, you don't have an advisory strategy, including a commercial one, you'll miss the boat in the coming years. Now is the time to put that dot on the horizon,” Olthof concludes.
Text: Axel Kolthof