Spotlight Reporting, the comprehensive cloud platform for financial reporting, has released its 2023 Global Advisory Trends Report, highlighting major trends and
developments in the accounting industry.
The report calls out three major findings, highlighting the ongoing impact of the pandemic, concerns around new technologies, and the growing role of advisory services.
When it comes to technology, Spotlight Reporting’s research finds that many accountants fear that their job will be replaced by advanced tools. In fact, the likes of cloud solutions and advanced tech will act as an accountant’s biggest collaborator. According to the report, technology has already improved the efficiency and accuracy of traditional compliance work, and those that have adopted solutions are able to identify and exploit opportunities to their advantage.
The report also confirms that advisory services are here to stay, giving a much needed competitive advantage to firms investing in the area.
Spotlight Reporting states, there’s no denying clients needed assistance during the COVID-19 pandemic. Now faced with economic hardship and uncertain futures, they are looking to their accountants for more guidance than ever. According to the report, SMBs in particular are looking to outsource financial expertise, as inflationary pressures, political unrest, and an increasing cost of living contribute to a challenging and uncertain reality.
The report also finds that accounting firms that offer a diverse range of services and adapt to the needs of clients are those that are not only reaping the rewards but also making a significant and positive impact for clients.
Key findings from the report include:
- 65% now consider themselves to be ‘progressive’ or ‘hybrid’ firms, offering advisory services
- 56% provide management reporting, mentoring, forecasting or similar but feel they could ‘do much more’
- 42% of firms are looking to grow future revenues from advisory services to be 51% of their fees
- Virtual CFO and advisory work, followed by strategic planning and coaching, are the top areas of focus for fee growth
Richard Francis, CEO and Founder of Spotlight Reporting, says, “The current convergence between shifting technologies, consumer demand, and employee aspiration is providing a tantalising point at which opportunities are emerging like never before.”
Click here to download a full copy of the report.