your value is in the knowledge you have and the relationships and trust you’ve built.
by seth fineberg
at large
the field of accounting, and being an accountant, is challenged on many sides – none more so than the very act of being an accountant. in short, given the demand for new services and the growth in automation for nearly all “tasks,” what does accounting or being an accountant mean anymore?
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let’s be clear: accounting’s literal and metaphorical face is, and needs to be, changing if it is to grow and thrive. this, however, isn’t necessarily a bad thing. but, as we well know, change is not easy or quick. what should encourage accounting professionals is that at this very moment in time, they have the ability to have a say in what accounting, and being an accountant, actually is and could be.
on to my main point: while attending live industry events is essential for perspective and insights, they are only a slice of the brain trust and a true read on the profession as a whole. still, attending accounting today’s firm growth forum, this topic became a central focus during the event.
the question, while posed by an attendee, has been bubbling around for a little while in the profession (if you listened closely enough). mainly, with all of the other work accountants do and are charging for, and even are expected to do, will it even be considered accounting, and should the profession go through a re-brand? can you even call yourself an accountant any longer?
in my view, none of that needs to happen and here’s why.
while the “work” of being an accounting professional may change or evolve, given the advent of technology, the basic principles in accounting aren’t likely to. moreover, why bother changing the name of something so recognizable for so long and synonymous with trust and knowledge? this, my accounting friends, is at the core of who you are, and that value needs to be expressed more than ever.
your knowledge, ability to understand financials and the unique needs of your clients, with whom many of you have spent years developing a relationship, cannot be understated. is it undervalued? again, emphatically, heck yes, it is!
so, when calls to “charge more” come around, this is exactly what it means. the value of your time, knowledge and deep understanding of what means most to your clients are what they really are and should be paying for. ultimately, it is what rory henry, cfp, co-founder of afo wealth management forward, likes to call the return on relationship (ror).
the profession is most certainly at a point of inflection, and having witnessed at least one during my tenure, i can say you all will be just fine. moreover, do not see the change occurring around you as a threat. being more of an advisory type of professional and less of a computer, documenter or task administrator simply means the value of you, again, is in the knowledge you have and the relationships and trust you’ve built.
it starts with a conversation, even in something as essential and seemingly mundane as tax and bookkeeping work. you are already steeped in the financials, understand the laws and regulations, and know well what the numbers mean or could mean for your client. you need to talk more about what’s next with them.
does this make you less of an accountant? once more, for the back of the room, heck no! accounting is evolving into this, and the more today’s accounting professionals understand, the brighter your future will be.
this narrative needs to be shouted out to the middle, high school and college students who have no real understanding of what accountants really do. more than numbers and tax codes, it’s about using the tools available to you to do the accounting job even better. it’s also about knowing how to be a source of trust and knowledge for the clients you choose to serve.
one response to “accounting needs a ‘rethink’ not a ‘rebrand’”
carl stoddard (president of drcfo)
great article! i would suggest that we accountants provide solutions to governement that help them accomplish their goals using simpler techniques and calculations. to me this will allow all you talented cpas time to provide that rich consulting that you can do!