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Bstar CEO discusses new Accounting Industry Insights

The majority of accountants we speak with are concerned about their fee growth rates and declining profit margins.

If fee growth is a concern for your practice, there are three ‘fee for service’ packages you can offer to boost your revenue.

If you are a Bstar Alliance Partner you will be familiar with the acronym ‘RAVDA’ – Risk & Value Driver Assessment.

As a result of a continued disruption to traditional revenue streams we are witnessing a transition in the profile and skillsets of key people in accounting practices.

A value gap is the difference between what your client’s business is worth today and what it needs to be to attain financial independence.

As technology continues to disrupt the revenue calendar of accounting practices we are predicting a new trend will emerge. That is, accountants will actively seek new ways to replace declining revenue from core ‘red’ accounting, tax and compliance services.

Accountants are hungry for growth in both new revenue and more clients. Our Family Office Services Report confirms attracting SMEs, Professionals and High Net Worth Individuals is a top priority.

To achieve growth in the small business, SME & ME sectors, accountants need to take a different view and think outside the box.

Find out how a South Australian accounting firm was able to expand and grow by using a pilot team to implement business advisory services.