As we continue the Alternative Insights pain point series on The Client of the Future – Innovating around the Client Experience, today, Lauren Parker-Mitchell, Head of Sales & Marketing at T-Tech, considers the business challenges faced as the client base changes in the Accountancy sector and offers suggestions on the approach the sector can take to provide the client of the future the much sort after valued-added advisory services…
10,000 baby boomers will turn 65 every day for the next ten years. As I allow that thought to drop. I am considering the business challenges the accountancy sector faces as their customer base flourishes with Gen X, millennials and now the centennials coming up the ranks! So how does the accountancy practice of now ensure they are ready for them?
Challenges of the changing client base
There are three areas that stand out for me when talking about the challenges posed by the changing client base in accountancy: –
Time vs output: old ways of working take time that the new world client is not willing to pay for. I see more and more cloud accounting providers coming out of the woodwork, offering fixed fee services, with simple to understand pricing and services.