“As with all industries, accountants must adapt to newly emerging technologies in order to keep their services relevant. I believe that accounting firms can change the lives of their clients; however, this is often done through advisory services ” – Rob Nixon, Profitable Partners
QUEENSLAND, Australia (PRWEB) May 18, 2021
Rob Nixon, creator of high-performance coaching program Profitable Partners, has recently announced the need for accounting firms to work with accountant coaches in order to improve revenue and grow their business. Recent studies have shown that the accounting industry’s revenue of $500 billion dollars, represented by more than 1.3 million firms globally, receives 87% of their revenue from “tax, compliance, and audit” related services. These record-keeping services, while in demand, do not offer accounting firms room to develop new services or stand apart from other firms. However, the advisory services, which account for the remaining 13% of revenue, hold great potential for income; unfortunately, few accounting firms realize this potential.
In 2017, the Chartered Professional Accountants of Canada and the University of Waterloo published “Audit Assurance Alert- Blockchain Technology and Its Potential Impact on the Audit and Assurance Profession.” The paper focused on new emerging technologies, specifically blockchain, and how they could impact all record-keeping processes and shift financial reporting and tax preparation towards automation. In order to survive in the fast-paced digital economy of blockchain, AI, and cloud computing, accounting firms must adapt their business services.
“As with all industries, accountants must adapt to newly emerging technologies in order to keep their services relevant. I believe that accounting firms can change the lives of their clients; however, this is often done through advisory services” – Rob Nixon, Profitable Partners
Working more hours does not always equate to more revenue. Rob Nixon believes that accountants who focus on select services and clients can grow their business while working minimal hours (500 client hours or less).
About Rob Nixon:
Rob Nixon has spent more than 27 years helping Accounting firms and has trained more than 185,000 accountants on how to run a successful firm. During his career, Rob Nixon has coached more than 600 firms adding more than $1BN profit to them and written four books on accounting firm growth. The average increase in the first year is 98.4% profit improvement. Today, Rob Nixon and his business partner Wendy Miller run Profitable Partners, a coaching company that helps accountants and firms from around the world grow their businesses to over $1 million dollars profit per partner while partner time is below 500 hours.