Accountants – it’s not about the numbers – it’s about value added advice!

According to some of the latest research, accountants are both struggling to keep up with the level of compliance work and facing a downturn in traditional accounting and tax (compliance) work – as systems become more automated and basic bookkeeping and accounting functions are simplified thru Xero and its competitors, then the old fashioned role of the business accountant has changed substantially.

It is no longer about preparing or even reviewing the numbers but about analysing the numbers and providing advice, tools and management change to improve them and drive financial performance for clients.

The research also tells us that accountants are not immune to Business Succession and Exit planning issues with many Australian accounting practices still owned by baby boomers and many practitioners over 70 years old and still working.

Opportunities to assist clients with strategic advisory are growing – in the same way that many firms have introduced financial planning and mortgage broking to both add income streams but also to provide further services to clients (with the added benefit of “ring-fencing” the client), more progressive firms are now adding business units focused on business coaching, exit planning, corporate governance (advisory boards) , capital raising, estate planning and aged care consulting.

These value-added services add substantial value for clients – and they are always happy to pay well for real value – but can also provide interesting career pathways for younger accountants.

In my (biased) view Business Succession and Exit planning offers a great opportunity to build a valuable fee base in parallel with your compliance / tax practice, by taking advantage of the largest transfer of wealth (from the baby boomers) in history.

Dr Craig West

Founder & Chairman | Succession Plus

Dr Craig West is a strategic accountant who has over 20 years of experience advising business owners.

With a background as an accountant in practice and two master’s degrees, Craig formed a strong view that the majority of business owners (and often their advisers) were unprepared and unaware of the steps required to prepare for exit. He then designed and documented a unique 21-Step Business Succession and Exit Planning process to assist owners and their advisers in navigating this process.

Craig now acts as a strategic business and financial mentor for mid-market business owners. Craig has written four critically acclaimed books educating business owners on employee incentives, succession planning, asset protection, and exit strategies. Additionally, he has completed doctoral research on Employee Share Ownership Plans (ESOPs) for succession.

Craig is a Member of the Forbes Business Council where he leverages his extensive experience to contribute valuable insights on helping business leaders navigate the complexities of growing and exiting their businesses.

In April 2024, the Exit Planning Institute admitted Craig to the International Exit Planning Circle of Excellence.