The NAB ‘Key insights into the Australian accounting industry’ report found that accountants are failing to provide the services their business clients demand.
The survey found that small businesses would like their accountants to provide the following additional services
- 21% want advice on their business strategy.
- 20% would like advice on their financial future and growth opportunities.
- 17% want business analytics.
- 13% want technology/IT services.
- 12% want business planning.
As the overriding reason small business clients change their accountants is that their business needs have altered, this survey is a warning sign/red flag for accountants. They will need to quickly expand their range of services to meet their clients’ demands for these 5 business advisory services, or lose clients.