Sage reveals the four crucial success factors for Accountants who want to future-proof their practice

Richmond, B.C. (November 5, 2018) — Sage (FTSE:SGE), the market leader in cloud business management solutions, today announces the publication of ‘Accounting for Change – A practical guide for accountants’. Written by accountants, for accountants – this e-book offers a collection of tips and advice designed to help practices navigate digital disruption.

Sharing the insights and direction that underpin the future of the accounting profession, this practical guide focuses on four key pillars: Talent, Culture, Preparedness and Implementation of digital change.

Jennifer Warawa, EVP Partners, Accountants and Alliances, Sage, said: "Over the last 20 years, technology has transformed the way we live and work forever. This is especially true of one of the world’s oldest professions - accountancy. This week I will be speaking at the World Congress of Accountants on the shift that I have seen in the profession, and this guide is a companion to that discussion, helping accountants navigate and prepare for the years ahead."

Accounting for Change

Chapter by chapter, the guide reveals the crucial factors for success for Accountants who want to future-proof their practice, and move from redundant to indispensable. Highlights include:

• Talent – attracting and retaining the accountants of the future: The accounting sector is one of many facing a ‘war on talent’ globally. Coupled with this, the role of the accountant has become a truly service profession. This has created an increasing reliance on providing the best possible client experience and fostering collaborative, strategic relationships. This chapter advises accounting firms how they can recruit from a wider pool of talent, provide a clear path to partnership, and keep pace with new technologies to meet changing client demands.
• Modernising culture – mind-set and relationships: As the application of technology grows, combined with shifting client requirements, accountants must provide an expanded range of services. At the core of this transformation, which welcomes a new generation entering the workforce, relationships between accountants and their employees, and clients remains more critical than ever before. This chapter identifies how a change in mind-set and culture within accountancy firms is now a pre-requisite to ensure success both for today and tomorrow.
• Riding the digital wave – ensuring transformation readiness: There can be no ignoring the technological change currently taking place in the accounting profession. By 2020, key accounting tasks related to audits, payroll and tax are expected to be fully automated with artificial intelligence (AI) based technologies. Success will therefore be reliant on forward planning to stay ahead of the curve. This chapter looks at how for the vast majority of accounting firms, technological innovation will play a major role in any transformation, and importantly why more accountants than ever before are starting to embrace the digital revolution. An example of this can be found in the application of AI already used in accounts payable and receivable to match purchase orders and flag invoices for payment.
• Putting theory into practice – accounting for change: From building a brand that will attract new business and talent, to plugging the skills gap and keeping pace with the biggest technological revolution the profession has ever seen. This chapter looks at the four practical steps that accounting practices, large and small, can follow to help them move from redundant to indispensable; adopt a technology-first mind-set, invest in people, become a '365' firm, carve out a niche and excel in it.

Warawa continues: "While many accountants recognise the theory behind becoming the accountant of the future, many are unsure of how to approach the practical applications required by this change. We are passionate about further enabling them to anticipate the trends of tomorrow and thereby future proofing for success. This guide seeks to equip our accountants with key insights to become even more competitive, generate new customer acquisition and to increase their bottom line."

About Sage

Sage (FTSE: SGE) is the global market leader for technology that helps businesses of all sizes manage everything from money to people – whether they’re a start-up, scale-up or enterprise. We do this through Sage Business Cloud - the one and only business management solution that customers will ever need, comprising Accounting, Financials, Enterprise Management, People & Payroll and Payments & Banking.

Our mission is to free business builders from the burden of admin, so they can spend more time doing what they love – and we do that every day for three million customers across 23 countries, through our 13,000 colleagues and a network of accountants and partners. We are committed to doing business the right way and giving back to our communities through the Sage Foundation. Find out more at https://www.sage.com/ca/.

Media contact:

Betty Tian
Sage
Office: 604-207-3611
Mobile: 604-376-7398
Betty.Tian@Sage.com