Will Accountants Be Obsolete in the Future?

Will Accountants Be Obsolete in the Future?

Yesterday a good friend asked me if I was worried about the trend of things becoming cloud-based and so easily available online.

Whilst I could see his point, I assured him I was most certainly not worried about our company, the industry or the potential that our own Cash Flow Forecaster software was going to do us out of a job. What a compliment that would be.

How lucky I am to be in a constantly changing, evolving and competitive industry.

Some companies out there are developing amazing software. It keeps us on our toes and increases benchmarks in the industry, so how could that be a bad thing?

My friend pressed me.

“Some of this software is so easy to use you don’t even need an accountant, you can do it yourself”.

Oh if only that were true.

Is Accounting Becoming Obsolete With the Rise of Accounting Software?

It is true that much of the software out there is becoming increasingly user friendly; indeed, we designed our CashMAX Cash Flow Forecaster for the non-accountant. However business owners are more time poor than ever, and they will still need professional guidance and advice, as well as all of their usual tax work done.

I don’t think that norm will ever change, save a few exceptions which have always existed.

I admitted, however, that with existing competitors such as MYOB which has been in the market for decades and has virtually become synonymous with accounting, it can be slightly daunting to be a relatively new player to the market. But just look at Xero and the effect they have had on the market. Were they scared of a bit of competition?

How Innovative Accounting Software Improves Accounting Services 

I have always welcomed a challenge and competition within the industry, and the benefit of clients becoming more educated means that we can spend more time discussing real issues with them rather than explaining the nuts and bolts topics which often take up precious (and costly) consultation time.

I’d much rather clients are educated on the basics so that we can really strip the business bare and focus on the real elements that will affect their success. That’s what coaching is all about. Of course, we have an accounting firm which we defer to which handles traditional aspects of business accounting, but the coaching essentially focuses on education rather than just solutions.

Whilst solutions are obviously important, it is vital that the client understands the reasoning behind taking certain steps to solve a problem rather than trustingly, but blindly following the advice.

There are still many people out there with traditional views that feel it’s more important they focus on the day-to-day running of the business rather than spending time on the financial aspects. “I don’t understand it, and I don’t care. That’s your job, just tell me what I need to do”.

However, we discovered people who are now becoming the norm who want more information. They are more ambitious and want to feel more empowered. They want to be involved in the decision and understand that to have an informed opinion they need a level of information first.

Their thirst for knowledge is admirable, and they tend to be young entrepreneurs, start up’s or tech based businesses that have only been founded in the last few years.

Final Note

I was glad that my friend broached this topic of conversation with me because it reminded me that the prime function of our business was not to provide the solutions to client problems, rather it is to guide, coach and teach them the rationale behind taking steps to overcome obstacles and achieve certain goals.

I believe that’s the difference between what we do at David Henderson Online, and what has been done for too long in traditional accounting and consultancy firms.

Dj Hodgson

Marketing & Communications Manager, BDM at David Henderson Online

I am specifically working with lead generation and sales for Cash Flow Forecasting Software and general business Coaching Triaining and Mentoring services for David Henderson Online (DHO). Whilst DHO is characterised here as 'Accounting' we specifically deal with SME's in terms of Business Coaching, Start-Up's, Transition & Succession Planning, Managable Growth and Cash Flow Forecasting. We can however provide Accounting Services through ROCG Consulting. http://asiapacific.rocg.com/

Comments (2)
Sophie Andrews

Sophie Andrews, Director at

Interesting topic - have had several discussions around this topic this week - in particular all the new cloud accounting software. I run a successful bookkeeping agency and whilst I applaud the new range of cloud software and think most of it is fabulous, we have unfortunately seen the results of some business owners being sold the dream of being able to do their accounts for the first time themselves. Like with any accounting software, you still need to have a basic understanding of figures and how the accounts process works otherwise you can run the risk of making errors that you don't even realise you are making. So just be aware that even though the software is more user friendly and easier to use, the integrity of the data still needs to be checked by someone who has a clear understanding of finance if as a business owner you don't.

Dj Hodgson

Dj Hodgson, Marketing & Communications Manager, BDM at David Henderson Online

Very true, which is why I think Accountants can breath easy : ) The CashMAX software I mentioned is designed to run alongside certified coaching (much of it for free), so that whilst clients can use it themselves, the data can be analysed by professional accountants. If clients already have a good grasp of the basics coming in, then consultations will be far more efficient and we will be able to go to greater depths with them. Thank you so much for reading and commenting. All the best.