How to Fly the Automation Dragon to Your Dream Practice

The 11-step plan to winning the war against accounting "bots." 

By Hitendra Patil
Accountaneur

Like a snowball rolling down a hill, the fear that automation and artificial intelligence will replace accountants with robots is rapidly gaining mass and momentum in the accounting profession.

MORE ON ENTREPRENEURIAL STRATEGY:  3 Reasons Small Firms Stay Small  | How Job Titles Can Rebrand Your Firm | Your Clients Hold a Secret Key to Your Practice Growth | Seven Lessons for Accountants from Self-Driving Cars | You Don’t Think Technology Helps Get New Clients? | Tax Season Management: Multi-Tasking Is a Myth
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But accounting is one profession that has always adapted to technological and regulatory evolution over a long period. I am sure accountants will ride the new, so-called fire-spitting-jobs-guzzling automation dragon within no time.

But first, let's think about the underground shift that will happen because of the automation in accounting. Why will automation mean more business for accountants?

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3 Reasons Small Firms Stay Small

Woman in home office looking at paperwork in front of computerPlus 5 common situations. Do you see yourself?

By Hitendra Patil
Accountaneur

When firms want to grow but can’t, the problem is neither economy nor resources.

MORE ON ENTREPRENEURIAL STRATEGY: How Job Titles Can Rebrand Your Firm | Your Clients Hold a Secret Key to Your Practice Growth | Seven Lessons for Accountants from Self-Driving Cars | You Don’t Think Technology Helps Get New Clients? | Tax Season Management: Multi-Tasking Is a Myth
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  1. There are firms that do not want to grow. As long as it is by conscious, purposeful choice, it is a decision well respected.
  2. There are firms that believe that they cannot grow beyond what they have already achieved.
  3. Then there are firms that want to grow but struggle to break the shackles of being where they are now.

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How Job Titles Can Rebrand Your Firm

Hitendra Patil: "Changing job titles to something more relevantly expressive can help rebrand your firm and even differentiate it competitively."New titles can attract more clients, talent and social visibility.

By Hitendra Patil
Accountaneur

I read with interest Ed Mendlowitz’s recent post “What’s in a Title?”

I wondered:

  1. Why are the job titles in accounting firms what they are?
  2. How did they come into existence?
  3. What was the purpose of designing the job titles currently in vogue across the accounting profession?

MORE ON ENTREPRENEURIAL STRATEGY: Your Clients Hold a Secret Key to Your Practice Growth | The New Needs of People at Accounting Firms | 4 Pillars of Future Firm Foundation | Do You Want a Practice … or a Business? | 3 Apps to Automate Business Networking | Re-Learning the Lingo of the Accounting Business
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Most likely, it is industry practice that creates the sameness in job titles. Ironically, management gurus tell us to differentiate, yet we resort to sameness!
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Your Clients Hold a Secret Key to Your Practice Growth

Chart of survey results
[Click for larger image]
Only you can discover it. Here’s how.

By Hitendra Patil
Accountaneur 

Accountants are in the business of solving clients’ problems.

MORE ON ENTREPRENEURIAL STRATEGY: The New Needs of People at Accounting Firms | Forget CPE, You Need an FPE | ‘Uberizing’ Means More Than Technology | The 5 Most Common Marketing Blunders Accountants Make
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The results of the CPA Trendlines’ “Essential Traits for Success as an Entrepreneurial Accountant” survey clearly indicate that “problem solving” is one of the top three traits of successful accountants. Join the survey, get the results.
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New Staffing Strategies for the Next-Generation Accounting Firm

Attract and retain talent by understanding this paradigm shift.

By Hitendra Patil
Accountaneur 

Topmost thought leader Ronald J. Baker said, "The World Bank reports that 80 percent of the developed world’s wealth resides in human capital, illustrating that we’ve been in a knowledge economy since the 1950s. Yet most accounting firms are utilizing a business model developed during the Industrial Era, with a relentless focus on efficiency and a 'we sell time' mentality."

MORE ON ENTREPRENEURIAL STRATEGY: Forget CPE, You Need an FPE | Seven Lessons for Accountants from Self-Driving Cars | You Don’t Think Technology Helps Get New Clients? | Tax Season Management: Multi-Tasking Is a Myth | 8 Seconds into the Future: Meet Generation Z | 5 Reasons Gen Y Will Make or Break Your Firm | Get More Done, Make More Money: Stop Doing These 17 Things
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In his succinct and soul-searching praise for "Accountaneur: The Entrepreneurial Accountant," Baker urged, “from changing your business model to focusing on developing your firm’s human capital, and more – will keep your firm relevant as we encounter an increasingly turbulent and changing marketplace.”
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Forget CPE, You Need an FPE

Business hand holding hot chart in crystal ballAn executive whose entire job is to predict future?

By Hitendra Patil
Accountaneur

Do you want to know the future of accounting?

MORE ON ENTREPRENEURIAL STRATEGY: Seven Lessons for Accountants from Self-Driving Cars | 4 Pillars of Future Firm Foundation | Do You Want a Practice … or a Business? | 3 Apps to Automate Business Networking | Relearning the Lingo of the Accounting Business | 10 Things That Accountants Didn’t Worry About 10 Years Ago | What if Accounting Firms were ‘Apps?’
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Business Insider recently published a post stating Ford has an executive whose entire job is to predict the future.
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Lessons for Accountants from Self-Driving Cars

How to make the leap from sci-fi fantasy to business reality in six steps.

By Hitendra Patil
Accountaneur

The Uberization of Accounting has already begun, and disruption is creating a “no-choice future” for some firms.

But, historically, every successful technology has only enriched human lives. Technology has always been making it possible for humanity to experience new possibilities that were once unimaginable. And enriching human life is the accounting profession's inherent responsibility, stated or otherwise. As Ron Baker says, "We make transformations. We change people's lives."

MORE ACCOUNTANEUR:  Rotten Tomatoes: What Do Your Clients Really Think of You?  |  Targeting the Top 50 Highest-Paid Client Categories  |  SURVEY RESULTS: Decide to be Decisive  |   The Curious Case of ‘The Irreplaceable Accountant’  | The Three Gears that Drive Success in the Accounting Business  |  Brexit Worries?  Worry More about Cexits, Texits and Pexits  |  LinkedIn Launches Accountant-for-Hire Service  |  4 Pillars of Future Firm Foundation  |  ‘Uberizing’ Means More Than Technology  |  You Don’t Think Technology Helps Get New Clients?  |  Do You Want a Practice … or a Business?  |  ‘Decisiveness’ Rated Top Trait for   Success in Accounting Business  |  Tax Season Management: Multi-Tasking Is a Myth  |  3 Apps to Automate Business Networking  |

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Self-driving cars are meant to enrich human life. And therein are the hints of the future of the accounting profession. Here's how: READ MORE →