Six Never-Before Opportunities for the Accounting Profession

The number 6 made from dollar stacksPerceptions will have to change.

By Hitendra Patil
Accountaneur: The Entrepreneurial Accountant

Do you remember cell phone devices before the iPhone was launched?

MORE ON ENTREPRENEURIAL STRATEGY: Urgently Required: A New Definition of Accounting | Certified Blockchain Accountant: From CPA to CBA | The 7 Experiences Millennials Want from Your Firm | 22 Ways Blockchain Will Impact the Accounting Profession | Podcast: How to Become a True ‘Accountaneur’ | How Job Titles Can Rebrand Your Firm | Forget CPE, You Need an FPE | ‘Uberizing’ Means More Than Technology
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It was not just technological advancements that gave birth to the iPhone. It was actually more about the ability to use human imagination to figure out how new technology could be used to invent altogether new benefits.
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Urgently Required: A New Definition of Accounting

The universally accepted definitions just don't cut it anymore.

By Hitendra Patil
Accountaneur: The Entrepreneurial Accountant

“Users can and will be able to use the software without an accounting education.”

MORE ON ENTREPRENEURIAL STRATEGY: Certified Blockchain Accountant: From CPA to CBA | Who Wants to Be a Comptometrist? | Is Blockchain an Extinction Event for Accountants? | How to Fly the Automation Dragon to Your Dream Practice | Your Clients Hold a Secret Key to Your Practice Growth
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This prediction caught my attention when I read a recent report.
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CPA Trendlines Author Named Top 10 to Follow on Social Media in 2018

Accountaneur Author, Top 100 Influencer, is Keen to Help Accountants

CPATrendlines Author Hitendra Patil, whose critically acclaimed book Accountaneur: The Entrepreneurial Accountant, bought by accountants in 12 countries across four continents, has been named on the list of Top 10 Tax and Accounting Pros to Follow in Social Media in 2018.

Canopy Tax, which recently published the list said, “Here are the 10 future-minded tax and accounting pros you should be following on social media if you want to stay inspired and in the know”.

Hitendra Patil, who was named one of the “Top 100 Most Influential People in Accounting for 2017”, has been identified on this new Top 10 list for his “Blockchain specialty”.

CPATrendlines has been exclusively publishing Hitendra’s “Blockchain and Accounting” focused insightful articles over the last few months.

Speaking with CPATrendlines, Hitendra expressed that “I am greatly honored to be included in the coveted list. I think I made it to the list as I freely share my insights across social media channels in a bid to help accountants become future-proof and enhance their practices. I am sincerely grateful to CPATrendlines for taking my Blockchain insights to the profession”.

You Cannot Prove Your Value

You can, however, help clients and prospects discover it.

By Hitendra Patil
Accountaneur: The Entrepreneurial Accountant

You cannot prove your value to your clients (and prospects).

You can NOT.

MORE ON ENTREPRENEURIAL STRATEGY: Certified Blockchain Accountant: From CPA to CBA | Who Wants to Be a Comptometrist? | Is Blockchain an Extinction Event for Accountants? | Blockchain Accounting Is an Oncoming Train | How to Fly the Automation Dragon to Your Dream Practice | Your Clients Hold a Secret Key to Your Practice Growth | Seven Lessons for Accountants from Self-Driving Cars
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They need to discover it themselves.

Because value is perceived in their heads.
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Certified Blockchain Accountant: From CPA to CBA

Accountants have a new opportunity at the intersection of the physical and digital worlds.

By Hitendra Patil
Accountaneur: The Entrepreneurial Accountant

Can you eat a digital pizza? 

You can order and pay digitally, but you can eat only a physical pizza.

MORE ON ENTREPRENEURIAL STRATEGY: Blockchain: Questions Are the Answer | Is Blockchain a Cloud Killer? | 22 Ways Blockchain Will Impact the Accounting Profession | Blockchain Accounting Is an Oncoming Train | Podcast: How to Become a True ‘Accountaneur’ | Forget CPE, You Need an FPE
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Blockchain, with its immutable trust technology, is one of the greatest innovations of recent times capable of creating an unfathomable disruption across several industries. But its technological fabric itself has created a hurdle that it, by itself, may not be able to jump over easily.
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You Don’t Need More Clients. You Need Better Clients.

http://pages.accountantsworld.com/local-events-signup/
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AccountantsWorld sets N.Y., N.J. conferences on client accounting services.

AccountantsWorld plans to show practitioners how to grow and streamline accounting and payroll offerings with strategies for delivering more value to clients through two three-hour conferences in the New York and New Jersey area.

The live in-person events are scheduled at 8:30 a.m. to 11:30 a.m. Oct. 20 at the Melville (N.Y.) Marriott Long Island, 1350 Walt Whitman Rd. Melville., NY 11747; and Oct. 27 at the Hilton Newark (N.J.)  Penn Station, 1048 Raymond Blvd., Newark,  NJ 07102. Each provides 2.5 hours of free CPE. Learn more and sign up here

"When clients can do what you do, your value and relevance go down," says Hitendra Patil, a CPA Trendlines expert author and AccountantsWorld director of practice development. "What is left is a fee and price pressure."

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Who Wants to Be a Comptometrist?

Dinosaur talking on a rotary phoneHint: You shouldn't. Here's why.

By Hitendra Patil
Accountaneur: The Entrepreneurial Accountant

(With sincere respect to the erstwhile comptometrists.)

Only 16 out of over 500 million users of LinkedIn have “comptometrist” as the “past” title. And they held those positions from anywhere between 25 to 55 years ago!

MORE ON ENTREPRE-NEURIAL STRATEGY: Blockchain: Questions Are the Answer | The 7 Experiences Millennials Want from Your Firm | 22 Ways Blockchain Will Impact the Accounting Profession | Forget CPE, You Need an FPE | ‘Uberizing’ Means More Than Technology
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There are exactly zero comptometrists on LinkedIn today – and likely, in the world.
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Blockchain: Questions Are the Answer

Blockchain will find answers. But you need to know the right questions.

By Hitendra Patil
Accountaneur: The Entrepreneurial Accountant

If blockchain were human, here’s what it would say to you: “Dear accountant, your intelligence is far more powerful than my algorithmic intelligence. I can do the math, audit the authenticity of transactions incredibly faster than you can. But that’s not the point. The point is: I can provide you answers much faster than was ever possible. But only if you ask me great questions!”

MORE ON ENTREPRENEURIAL STRATEGY:  The 7 Experiences Millennials Want from Your Firm | Is Blockchain an Extinction Event for Accountants? | Is Blockchain a Cloud Killer? | How to Beat Automation in Accounting | 3 Reasons Small Firms Stay Small | The New Needs of People at Accounting Firms

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We are just about starting to see what Pablo Picasso saw way back in 1964 about “the enormous new mechanical brains” and “calculating machines.” They are “useless," he said. "They can only give you answers.”

If the mechanical brains “can only give you answers,” it is imperative that someone asks those brains the right questions. That someone had better be you.

The Entrepreneur’s Questions READ MORE →

The 7 Experiences Millennials Want from Your Firm

Young businesswoman4 ways to motivate millennial staff ... plus how to impress millennial clients.

By Hitendra Patil
Accountaneur: The Entrepreneurial Accountant

“I never believed that millennials is an issue my firm needs to address.”

MORE ON ENTREPRENEURIAL STRATEGY: Is Blockchain an Extinction Event for Accountants? | Is Blockchain a Cloud Killer? | How to Beat Automation in Accounting | 3 Reasons Small Firms Stay Small | The New Needs of People at Accounting Firms
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When the owner of a fast-growing firm that is 100 percent on the cloud expressed this to me, I was surprised. No, astonished.
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Is Blockchain an Extinction Event for Accountants?

Blockchain illustration using train carsThe make or break question.

By Hitendra Patil
Accountaneur: The Entrepreneurial Accountant

Till today, “work” in the accounting profession involved creating and re-creating the accounting information and then making sense out of it.

MORE ON ENTREPRENEURIAL STRATEGY: Is Blockchain a Cloud Killer? | 22 Ways Blockchain Will Impact the Accounting Profession | Podcast: How to Become a True ‘Accountaneur’ | How Job Titles Can Rebrand Your Firm | Forget CPE, You Need an FPE | ‘Uberizing’ Means More Than Technology
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E.g., you take an invoice in a paper form – printed from the data already existing in someone else’s accounting software (private ledger) – and then you re-create the same data by converting (manual data-entry, OCR, etc.) that paper info into data again.
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Is Blockchain a Cloud Killer?

Computer monitors morph into chain linksWelcome to an accounting model that's predictive and always on.

By Hitendra Patil
Accountaneur: The Entrepreneurial Accountant

Let's talk about the technology behind blockchain.

MORE ON ENTREPRENEURIAL STRATEGY: 22 Ways Blockchain Will Impact the Accounting Profession | Blockchain Accounting Is an Oncoming Train | How to Fly the Automation Dragon to Your Dream Practice | Your Clients Hold a Secret Key to Your Practice Growth
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You have accessed information from the Internet for quite a few years. Now you have started accessing information on the cloud.
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