Almost from day one I have been predicting the commoditzation of professional business models. Yesterday, WebCPA reports that:
A new report by the International Federation of Accountants highlights the expanding role of small and midsized practices in advising their business clients.
IFAC’s Small and Medium Practices Committee has published an analysis of research on business advisory services provided by SMPs. The extensive analysis includes a review of global research spanning academic studies, practitioner surveys, and interviews of SMP partners.
The analysis suggests that the needs of small and midsized enterprises — the sector commonly served by SMPs — are changing due to an increasingly complex regulatory environment. The needs of SMEs are also changing as their demands shift from the use of SMPs for statutory audit requirements to business advisory services, including forming business plans and financial forecasts, identifying and managing risk, information technology, and business valuation.
[My emphasis added.] OK – so the report is US-centric but in my discussions with practitioners in the UK, I am gaining an increasing sense that they see the writing on the wall for what used to be bread and butter work. The services the report highlights are all value add so in a well executed growth plan should mean increasing revenue.
