{"id":164,"date":"2019-11-05T02:33:27","date_gmt":"2019-11-05T02:33:27","guid":{"rendered":"https:\/\/demo.casethemes.net\/consultio-business\/?p=164"},"modified":"2021-01-26T20:42:22","modified_gmt":"2021-01-26T20:42:22","slug":"a-peek-into-our-future","status":"publish","type":"post","link":"http:\/\/www.kreston-eg.com\/?p=164","title":{"rendered":"A peek into our future"},"content":{"rendered":"\t\t
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You see, being able to identify emerging trends in the industry and prepare for them is critical if we\u2019re going to keep up, stay competitive \u2013 and forge ahead.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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That\u2019s why I consulted four of Kreston\u2019s directors across four continents, to find out how they thought COVID-19 would impact the way we work, long-term.<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Despite the geographical spread, there was broad agreement on one thing: We are going to end up with much leaner, more efficient firms.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\u201cCoronavirus has shown everyone that it is possible to do a lot of work virtually, saving both time and money,\u201d says Francisco Bracamonte of Kreston BSG in Mexico, speaking from home over Zoom.\n\n\u201cClients are getting used to it and will want to continue working that way in the future, both because it\u2019s more convenient and because the economic conditions will force them to look for cost savings.\n\n\u201cFirms that don\u2019t use electronic tools in the long-term will be less competitive and less attractive to clients.\u201d\n\nHis firm has already started reviewing their processes to see whether there are other ways in which they can become more efficient. For example, he says they have been reluctant to use outsourcing in the past, but are now looking at the possibility in case there is a second wave of Coronavirus, because it will give them more flexibility.\n\n\u201cIn times of crisis, we\u2019ve learned that you need to be able to respond quickly.\u201d\n\nHe also notes that because of the increase in remote working, firms in the future might even be able to give up some office space, cutting costs further.\n\nThis is a process that has already begun in Memphis, Tennessee, where Eustis Corrigan is senior managing director at CBIZ & MHM.\n\n\u201cWe have a floor-and-a-third in our building, but now we\u2019re re-engineering our thinking to address how much space is really needed if we were to allow more remote workers?\u201d he says.\n\nAnd it\u2019s not just because Coronavirus has forced people to work remotely.\n\n\u201cAccounting firms can typically be very siloed in nature, between tax, audit, advisory and different offices. The remote working framework is helping break down those barriers, and long-term, it won\u2019t really matter where people are located.\n\n\u201cWith Microsoft Teams, for instance, my Memphis team can be accessible for a face-to-face discussion if any of our colleagues need help\u2026\n\n\u201cLocation doesn\u2019t matter any more.\u201d\n\nNot only is this good for firms, but it will be good for clients too: \u201cThey can have more people working in the field who can be accessible if needed,\u201d says Eustis.\n\nMartin Hommersom, Partner at Van Herwijnen Kreston in Holland, predicts another type of cooperation increasing \u2013 amongst members of networks like Kreston.\n\nHe says that consultants who would normally have travelled overseas to see international clients will find this more difficult, because of Coronavirus travel restrictions.\n\n\u201cIt\u2019s not practical to travel elsewhere if you have to wait 14 days in quarantine,\u201d he says \u2013 although people may be reluctant to travel right now even without quarantine.\n\n\u201cWe\u2019re going to need partners in other countries to act on our behalf.\u201d\n\nIn fact, many of the trends predicted by the directors were already well underway before Coronavirus hit \u2013 for example, a move towards advisory services and increased adoption of IT.\n\nBut Coronavirus has forced all of this to happen faster, as firms move online and as clients need more advice about how to survive the current economic pressures.\n\nThis does not mean that the transition will necessary be smooth.\n\n\u201cA lot of the software we use is expensive and there\u2019s not enough of it,\u201d says Edmond Chan, partner at Kreston CAC in Hong Kong \u2013 where his team are already mostly back in the office, although social distancing measures remain in place.\n\n\u201cAudit needs to catch up with a lot of these IT changes.\n\n\u201cThere is a serious challenge for small and medium-sized firms without the resources to create their own software, who have to rely on the market. Some firms will get left behind, or may have to change their focus\u201d to other areas where electronic or online work is less crucial.\n\nAnd not all firms are going to survive at all.\n\n\u201cFirms that cannot adapt to the new conditions may find it more difficult to grow, and so there might be some consolidation in the accounting industry, particularly amongst lower to mid-tier firms,\u201d says Eustis.\n\nOf course, this presents opportunities as well, because some good firms may be available for acquisition. And some clients may be looking for new accountants\u2026\n\nLooking at these predictions, I am optimistic that with all the hardship and turmoil of the Coronavirus crisis, our firms have a bright future.\n\nBut you must be agile enough to adjust to the new conditions \u2013 doing what\u2019s necessary to operate in a leaner way, adapt to the needs of the marketplace, rethink the structures underpinning your business and take advantage of the opportunities that this crisis throws up.\n\nThere are also many implications for the way you manage your teams. I discussed that with our directors as well, and will share their thoughts on this next week \u2013 so watch out for that email!\n\nIn the meanwhile, do you agree with these predictions? How do you picture the future for accounting firms in 12 or 18 months\u2019 time?\n\nEmail me back with your thoughts \u2013 I\u2019d love to hear them.\n\nWarm regards,\n\nLiza<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/section>\n \t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

You see, being able to identify emerging trends in the industry and prepare for them<\/p>\n","protected":false},"author":1,"featured_media":5189,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[29],"tags":[],"_links":{"self":[{"href":"http:\/\/www.kreston-eg.com\/index.php?rest_route=\/wp\/v2\/posts\/164"}],"collection":[{"href":"http:\/\/www.kreston-eg.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.kreston-eg.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.kreston-eg.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.kreston-eg.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=164"}],"version-history":[{"count":10,"href":"http:\/\/www.kreston-eg.com\/index.php?rest_route=\/wp\/v2\/posts\/164\/revisions"}],"predecessor-version":[{"id":5187,"href":"http:\/\/www.kreston-eg.com\/index.php?rest_route=\/wp\/v2\/posts\/164\/revisions\/5187"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.kreston-eg.com\/index.php?rest_route=\/wp\/v2\/media\/5189"}],"wp:attachment":[{"href":"http:\/\/www.kreston-eg.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=164"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.kreston-eg.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=164"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.kreston-eg.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=164"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}