James Solomons joins Steve Major on the Pricing Power Podcast.
James Solomons is a director of Aptus Accounting & Advisory. Additionally James is the Head of Accounting with Xero. James calls himself a evangelist for accounting, practice management and supporting financial advisory solutions. His area of expertise though is accounting technology and can advise right across the area. From helping people with setting up new systems, reconciling accounts & building rolling forecasts, all the way through to consulting on best practice in streamlining systems and workflows, building ‘go to market’ strategies for new products, complex tax advice & setting corporate governance principles for listed entities.
James talks and writes particularly about the public practice space and what is a “next generation accounting firm” and what are the impacts of technology on this part of the profession. The big challenge is how do firms change and adapt to this new iteration of the industry.
James is also a Lecturer with the Macquarie University and also a virtual CFO with a HR tech company.
Challenges for the accounting industry is around technology – how to utilise and how to harness.
Move beyond transactional engagement towards continuous engagement.
The trap is moving to cloud but not getting into the numbers and giving advice.
Clients are use to transactional approach.
Need education of what is business advice.
Did not go into accounting to be a tax jockey. We have opportunity to have access to data to provide information. Can monitor real time information.
There is a opportunity to get back to what an accountant is really about.
Re-educate clients – run through with client what you can do.
Business advisory is different for each client – ask questions. Business advice – solve problems.
Convergence in next 5-10 years with auditors, tax advisor (high end) and accountant. Accountant of future is an advisor interpreting numbers.
Demonstrating value of the advisory services – access data, build mini forecast.
James gives every client access to Crunchboards. Invest in relationship upfront. Show them literally – show them numbers.
Many accountant need training on financial advice.
Pricing these advisory services – understand clients. Have confidence in your value so that you have confidence in pricing.
Let technology do the heavy lifting.
Website – jamessolomons.com
Linkedin – James Solomons