Collaboration and Partnerships critical in modern Accountancy
Among the many changes that have occurred in the accounting business – certainly over the past decade or so – is the need to be more collaborative and to create valuable partnerships.
Collaboration is not just a case of teamwork within and across departments and developing informal relationships. These have long been important, but now we are looking at new factors, such as working closely with stakeholders and across several countries and time zones, because these can bring added value.
COVID-19 has accelerated a couple of trends that have been developing for some time – telecommuting, and collaborating on projects with staff from different countries. It is widely agreed that this is likely to continue in the years to come, so collaboration is definitely something that should be taken seriously by the accounting trade.
Collaboration means more than just being a team player
Among other things, it demands:
- The ability to communicate clearly
- Being a problem solver and empathetic
- Understanding different business setups
- How to clearly convey info to people who may have a limited understanding of financial matters
Let's take, as an example, a huge property purchase or company acquisition. Big deals require a range of experts being involved, and accountants collaborating with tax advisors, lawyers, business consultants and others.
Let’s look at some of the advantages of accountancy partnership:
- The exchange of thoughts, experiences, and best practices enriches the process and helps with brainstorming your way to solutions to tough problems
- Imparts a sense of power and satisfaction to everyone involved in projects – from the most junior accountants to partners and everyone else, thus creating goodwill and a strong feeling of collegiality
- Helps boost productivity and cut costs. By pooling skills and experiences, projects are run in a more streamlined fashion
- Sharing the workload reduces stress across the whole company
Other types of business partnership
Accountants need to be aware of the different types of collaboration that exist. We have just looked at this issue from two points of view: that of an individual firm, and of an accountancy working with other professionals on big business deals.
However, there is also a different form of collaboration, which can more accurately call partnerships. This involves accountants working with other businesses and organisations in order to expand your client base.
These can include:
- Being a member of a local Rotary Club, Chamber of Commerce or other similar body.
- Working with companies in a particular field in order to specialise in that one area and build a reputation as an expert, for example retailers, or wholesale operations, or private doctors’ practices.
- Working with clients in a range of trades. Not only does this increase the potential number of clients with which you work, but their referrals will help to further boost your client base.
Collaboration and partnerships are what are known as soft skills. They often require intuition, sensitivity and empathy from staff, and can help accountancy firms enormously to overcome obstacles.
for your business
(not anybody else’s)