I’m not interested in yesterday. It’s done.
The biggest enemy to the valuation industry is protecting the status quo.
Our valuation industry is at a crossroads.
I mean today. The shift has started.
Do we continue to hold on to the past or look forward?
Accountants are no longer just number-crunchers. They’re strategic advisors.
Appraisers’ mindset is stuck on appraisal reports.
What would have to be true for appraisers to become strategic advisors?
Accountants offer advisory services beyond number-crunching: technology implementation, M&A support, forensic, business strategy, cash flow management, business valuation, risk management and internal controls.
Appraisers can follow suit by advising clients on property optimization, risk mitigation and investment strategies.
Appraisers vs. Accountants
1. Expanding Service Offerings
Beyond Tax & Compliance: While tax preparation and compliance remain core services, accountants now offer a wider range of services including financial planning, budgeting, business consulting and loan applications.
Industry Specialization: Recognizing the unique needs of different industries, many accountants have become specialists in areas like healthcare, construction or technology.
2. Leveraging Technology
Automation & Efficiency: Cloud-based accounting software and automation tools have streamlined bookkeeping, data entry and other routine tasks. This frees up accountants’ time for more strategic analysis and client communication.
Data Analytics & Insights: Accountants are increasingly using data analytics to generate reports and insights that help clients understand their financial health, identify trends and make data-driven decisions.
3. Communication & Transparency:
Client Portals & Real-Time Access: Secure online portals allow clients to access financial data, reports and collaborate with their accountants in real-time.
Focus on Client Education: Many accountants are placing greater emphasis on educating clients about financial matters, empowering them to make informed decisions.
4. Building Stronger Relationships:
Proactive Approach: Accountants are moving away from a purely reactive model and taking a more proactive approach, anticipating client needs and offering ongoing strategic advice.
Focus on Value: The emphasis is on demonstrating the value accountants bring beyond just compliance. This could include cost-saving strategies or improved financial controls.
Overall, the accounting profession has undergone a significant shift, focusing on providing a more comprehensive and valuable service to clients.
By leveraging technology, expanding their skillset and prioritizing communication, accountants are well-positioned to be trusted advisors for their clients.
Ability to Adapt
The choice is clear for us: evolve or become obsolete.
By embracing data, technology and a broader service mindset, appraisers have the opportunity to thrive in this changing market.
The future of the profession hinges on our ability to adapt.
Let’s move beyond our version of bean counting.
Let’s provide world-class value to our clients.
Let’s be like the accounting industry.
Right now we’re losing.
The score is 0 to 1.
Let’s adapt.
Let’s win.
