In the
June edition of The Moore You Know, Andy Armanino shared his thoughts about the impact of technology and the pace of change in our profession. I agree with his observations that technology will change how we work, how and whom we hire, etc. Automation, AI, blockchain, and technologies we don’t even know about today will change our processes, our deliverables, our business models, and may require us to expand our service offerings. Change has been and will continue to be a constant in our profession. We have adopted paperless processes, we have seen, survived and thrived in multiple tax reform environments, changes to accounting standards, SOX, the creation of the PCAOB, convergence with IFRS, and so on. One aspect of our profession though that has not, and will not change, is that our profession is all about client service and relationships.
A mindset of being a proactive service provider remains the most critical ingredient for success in this profession. This mindset is core to HCVT. However, today, we know that we can’t just rely on our knowledge of accounting regs and tax laws. To be of service and value to our clients, we must understand their challenges and fears, their industry and the business drivers that define success. That requires building deep relationships with our clients across the enterprise. Automation, AI, blockchain can’t do that. People can and must.
One of the key factors contributing to the growth and success of HCVT is the relationships we have developed with our referral sources and that we hold to our commitment to deliver exceptional service to their clients, who in turn, become our clients. Martin Bisset, the author of
Winning Your First Client, stated it pretty clearly, “People buy relationships and people buy the outcomes produced by those relationships.” Our “outcome” is that we solved a problem, provided financial information, or provided a tax solution, tailored specifically to the needs of our client. Automation, AI, blockchain can help with that—but it is people that will deliver timely, proactive, and real-time advice to their clients.
MSNA and MSIL are exactly about that—service and relationships. There are numerous examples of how our firms are helping each other address the changes and challenges in our industry. From the Digital Transformation sessions to the creation of community groups to address specific industries, to sharing business transformation initiatives, to sharing best practices in client service and firm operational matters, we learn from each other, and that is the power of MSNA and MSIL. I encourage all members to support the community groups and become an active participant in them—without the participation from all firms; we won’t be nearly as strong as we can be. At HCVT, we have greatly benefited from learning new things from all firms, regardless of size or geographic location.
Andy did state in his article, “It’s crazy out there.” Isn’t it comforting that we don’t have to go it alone? Our relationships with each other, our collective mindset of service, and the global strength of Moore Stephens provide us with powerful tools to future-ready our firms.