There is an old proverb: ‘The sturdiest door can be opened with the smallest key.’ It’s a saying that has been in my mind lately. That is because when the story is told of the great pandemic of 2020, and of how our profession responded, so many of the heroes will be the men and women who toiled in smaller businesses.
Smaller practices have been doubly affected by the emergency. First, because they are more likely to work with the small traders who have been at the sharp end of the Covid-related downturn – the lack of economic confidence, the slowdown in business activity and the cashflow crises. And second, because many accountants operate as sole traders or work in micro-firms themselves and have experienced severe difficulties personally.
Despite it all, small and medium-sized practices (SMPs) have continued to provide the personal service, agile response and market expertise that have served as a lifeline to so many struggling businesses. Their contribution will not be quickly forgotten even when the terrible times of the past few months fade in the memory.
Brilliant career choice
This is why I was thrilled to welcome a new report Careers in small and medium-sized accountancy practices by our professional insights team that sets out why SMPs still represent a brilliant career choice for ambitious professionals.
We joined up with our alliance partner Chartered Accountants Australia and New Zealand (CA ANZ) to ask SMPs from more than 20 countries about their views on the future of the sector.
A couple of responses showed up again and again: the power of digital transformation in elevating SMPs’ attraction and relevance to clients, and the ability to access a network of talented professionals with fresh ideas and energy to help grow the business.
I couldn’t agree more.
I don’t imagine there is a successful business of any size on the planet that has failed to grasp that digital capability is crucial. Covid has taught us that. It has blown away so many old notions of what work looks like, what the workplace represents, even what business hours mean.
We have all adapted to take account of new health protocols, new work patterns, our employees’ changing needs and our customers’ requirements. A dynamic and responsive digital operation has made all that possible.
And any business that closes its mind to new ways of working is surely doomed.
Adventure-friendly
In championing the crucial part played by SMPs, I have no wish to detract from the worth of the big firms, including the transnational operations that are the powerhouses of global finance. But our report shows that the SMP sector remains an attractive career route and a wonderful option for adventurous accountants.
As our colleague Anthony Matis from CA ANZ says: ‘While some may think smaller means lesser, when it comes to accounting firms they couldn’t be more wrong. These firms are buzzing with talent, innovation and tailored expertise that delivers results for their clients time and time again.’
That is so true. A career in a small or medium practice can be the key that unlocks a rich, rewarding and satisfying future.
