Reform of accountancy market

Small firms, especially, are continuously losing hope as they face a future of greater economic decline. Accounting firms are expected to drop 20% in annual revenues in the wake of this looming global economic slowdown which is pushing consumers to value scrutinise their spending on accounting services. The threats of job loss for those in employment are growing and gainful job prospects for fresh graduates are dwindling as automation reaches high gear.

The colonial mindset, insincerity and the low entrepreneurial spirit in the sector is the major cause of resistance to positive change.

Meanwhile mothers who sacrifice the most in educating their children but are increasing getting concerned about what is happening are wondering if they should continue hoping that their children, who are sitting at home, will find gainfully employment to support the family and give them rest.

The government’s intervention is not only very critical but noble at this time to help especially suppress colonial ideologically bankrupt resistances and create the right propensity and impetus to effectively bolster the sector’s transformation effort towards growth where all benefit.

This can be achieved if government supported the emergence of other accounting bodies to champion local consumer’s interests and stimulate the move towards building an accounting infrastructure that is lacking in this economy.

Improvements in the business of accountants and job prospects are result of greater strategic cooperation with other professions such as IT, marketing and sales, engineers, and lawyers etc. These augment skills in order to offer consumers superior services whose value is genuinely demanded for, appreciated and voiced by them, not through pointless accountancy award gimmicks observed in this space.

The local market is presenting a Shs450 billion gold mine for those with accounting skills to work with others to mine and make a good life for themselves and family. Many local businesses are in dire need for tailored accounting solutions and advice. The profession needs a renewed wave of career guidance for especially practicing and employed accountants. It should focus on mindset renewal to sustainably tap into this opportunity.

The profession is in search of new ways and skills to offer superior tailored services for the local market that naturally generate own non-coercive demand by a well sensitised rational consumer.

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The writer is the C.E.O and Principal consultant

Omony Consulting Co. Ltd

jwauditors@gmail.com