It is now widely accepted that the Accounting and Bookkeeping industry has been irrevocably altered after taking digital impact. The days are not far when manual coding will be taken out, as Rod Drury announced at the Xerocon 2016. Cloud platforms like Xero HQ and their collaborators – more than 500 apps for the accounting industry are laying down the new rules of the game for professional practices. How does this impact the composition of the team that practices need to have for remaining competitive and driving growth?

 Three competencies that would be key drivers of performance in the Cloud Accounting industry:

1. Tech Savvy:

This does not come naturally to most people trained in accounting. Most accountants would prefer to stay within the technology environment they got familiar with. This is why in every geography there has been a dominant accounting application with over 80% share of the small business market. This is of course changing.

2. Resourceful:

Having a collaboration mindset and willing to learn and use new apps and approaches with people in a connected network. This also means being aware of the app landscape and continual skilling up in a few at a time.

3. Workflow and Process competency:

This one is more engineering than accounting. For making full use of the tool, you need to set it up right. In an ecosystem of tools, you need to have your workflow set up right. To do all this, you need good workflow and process competency.

Do you have the right mix of these important competencies in your team today? How easy is it to acquire these competencies? If you are struggling in this area, the good news is that the collaborative economy gives you more options.