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Guidance

BDO

BDO case study

Global accounting and advisory firm BDO is actively reshaping the traditional role of an accountant as client needs change and technology evolves.

The firm has committed itself to providing the next generation of professional services across its network of 73,854 people, who operate in 162 countries and territories.

“There is a client-driven need for us to innovate,” BDO’s Sydney Managing Partner Grant Saxon says.

“Our traditional compliance work such as book keeping, tax and reconciliation activity is now often undertaken by the clients themselves, or has been replaced by technology.

“Clients are thinking differently about how they use their accountant and now rely on a different set of skills. They look to us to analyse and interpret data across their business, identify insights and advise them based on what we find.”

Growing demand

Grant says BDO has developed a data and insights platform that reflects the modern requirements of its clients.

Known as BDODrive, the service combines data, insights and intelligence to support the management of client businesses. To service growing demand, BDO appointed seven new Australian partners in 2017 with an advisory background, which Grant says complements a highly entrepreneurial mindset among the existing partners.

For him, responsiveness and an entrepreneurial mindset, rather than scale, provides BDO with a competitive advantage.

“The fact that we aren’t the biggest in Australia works to our advantage. We don’t operate as a vast hierarchy, rather, our partners are more hands-on and closer to their clients, which means we can turn things around quickly compared to our larger competitors,” he says.

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. The March 2018 CommBank Professional Services Business Insights Report is based on a sub-set of a wide-ranging quantitative survey of 2,473 business owners, decision makers and managers. This sub-set comprises responses from 331 businesses within the Professional Services sector (including management consulting, legal, accounting, scientific and technical services). The survey was conducted on behalf of the Commonwealth Bank by DBM Consultants between August and October 2017, with further analysis by ACA Research on behalf of the Commonwealth Bank. Participants were drawn from businesses across Australia with an annual turnover of over $500,000 and at least two employees. The survey was designed to benchmark the innovation performance of each business, identifying the key motivations and drivers influencing their performance, and highlighting best practice. Commonwealth Bank of Australia ABN 48 123 123 124 AFSL and Australian credit licence 234945.