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Why Associations Are More Important Than Ever

December 1, 2020

In an ever-changing business climate, accounting professionals need to stay up-to-date and build resilience for the financial, societal and regulatory challenges they face over time. Now more than ever, accountants need to do everything they can to help clients manage the immediate impacts of industry uncertainty to reinvent their businesses for future success.

Accounting associations help to rapidly and frequently assess the needs of their members, plan ahead while responding to existing trends and protect existing privileges, all while remaining open to new opportunities and responding to new threats.

Join us as we explore the benefits of joining a professional association and how international cooperation empowers accounting firms to shape their businesses to withstand uncertainty and change.

The Role of Accounting Associations in the Modern World

We’ve all seen how quickly circumstances can shift and how businesses can suffer if their infrastructure and business models aren’t prepared for unforeseen events. Like all organisations, modern accountancy associations want to support the development of their members by providing services that are in demand. Financial associations create a community of industry fairness and opportunity for accountants of all levels. 

A professional accounting association also gives accountants leverage and resources to meet their business needs for information, advocacy, and professional development, as well as protection against exploitation or manipulation.

Individual associations also ensure that legislation and policies are user-friendly for members to protect the industry’s reputation and the special needs of particular industry groups. That way accounting firms can rest assured specific needs are met and communications are seamless and efficient.

Why Associations Can Enhance Organisational Resilience

Joining a professional association has many benefits. Not only do they provide leverage and resources, but accounting associations can also help accounting firms enhance their organisational resilience. Partnering up with other industry pioneers through international associations helps you:

Pivot your business model

An accounting association provides its members with opportunities to share information and resources that firms can use to improve their business operations. While some firms in your association are likely to be competitors, they will probably share certain needs and preferences. Association members can help each other with referrals for business operations like staff recruiting, marketing and industry trends.

Joining an association also provides new business owners with contact information for other local businesses, speeding up the process of integrating into the community.

Find guidance and support

Governments and large bodies need guidance in times of crisis and will turn to associations for support. While most associations have no specific party affiliation or political agenda, they can contact legislators on behalf of their members to bring forth issues, questions or complaints. 

Individual accountants or firm leaders can find support from each other to face uncertainty and deal with difficult situations by accessing information shared by the association and other members. In turn, they can extend the same support and guidance to their clients to help them weather financial storms.

Listen to society

Professional services must stay relevant to reflect client needs and desires as they evolve over time. Keeping an open ear to these needs is easier when you're collecting insights through multiple channels, which an accounting association can provide. 

Since associations bring opportunities to stay connected to staff, clients and other accounting firms they are an excellent way to stay informed of changes and keep track of dynamic market behaviours — especially during a crisis.

How Accounting Associations Fuel International Cooperation

One of the main advantages of accounting associations is that they act as a link between you and other accounting firms to help you expand your contact network and fuel ideas through international cooperation

Strength in Numbers

Accountancy associations allow firms from various nations across the globe to join forces and face obstacles together. Associations act as hubs where members can share information and support each other when the road gets rocky. International collaboration empowers accountants to find new efficient ways to protect their clients, their jobs and their firm. For example, business associations can use internal email blasts and members-only websites to keep member firms apprised of updated regulations and what's needed to stay within compliance.

Improved Business Climate

Participating in an accountancy association will improve your internal business climate. As you get to know other firm leaders you’ll find ways to keep each other informed, unite on important issues and develop new tools for securing profitability in the community. 

Joining an association can help you create an atmosphere that encourages competition and attracts new clients. With effective leadership and adequate participation, an association has the power to ease the burden accountants may face as new challenges arise and build an inclusive workforce.

Find the Right Association For Your Accounting Firm

Joining an association not only gives you a sense of community but helps you weather any storm by bridging the gap between accountants across multiple nations and companies. 

Choose an association for your firm by evaluating your needs and joining a group that helps you meet them. Set out a list of goals you have for your firm and where you might need support –– whether you want to connect with other accounting professionals, or need guidance to get your team and your clients through a difficult process.

Reap the Benefits of International Cooperations with INAA

We’re the International Association of Independent Accounting firms, established over 25 years ago to facilitate cross-border business. 

Here at INAA, we connect accounting firms who aim to deliver quality professional services around a shared vision to make global business personal, and take personal business global. With every industry change, our collaborative association of international businesses is committed to being a part of the conversation around auditing and accounting.

Join today to start building powerful business relationships.