I did some professional development this week around Lifestyle Accounting. This isn’t something I had any experience or knowledge of prior to the webinar but it sounded interesting and the presenters were adamantly enthusiastic that this type of service will be embraced by the accounting practice of the future.
The background of the concept is that most accountants choose their profession because they want to make a difference and help clients’ finances. Unfortunately, the reality is, this isn’t always possible. People have an appetite to use their accountant for tax returns and other compliance matters but are not so hungry for other services. So, instead, many accountants have become worker bees, doing the heavy lifting for the Australian Taxation Office. Wouldn’t it be cool if they could also work on the fun stuff for clients like planning for financial security for big life events. Events like buying a home, paying down debt, affording children, planning holidays and saving for retirement. Then their clients would really love them.
It got me thinking that in a world flush with accounting apps, how would we automate a personalised service like this? We have reporting, cash flow and dashboard apps that show us future projected success for business. Could we also have the same sort of option for our personal finances? The webinar I attended suggested that something like this does already exist. They spruiked a piece of software called Lumiant. Lifestyle accountants favour it for their clients. I’ve got to say, on first glance, it’s a pretty fancy set of financial wheels and is probably worth the $249 per month at the entry level. But it is focused on accounting practices providing lifestyle accounting services to clients. It made me wonder if there could also be an appetite from individuals to have a simple app to manage their own personal financial journey. It may be a pie or pigs flying in the sky kind of idea, but I think it has legs.
So, if there are any forward-thinking software houses out there that want to push the envelope and discuss this idea over their favourite tipple, I’d be happy to partake. I don’t have any answers for you but it is an interesting idea to ponder and I am quite fond of tippling and apps.
If I've said it once, I've said it a thousand times. Where's the tax invoice?
