Progressive Accountancy Firms will prosper, with widespread adoption of cloud computing services and the rise of mobile apps paving the way for more efficient interaction with clients.
Failing to keep on top of evolving technological trends could have major implications for accountants in 2017.
Legislation Changes
The government’s Making Tax Digital (MTD) scheme is set to end the days of “spreadsheet accounting”. Scheduled to launch for VAT in April 2019 before widening its scope to include other taxes, the initiative will provide a single online location for all individuals and businesses to manage their tax affairs. In addition to preparing clients for the shift to quarterly filing, accountants should look to adopt a digital-first model to fundamentally change the way they do business, fulfilling the greater need for access to financial information from anywhere at any time.
Beat your competition
Business software company Exact has released research demonstrating that the number of UK accountants implementing digital solutions has almost tripled in the last 12 months. This has resulted in less time spent on paper-based administration, improved streamlining of business processes through greater integration of systems, and increased flexibility. Increased efficiency can be passed directly onto clients so it’s essential for firms to ensure that they stay ahead of competitors.
Clients’ expectations
Whether it’s cloud-based services, mobile apps or business analytics solutions, modern technology can transform productivity by eradicating inefficient paper-based forms and manual processes. Integrated systems provide faster access to critical data, enabling accountants to respond faster to client queries.
Build value-added services
Progressive Accountancy firms prosper ultimately because they keep pace with digital innovations while providing value-added services for which clients are willing to pay more. From providing access to real-time financial data, complemented with more sophisticated analysis to include business intelligence and benchmarking, clients will be more willing to put their trust in accountants to improve their firm’s performance.
Progressive Expert Comment
Progressive Accountancy Firms are focused on developing high levels of Client understanding and engagement, they operate on an advisory basis with their Clients; where they provide added value and no longer compete for diminishing transactional fees.
