What is the future focus for accountancy?

What is the future focus for accountancy?

The ever changing world we live in brings a new set of challenges to all industries, with accountancy being no different. So what are the main focus points accountants and businesses must embrace to remain competitive?

Cloud adoption

The ability to access data anytime, anywhere and in real time is invaluable. The rise in cloud adoption within the industry is no coincidence; and will continue to be a main focus for accountancy long into the future.

Cloud based systems promote collaborative working practices between accountants and their customers. Access to shared documents creates a far more effective way of working, with accountants having round-the-clock access to clients’ financial data, overseeing and ensuring effective financial management and freeing the customer’s time to focus on growing their business.

The cloud has become even more important following HMRC’s Making Tax Digital strategy. These changes are one of many variables to come which require accountants and businesses to be ready to adapt.

Outsourcing

Outsourcing within accountancy is now commonplace and will continue to rise, especially when complex compliance changes, such as Auto Enrolment, are seeing a large number of businesses using outsourced services to cater to the needs of their customers.

The benefits of outsourcing are clear; it will usually come at a lower cost than hiring a new full-time member of staff, provide the business with skills others may not have or simply delegate tasks to those with more time to complete them. It is ideal for making use of a skill set a business may not possess or have a full-time requirement for.

By understanding these two focus points, any business or accountancy firm can be ready for the future. The days of stacks of paper or endless Excel sheets are behind us, with businesses of all shapes and size, within all different sectors, moving to a more collaborative way of working.

For anyone yet to make the transition, it is never too late. It is now far easier to adapt to the future of accountancy and embrace the change to ensure success.

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