What will accounting’s ‘decade of renewal’ look like?

Renewal projects can shun short-termism and enable bold vision, promoting long-term planning on a macro scale, as well as for communities, businesses and individuals.

What if accounting in the UK was offered its own decade of renewal? If we were able to look 10 years down the track and plan for change, innovation and advancement, what would accountants put in place?

Here, four IFA ambassadors – Duncan Walker (Scotland), Bill McGregor (Northern Ireland), Ian Hornsey (Eastern England) and Robin Murray (Northern England) – offer their thoughts on what they’d like to see changed, in accounting and within their own businesses, if they were offered a decade of renewal.

Over the coming decade, Bill McGregor would like to see “a shift towards real-time financial reporting, to provide business owners with more up-to-date and accurate information.”

Highly focussed on client satisfaction and the delivery of accounting services beyond expectation, Bill says within his own business, during a 10-year period of improvement, “I would strengthen client relationships by providing personalised services and proactive financial advice”.

“To achieve this, I’d consider implementing client portals or some other type of communication platforms to enhance interaction and collaboration.”

Of course, long-term development is also about personal improvement.

“For my own advancement, and that of any staff in the business, I’d like to embrace and become more proficient in accounting software and tools.”

“Familiarisation with cloud-based accounting solutions enables enhanced communication and interpersonal skills to more effectively convey financial information to clients and team members.”

The little changes will count the most over the next decade, says Robin Murray.

“For example, if all invoices and bills are sent directly, rather than individuals receiving an email telling them to go and fetch the invoice by clicking a link, that would be a good start.

“And if accounting software could be smarter in matching names and amounts paid against outstanding invoices, for reconciliation purposes, it would be an excellent development.

“That’s because less time would be spent either chasing missing bills or correcting clients’ matching errors, thus giving us more time to help clients grow,” Robin says.

“In other words, I hope to be doing less low-value, repetitive admin tasks and therefore have more time to help clients with business advisory and strategic advice.

“Right now, I am facing an important decision around the direction my business takes over the next decade.

“We have a choice to make,” Robin says. “Do we grow more and seek someone to come into our business, with the view to passing it on to them? Or do we remain static and think about our retirement in 10 years? Or could AI keep the practice running in our retirement?”

No matter the decision, Robin says he and his staff will continue to seek personal development, just as they have over the past decade.

“We need to keep up to date and be aware of changes that will affect the practice and the general business world, to retain and improve clients,” he says.

“To do this, we rely on the IFA’s Financial Accountant magazine, Accountex events, software events like QuickBooks Connect, as well as meeting colleagues locally for a meal or at IFA regional events.”

Looking 10 years down the track, Duncan Walker says his hopes are simple.

“I’d like to see accountants doing more advisory work and less compliance-based tasks.”

To achieve this in his own business, Duncan will likely be adopting AI-based technologies.

“I’d use AI to automate compliance work and also to assist in advisory work,” he says.

Vital to future success, Duncan says, is personal development, particularly around strategic thinking for business growth.

To aid and develop advisory services, he and his staff will build their knowledge and skills in business strategy. Duncan himself developed an education tool for SMEs, which his team will complete to better understand the needs of businesses across people, processes, marketing, finance, technology and time management.

“In the accounting sector enormous changes are on their way over the next decade, particularly due to the onset of AI,” Ian Hornsey says. “And while AI will take control of certain accounting responsibilities, particularly in the area of compliance, it will also offer new opportunities in terms of tools that empower accountants to do higher-value work.”

“We know that the accountancy profession is changing due to the awareness of digital technology within our industry. The focus in the future will be more of an advisory and tax planning role, rather than day-to-day compliance work.”

That’s a positive, as long as he and his staff continue on a journey of improvement.

“We’ll have to continue on our path of providing a personal service to our growing client base, supported by the younger generation of accountants within the business,” he says.

“There is a need to stay ahead and ensure that the practice offers an expanding level of services to meet clients’ ever-increasing needs.”

Planning your own professional renewal? The IFA’s professional development and learning programs can help you set and achieve strategic goals.