Five Factors That Accountancy Practices Need To Deal With

We read an excellent article in the Accountancy Age the other day, of which we have left a link below, giving 5 factors that are, or soon will be, impacting on both accountancy practices and their clients. We thought we would like to share this information with you so here are the 5 factors and a summary of their impact. 

The Risk Of Cybercrime

Accountants are people who hold a great deal of sensitive financial data and so of course they are always likely to be a target for hackers, therefore all accountancy practices need robust measures in place to defend themselves against any cyber attack by criminals. 

Driving Competitive Advantage With Technology

It is of immense importance that accountants keep up to date with all the latest technology, including cloud and mobile technology, in order to be competitive and to give clients the best possible service. It is important to invest but not to overstretch.

Greater Demand For Value Added Services

Accountants should not be just a business that prepares companies tax accounts but they should be involved in the financial planning and growth projection for them, giving them accurate financial information and adding a lot greater value.

Succession Planning For Growth

As the old saying goes, ‘if you don’t plan to succeed, you plan to fail’, and this holds true regarding succession planning. Helping smooth the transition for new partners to join a business and for other partners to retire is a key role and should not be underestimated. 

Brexit Opportunities

Yes there really are opportunities as well as disadvantages to Brexit! There will be many trade agreements that have to be negotiated and accountants will be in demand as companies will require help and advice on the financial implications to them of leaving the European Union. Expect the phone to be red hot in the near future!

If you want to read the full article please go to the Accountancy Age website at the following link: 5 Key Trends For Accountancy Firms And if you require any advice on any of the above or any other accountancy issue please contact our offices here at WHR Accountants in Armagh by ringing 028 3752 2909.