Future for Small Accounting firms
I am in my late 20s, I am AAT qualified and hope to be ATT qualified this year. The practice I work for (Turnover £150kish) have offered me partnership upon completion of the ATT.
We are very much general practitioners, typical portfolio of tradesmen and a few ltd companies.
I am obviously excited at the prospect of partnership as I've always wanted my own business but at the same time I wonder about the long term viability of this type of practice. Websites such as crunch.co.uk now offer insanely cheap compliance services with support from qualified accountants. Software is becoming easier and easier to use and more and more of the processes are being automated.
Even the legislation itself is being simplified! (allegedly)
I am seriously concerned these cheap online 'accounts factories' will do to firms like mine, what Tescos did to the high street butcher, baker and candle stick maker. By accepting partnership I am aquiring quite a debt and I need to consider the extra long term viability of the business. I'm also a bit of a worrier and over thinker by nature :)
I wonder if a better option would be to turn down the offer and seek employment with a big firm. Aim for the CTA qualification and become a specilaist maybe.
I'm at such a cross roads. I'm interested in hearing people's thoughts on the future of this segment of the Accounting profession.
Thanks in advance