Brought to you by
AIA
Save content
Have you found this content useful? Use the button above to save it to your profile.

Small practices ' can they learn from the independent retailers?

22nd Jun 2006
Brought to you by
AIA
Save content
Have you found this content useful? Use the button above to save it to your profile.

London, 22nd June, 2006: The issue of changing e-filing deadlines and the need for Corporation Tax Returns and Accounts to be filed via XBRL by 2010 has received a lot of attention in the press. Many accountants seem to be firmly against changes such as these, but are we perhaps underestimating not only the profession's ability to amend the way in which we work but also our ability to grow, thanks to the speed and efficiency of new processes? As independent retailers are slowly disappearing from our UK high streets, perhaps small practices can learn lessons from small shops and begin to diversify their services in order to survive. Anne Porter, UK Tax Product Manager at MYOB, explores this further.

'There are certainly parallels to be drawn between the changes in the accountancy sector and the changing face of the high street ' the small shops disappearing from our streets are ones which cannot meet the rising demand for a 'one stop shop'. This is something which most accountancy firms also have to bear in mind ' the need for accurate, effective and time-saving processes which will allow for more services with the personal touch which cannot be offered over, for example, the internet. The 'one-stop shop' accountancy firm is an approach which will not only see the survival of small practices but also the growth of these firms as they diversify and offer more services. In doing this, face to face meetings will surpass the 'on-line'.

The shortage of processing time is concerning practices nationwide, but the fact there will be four months to fill whilst still paying qualified staff for low or non-chargeable time is something else firms are justifiably worried about. Firms should look to the tax, employment, trade and company advisors for guidance. These smaller firms have less to worry about with the modernisation of practice, as they are less likely to just deal with compliance work, as emerging businesses and employers rely heavily on them for legislative instruction and council in their niche areas.

There is no doubt that practices need to make a move into the technological world to save time and tighten processes. However we need to believe in our ability to adapt in an ever changing sector, improving, growing and moving into possibly previously unconsidered markets.'

About MYOB

MYOB is a global provider of solutions that liberate business owners and accountants from the burden of day to day administration, empowering them to achieve business success. MYOB develops and delivers award-winning software, services and support for more than 500,000 businesses and over 10,000 accounting practices worldwide.

Owner-operated businesses are the most dynamic force in the world economy and yet they are universally challenged by limited resources. MYOB uses its knowledge, expertise and scale to help them build better businesses. MYOB also works directly with accounting practices to streamline their processes and maximise their productivity. MYOB solutions are used by leading accounting practices from tax agents and sole practitioners to the Top 20 firms. Through its understanding and partnership with both business owners and accountants, MYOB strives to further enhance the links between them for their mutual benefit. MYOB Limited is a public company listed on the Australian Stock Exchange (ASX symbol 'MYO').

For further information
For more information on MYOB please call Denise Duffy on 020 8799 0272 or email [email protected]

Tags:

Replies (0)

Please login or register to join the discussion.

There are currently no replies, be the first to post a reply.