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3 Key Learnings from Accountex 2024

24th May 2024
Brought to you by
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Wolters Kluwer provides software to tax and accounting professionals.

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Accountex London 2024 took place last week, on the 15th and 16th of May. The two-day conference was full of networking and insights; that's why we’ve put together our three key learnings from the event—in case, like us, you wanted to be in two places at once.  

Three people meeting and networking at a conference
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Here are our top three learnings from Accountex 2024. For a bonus two insights, head to our website for our article containing the full five key themes.  

Creative ways to use AI in your practice  

AI was a hot topic at Accountex—it’s no surprise it was a buzzword. However, what actionable insight did we learn?  

One of the key pieces of information that stood out was using AI beyond the purpose of data analysis, predictions, and insights. Instead, elevate your practice using AI for these purposes: 

Marketing:  

AI can analyse client data to create highly personalised marketing campaigns. By understanding client behaviour, preferences, and needs, AI can tailor messages that resonate. 

Generative AI can produce drafts, suggest topics, and refine your writing style to better suit your audience. 

AI-driven platforms can curate relevant content from around the web to share with your clients, ensuring they receive timely and valuable information. 

Advertising: 

AI can help identify and target specific audience segments more precisely. For example, Google Ads and Facebook Ads use AI to optimise ad placements and budgets, ensuring your ads reach the right people at the right time. 

AI tools can analyse the performance of your advertising campaigns in real-time, providing insights into what’s working and what isn’t. This allows for quick adjustments to improve ROI, such as automated A/B testing. 

Chatbots: 

AI chatbots provide instant support to clients, answering frequently asked questions, scheduling appointments, and providing information about your services 24/7. This enhances client satisfaction and reduces your workload. 

Chatbots can collect valuable data from client interactions, which can be analysed to gain insights into client needs, preferences, and pain points.  

Integrating chatbots with CRM systems ensures that all client interactions are logged and can be used for personalised follow-ups. 

Choose an MTD strategy that’s right for you 

Making Tax Digital (MTD) remained an ever-popular topic this year, with the changes set to be rolled out by HMRC in 2026. Although it's still in the early stages, there are some key takeaways we picked up to help you prepare for the changes. 

Should you enrol in beta testing?  

Ask yourself whether your practice suits beta testing, or if you’d rather wait for MTD to become mandatory. This question is personal to your practice, and how ready you are to go digital. 

Is your software compatible?  

There’s a list of software providers who are HMRC approved for MTD, so ensuring you’re using the correct software is key for your transition to MTD. Check software providers here, including Wolters Kluwer. It’s worth noting that HMRC is constantly evaluating and updating this list. 

Talk to clients 

As your clients are arguably the most important part of your business, keeping open communications with them is key for your MTD move. Hear what they have to say about it, and speak openly about what they want from you, and how you can improve. Doing this in the initial stages will save you hassle as you enact your strategy.  

How to implement change in your tech stack 

Making changes to your tech stack is never easy, as you need leadership buy in to create this culture of change. However, if you fail to enact change and keep up with technological advances, you’ll be left behind.  

Here are our top tips for enacting change: 

  • Having a change-based culture makes it easier to enact change. For example, provide continuous training to employees and hold workshops to bring together ideas for change.  
  • Look for consolidations and integrations wherever you can. There’s no point having multiple different solutions that overlap functionality. Where you can, look to consolidate your software, and choose solutions that integrate with what you already have.  
  • Make it easy for employees to keep up to date on software updates and changes. This could include internal comms, or newsletters from your software providers.  
  • Provide clarity on your tech stack and reasoning. Ensuring everyone is aligned on the purpose of your tech stack and what it’s being used for increases efficiencies and reduces technological redundancies.  

We hope you found Accountex 2024 as interesting as we did, and look forward to seeing you again next year.  

If you missed the chance to talk to our team, and learn about CCH iFirm AML, then join us at one of our CCH iFirm Roadshows, Wednesday 3 July in Manchester or Thursday 4 July in London.   

 

Read the full article.