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Changes and trends for accountants in 2023

17th Jan 2023
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Bright was created in 2021 when Thesaurus Software Ltd. and Relate Software Ltd. decided to join...
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Now we’ve finished off our last boxes of Celebrations, reluctantly packed away the Christmas decs, and written up our resolutions, it’s time to look ahead at what the new year has in store.  

Understandably, you might not be looking any further than the looming deadline for Self Assessment at the end of the month. But once you’re over that hurdle, there’s lots to think about for 2023. 

Supporting clients through the recession 

It’s a gloomy note to start on, but with inflation and energy costs squeezing budgets for people and businesses alike, the approaching recession will be on most accountants’ minds.  

Just as businesses looked to their accountants for advice with financial difficulties during the Covid pandemic, they’ll be looking for support this year from someone who knows and understands the data, and can help them use it to make important decisions.  

As well as supporting clients, you’ll need to make sure to protect your own business in the face of the same challenges. A big part of this will be streamlining as many of your systems and processes as possible, becoming more efficient so you can make time for clients in need and remain profitable. 

Which brings us on to our next point… 

Digitalisation – despite the MTD delay 

For better or worse, MTD for ITSA is delayed again (we can hear your eyes rolling from here!) – this time for two more years, until April 2026. The big question now is how are you going to spend that extra time? 

Stifled-scream-inducing as it may be, the delay could give you and your clients some much-needed breathing space to get ready ahead of the new deadline, or to focus on other aspects of digital transformation.  

With the extra time to look at areas outside of Self Assessment, firms can consider how well their practice management systems are serving them, or look at improving their solutions for services like payroll. 

New tax year changes 

In a few months’ time, we’ll see the start of the new tax year, and a set of changes with it – from the increase to corporation tax to the decreasing additional-rate threshold. 

While some of these might feel like old news to accountants, it’s important to keep communicating the upcoming changes to your clients and make sure they know where they stand, especially after a confusing few months in politics at the end of 2022.  

The next Spring Budget is also on the horizon, with the date confirmed for 15 March, so we’ll all be keeping our eyes peeled for possible tax changes to follow. 

Employee initiatives to tackle skills shortages 

Recruitment was a key challenge for accounting practices at the end of last year, and we can expect that focus to continue as we head into 2023.  

You’ll need to look at how you can appeal to new talent, whether that’s by strengthening your brand as an employer, implementing initiatives like flexible working, investing in learning and development or another approach. 

For us at Bright, company culture is key. We’re big fans of team togetherness (from daily life, like making lunch together in our Bright HQ kitchen, to team building like when BTCSoftware had a go at making towers to support an egg!) and firmly believe that if you make your business a positive and fulfilling environment to work in, and make sure your staff are working towards common goals, you’ll not only look much more appealing to potential new hires – you’ll also find it easier to retain the people who are already on your team. 

Get ready for 2023 with Bright’s complete suite of software for accountants: book a demo today.