Open Banking, MTD and the future for accountants - Accountex 2019 highlights
The team at award-winning cloud accounting software provider, FreeAgent, have returned to Edinburgh this week from their biggest and best Accountex ever!
Accountex 2019 wasn’t just a huge success for FreeAgent - with over 9,000 attendees, 200 exhibitors and hundreds of seminars, keynotes and panel sessions, it was the place to be for accountants in the UK last week.
The FreeAgent team has been reflecting on the highlights as well as recurring themes that are front of mind for many accountants right now, in the midst of this digital era.
The cloud accounting landscape
On day one of Accountex, FreeAgent founder & CEO, Ed Molyneux, kicked off with his keynote: “All Together Now: what happens when banking, finance and accounting collide”. His presentation covered the shift in the cloud accounting software market driven by Open Banking, Making Tax Digital (MTD) and a new wave of technology development from providers old and new. Business owners’ expectations of what their banks and accountants should provide has never been higher - both startups and incumbents are rising to the challenge.
Making Tax Digital
MTD was, of course, one of the big talking points at the conference. It became clear that while a lot of practices are now feeling MTD-ready, there are still some accountants looking for help with educating their clients. FreeAgent’s MTD-accredited experts were offering free consultations at their stand as well as showcasing the MTD-compatible, FreeAgent app and all its features.
Open Banking was a major theme at Accountex this year. During his keynote on day two, Nick Longden (FreeAgent’s VP of Sales) explored the next wave of digital disruption with the development of both AI and Open Banking technologies. Artificial Intelligence already touches many of us in our personal lives but one of the main features of this seminar was highlighting the potential future impact on accountants when it’s combined with Open Banking technologies. The possibility for these technologies to open up additional services for accountants to offer their clients and provide additional revenue streams are endless and very exciting.
Future for accountants
Experts across multiple seminars explained the potential for accountants to become the new trusted advisors to businesses. This opportunity will be made possible by cloud accounting software providers such as FreeAgent which enables accountants to spend less time carrying out the day-to-day bookkeeping tasks and more time offering insights and advice to their small business clients.
To find out more about how FreeAgent can help you work with your small business clients, read more here.