Time and budget fears causing accountants sleepless nights
Amidst the cacophony of views in the post-MTD debate, IRIS Software Group has found almost two in five accountancy professionals are most worried about the ability to deliver services on time and in budget.
Research undertaken by the UK’s leading provider of accountancy solutions uncovered the balance of professional challenges when working on, and in the business. When asked, ‘what’s keeping you awake at night?’, 38% of respondents cited delivering services on time and in budget; closely followed by creating greater efficiencies in the practice (34%); and structuring the practice for both compliance and advisory services (20%).
Frustrations around MTD compliance have added to their stress, with almost three in five accountancy professionals (57%) reporting that their clients want to concentrate on running their business, not managing the books. This has led to many practices continuing to handle day to day accounting services.
Commenting on the results, Nick Gregory, Chief Marketing Officer for IRIS Software Group says,
We completely empathise with these concerns; ensuring the practice is efficient and profitable while delivering value added services is paramount. The additional burden of compliance for both practices and their clients, compounds the issue."
“Accountancy professionals see the advantages of the industry shift and it is the norm for critical compliance and core activities to be digital. However, to ensure firms future-proof themselves, they must embrace the digital journey.”
Accountancy professionals have found various ways to ease the day to day burden and bridge the digital divide with clients. Two in five (41%) survey respondents set up the client's bookkeeping software for them so they only need to maintain it, and 39% of accountancy professionals spend time educating and training clients in digital bookkeeping.
“There are many resources practices can use to create efficiencies and streamline client communications. In fact, one of the tactics practices are using is to support clients is starting with simple solutions like receipt capture or e-approvals (almost 20%),” continues Nick Gregory. “From external, industry-focused consultants to the utilisation of technology; the key is to ensure the correct tools are used to help practices place themselves in pole position for today’s business-critical challenges. When these are resolved, professionals can sleep a little easier, knowing day to day efficiencies are optimised which leaves time to explore and implement the desired business strategy.”
IRIS Software Group has created a guide for practices that details the technology tools available, whatever stage of their journey. The guide can be found here.