Research ahead of the impending Accountex exhibition has highlighted the biggest challenges facing the UK’s accounting practices in 2015, according to the sector’s biggest suppliers.
The research involved 32 suppliers who, between them, have over 14,000 accountancy firm clients. Its findings highlighted that the four biggest challenges facing accountancy practices in 2015 are:
- Standing out in a crowded market (86% saw this as a major challenge. It was also seen as the single biggest challenge by 18%, more than any other option)
- Using technology to reduce manual processes (82%)
- Offering new services (82%)
- Improving marketing & client acquisition (82%)
Scott Hider, the exhibition director for Accountex said: “Our research into the accountancy sector’s major suppliers highlighted many challenges facing accountancy practices. Some of these have been a challenge for some time while others, such as getting to grips with ‘the cloud’ have recently emerged.
“The challenges are interlinked and accountancy practices must aim to be distinctive, particularly through new services combined with strong marketing and sales, and to strongly back this up with up-to-date technology to deliver a great client experience.
“There are accountancy firms achieving this and doing very well, but there are also plenty struggling ... and there are quite a few who are only just realising that the market is only going to get better for accountancy firms that invest and adapt. Those practices that move slowly and want to do everything ‘old school’ are going to find themselves appealing to fewer and fewer clients.”
Accountex is the leading annual exhibition for the accountancy sector. It takes place on 13 and 14 May in London’s Excel, and accountants and their employees can have complimentary tickets by registering at www.accountex.co.uk/