Are these extraordinary times for accountants, or have small practices always faced the challenges of increasing regulation and demanding clients?
To find out the mood of small practices during these turbulent times, AccountingWEB took our regular feature Small Change on the road with a video discussion at Accountex. To watch the video click here or scroll down to the bottom of the page.
Covering current practice pain points such as recruitment and the always-on culture of modern life, we spoke with ICPA’s Tony Margaritelli, ACCA’s Craig Vickery and former small practice owner Della Hudson to find out what life is currently like for a small practitioner.
The general mood of small practitioners under the strain of MTD, GDPR and amended AML regulations was highlighted by Elaine Clark in the run-up to her Accountex Sole Practitioner roundtable.
The stress surrounding the Making Tax Digital uncertainty is compounded for a practitioner when other elements of a modern practice like keeping up with the constant stream of emails and social media are introduced.
Views from the AccountingWEB community on stress levels are mixed. On one side of the argument, AccountingWEB member Jas28 is spending far more time on administrative tasks than client work, while others like Ammie are taking an optimistic approach: “The solution is answered by whether the practitioner is prepared to take on the grief in changing how they work or not,” said the AccountingWEB member.
Watch the video below (recorded live at Accountex) for an in-depth discussion on the current state of the profession.
If you’d like more information on the topics discussed in the video here are the links.