Brexit providing advisory opportunities for accountants

Brexit providing advisory opportunities for accountants

45% of accountancy firms are planning to offer more advisory services to support clients due to uncertainty caused by Brexit, according to Wolters Kluwer.

Brexit providing advisory opportunities for accountants

45% of accountancy firms indicated that they are planning to offer more advisory services to support clients due to the uncertainty caused by Brexit, including cash flow forecasting or recession planning. That’s according to a survey by Wolters Kluwer which gathered views from over 100 UK accountancy firms.

The accounting profession has had to become more flexible to accommodate the uncertainties around Brexit, with many accountants in practice revealing that they have seen a notable increase in the number of clients turning to them for advice on the various risks posed by the UK’s planned exit from the European Union.

For some advisors, Brexit has already impacted business planning decisions. Many businesses are making less ambitious revenue forecasts, while others have held off on investments to focus on the risks posed by each potential outcome.

“While there continue to be uncertainties, Brexit offers many opportunities for accountants,” said Matt Crook, Managing Director of Wolters Kluwer. “They are being asked to provide new services as a result of Brexit, and those who capitalize on the opportunity will be in an excellent position to help their clients to flourish.”

“Technology that supports advisors in addressing their clients’ Brexit-driven requirements is also set to play a pivotal role in the practice of the future, and if companies can embrace this to improve operational resilience and agility, they will be in the best possible position to rise to the challenges Brexit may present. We work side-by-side with our customers to help them realize their potential, delivering technology for the real world.”

Technology revealed itself to be a critical aspect for future focused practices looking to support their clients’ Brexit driven requirements, with nearly 86% of respondents identifying it as important, or critical to future success. Nearly a quarter (24%) of them also identified that they would be looking into offering training to existing employees when they had more certainty surrounding the short and long-term effects of Brexit on business.

The Wolters Kluwer survey found that, when asked to identify their top area of concern regarding Brexit, nearly 57 % pointed to customs, excise and VAT procedures if the UK exits with no deal. This was followed by 15 % identifying suppressed economic activity and a further 10% identifying a possible delay to Making Tax Digital for income tax as a top concern.

Overall Brexit business impact sentiment amongst industry respondents was divided, with 19% indicating that they believed Brexit presents opportunities, and 38% indicating they felt rather concerned as to future uncertainty. On a positive note, 57% of all those surveyed viewed Brexit as a possible opportunity to attract both new business and clients.

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