PracticeAccounting FirmsOnline services central to future of practices, say managing partners

Online services central to future of practices, say managing partners

Practices to push an 'online service', rather than adapt to their clients, according to research involving 300 managing partners by Foulger Underwood Kato

Online services central to future of practices, say managing partners

THE USE of cloud accounting services is set to revolutionise the relationship between clients and practitioners, according to research undertaken by practice consultancy Foulger Underwood Kato

Practices are looking to set up a single platform to provide online accounting services to clients, rather than run a range of platforms and systems based on clients’ legacy requirements. 

Using cloud-based offerings to clients will continue to commoditise services, pushing advisers to offer more advisory services, the rsearch, which involved 300 managing partners, found.

“As the use of technology increases others will seek to challenge the role of the traditional accountant. The profession needs to adapt,” said Foulger Underwood Kato consultant Phil Shohet.

Smaller firms are targeting larger corporate clients by offering more specialised services, with one-off assignments in tax, corporate finance and insolvency. As such, they are looking to increase their percentage of non-recurring work.

The audit threshold issue

With audit thresholds increasingly taking clients out of the requirement for compliance work, small firms are dispensing with trainees and giving up their audit registrations – borne out in the recent Key Facts and Trends survey released by accounting watchdog Financial Reporting Council.

However, some small firms are using audit as their focus, which for some has meant acting as a centralised hub to help out fellow regional firms.

There is increasing competition for managers and partners, the research found. Challenges around key team members include how to remunerate and retain non-equity partners. Higher salaries in national firms are impacting the recruitment process for smaller practices.

“Expectations have changed significantly and more firms are providing flexible employment terms and are looking to provide clear career paths and opportunities,” Shohet added.

Further research details will be released soon.

Related Articles

1,000 staff promoted at BDO

Accounting Firms 1,000 staff promoted at BDO

10m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

10m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

10m Kevin Reed, Writer
The Practitioner: Buy-to-let 'experts' trying to nick my clients

Accounting Firms The Practitioner: Buy-to-let 'experts' trying to nick my clients

11m The Practitioner
Three managerial promotions at PM+M

Accounting Firms Three managerial promotions at PM+M

11m Kevin Reed, Writer
Practices join forces to launch TaxGo digital service

Accounting Firms Practices join forces to launch TaxGo digital service

10m Kevin Reed, Writer
The Practitioner: Costs climb, but speculating to accumulate

Accounting Firms The Practitioner: Costs climb, but speculating to accumulate

10m The Practitioner
British Accountancy Awards 2016: The Winners

Accounting Firms British Accountancy Awards 2016: The Winners

11m Kevin Reed, Writer