Intuit QuickBooks joined up with the ICAEW to discuss the idea of tomorrow’s practice. Our UK Marketing Director, David Walsh, was able to join the discussion and shared his views on the future of accounting and small business financial management.
As technology develops there is more pressure on small businesses and accountants to keep up with the trends and work more efficiently together. David notes, “Client’s expectations are growing. When I talk to small businesses they are moving beyond spreadsheets and Excel”.
Technology advances are providing us with insights and tools to better run our businesses. As we move away from accountancy in physical ledgers, desktop and Excel we are seeing more focus being devoted to growing our businesses, and less being spent on laborious and time intensive tasks – we have an expectation that everything should be automated and intuitive.
Trends can sometimes be hidden within data which the accountant could be aware of; for example they may spot spending habits throughout the year that are causing inefficiencies in the business. Small businesses need to work closer with their accountant to identify these trends, spot the opportunities and capitalise upon them. These correlations and trends, which could make a big impact to your business, are now much easier to spot if you’re using the best tools available.
Accountants are aware that their role is shifting with client expectations, along with advances in technology such as cloud based accounting. However, we found that at the moment only 43% of accountants expect themselves to be in the cloud; contrast this with 88% of small business owners that see this as a fundamental part of their Accountant’s service offering.
You can hear more from David Walsh in his interview with the ICAEW: