What you’re up against and how to overcome it
We live in an ever changing world.
And accountancy firms are a part of that.
The industry is evolving rapidly, and leaders need to be agile.
As we move into the final few months of 2024, here are the challenges we’ve identified for the rest of this year, 2025, and beyond.
Make sure your business has a plan for dealing with all of these, and you’ll be well placed to flourish.
Embracing new technology
Artificial Intelligence has been one of the talking points of the year, and it’s not going anywhere. Firms must continue to find new ways to integrate AI into their offerings or risk being left behind by their competitors.
But it is simply a case of investing in new technology and expecting it all to work out. With new tools comes the new for training and new skill sets among your employees. Whether you upskill employees or bring in new experts, there will likely be costs involved.
Consider not only your customer-facing tech and the maintenance required for that, but also backend solutions that can add value to your business away from the spotlight. Analytics are key and ensuring your staff have the know-how to handle these functions will be critical.
Maintaining a personal touch
Despite the rise of the chatbots, the majority of customers still prefer to deal with real people. Continuing to offer a personal and professional service that helps customers feel like they’re being treated as human beings is just as important as ever.
Offering personalised deals to customers, be it loyalty discounts or simply understanding their financial situation, is likely to help you maintain a good connection and count on repeat business for the future.
Staying on top of regulation changes
Regulation continues to change at pace. In the aftermath of Brexit, there are new standards and rules to stay abreast of. And if you’re working with European countries, things can get even more complex.
Staying on top of things requires concerted effort. It may be worth scheduling regular updates and workshops tied into government announcements.
With some personal tax changes expected in the 2024 Autumn Budget, the firms that quickly move to adapt to any new guidelines and laws will be best placed.
Managing teams of remote workers
The COVID-19 pandemic prompted another seismic shift in how companies work. While we are down from the nearly 40% of employees that worked from home in 2020, the current figure of around 14% is still significantly higher than pre-pandemic levels.
That brings its own unique set of challenges, particularly for managers looking to build and lead cohesive teams.
Whether you’re struggling to schedule employees across different locations or improve morale, consider ways that you can easily communicate with everyone and foster a sense of togetherness.
Recruitment of top talent
The labour market is competitive. The industry is crowded. Customers have more choice than ever before. All these factors make giving your patrons a great service critical to growing as a business.
The first step in that process is identifying talent gaps and moving to fill them. Talented employees will be aware of demand for their skills and expect to be compensated accordingly.
The risks of failing to hire well are not to be underestimated, so run the numbers and work out what attractive packages you can put together for the skills and people your business needs.
Ensuring robust cybersecurity
Accountancy firms naturally handle sensitive data, and that data is increasingly stored in the cloud thanks to the rise in off-site storage solutions. That makes them prime targets for cybersecurity attacks.
Breaches can be devastating and often take months to identify, let alone recover from. Prevention is always infinitely better than cure when it comes to cybersecurity. Investing in trusted products that keep your organisation and data safe is an important first step.
But tools alone are not the answer. Just as important is the right training. Human error is a huge weakness in any organisation and so ensuring that your employees know and follow best practices will keep you far safer.
With adherence to strict standards already a key part of accounting, hopefully your members of staff will be well placed to follow any cybersecurity guidelines you give them.
With these challenges and their solutions identified, your can put your accountancy business in the best possible position for the rest of the year and beyond.