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With fears that there is a global recession on the horizon, many businesses are on high alert and will be looking for ways to streamline their processes and cut costs, all the while remaining competitive within their respective markets.

For many, accountants have become valued advisors. During the pandemic, as businesses grappled with economic and geopolitical uncertainty, senior leadership teams turned to their accountants for advice, beyond the realm of accounting.

In-house teams and external practices were asked where value could be added to the business, as cost-cutting measures were implemented, and local lockdown rules prompted the advent of hybrid working.

The digitalisation of accounting processes

Digitalisation has been one area where accountants and bookkeepers have had to lend greater support. In the palls of the Covid-health crisis, an accountant’s expanded advisory function has once again been called into action with the introduction of new regulation – in which the UK Making Tax Digital for ITSA has been the headline act.

With the introduction of new legislation, accountants are not only being asked to demystify new rules, but also provide guidance on technology solutions needed for compliance and, in some instances, provide training.

As a result, a greater number of advisors are having to become tech specialists to help implement the technological change clients are wanting. Similarly, accountancy teams have also had to bolster their own tech stack – and digital skill sets – to keep pace with client needs and remain competitive in the sector.

It is therefore imperative, that as the globe pivots on the edge of a recession, accountants are prepared to aid their clients through the next period of uncertainty.

Having weathered one economic storm this decade, many accountancy teams will be aware of the burden which will be placed upon them by their clients. All the while, practices will have their own internal challenges to overcome, such as:

• Pricing their services to remain competitive whilst avoiding cash flow issues

• Attracting and retaining the right talent

• Preventing cyber-attacks and data breaches

Where technology can help

Better technology allows for better lines of communication, centralised and secure locations for data, and frees up time for accounting professionals to turn their attention to more analytical and advisory duties through increased automation.

At Bright, we aim to assist accountants – and their clients – in this journey. Bright is a leading provider of accounting, payroll, and practice management solutions to businesses across the UK and Ireland; we are already helping thousands of accountants, bookkeepers and small to mid-sized businesses (SMEs).

In our forthcoming podcast series, Bright – in partnership with Accountancy Age – will discuss some of the key challenges currently being faced within the industry. The series will unpack key trends, solutions, and how technology can help firms and businesses operate more efficiently in the years ahead. Leaders in the industry will give their take on interesting topics – such as the changing role of the accountant and what digitalisation means for practices – and provide better insights.

This content may have been developed with the assistance of AI tools. Content is reviewed by a member of the Bright team before publication. Guidance on legislation can be obtained from your industry body.