Find out about ‘Tomorrow’s Practice’ with SW London
- Publish date: 24 January 2018
- Archived on: 24 January 2019
With technological change, increasing competition and evolving client needs, South West London area society is hosting an event on 21 February in Kingston Upon Thames that will give practice members a valuable insight on what will make a practice successful tomorrow.
Making tax digital is inevitable. Businesses with turnover more than the VAT threshold will need to keep digital records for VAT purposes. The start date is 1 April 2019 for VAT returns starting after 1 April 2019. There is no denying that HMRC wants all tax payers to submit their information digitally. They don’t know exactly when and how, but it will happen.
Technology is changing everything we do, and the pace of change is increasing. Accountants need to adapt to and innovate with this change quickly and understand their key drivers of the practice and their clients.
Clients’ perspectives have also changed. From the research undertaken by ICAEW, clients are looking for: a one stop shop, clear and proactive information, especially on fees, from their accountants and a person that they can trust.
For practices, competition is increasingly tough, often competing on price rather than quality. Practices are finding good staff and keeping them difficult at all levels. Staff have different priorities. There are many different communication lines available and choosing the appropriate one to use is difficult.
Accountants have so much to offer. It is important for the clients to know the services that can be provided by the practice apart from the traditional preparers of accounts and tax returns. Regulatory changes, technological advances and economic pressures are changing the way the practice operates and creating opportunities to develop new service lines.
Practices have to embrace technology, use the data analysis and their emotional intelligence to help their clients. The key is to understand and empathise with your clients and work in unison to achieve their goals. Advice and a real understanding of the client’s needs is a key to a successful practice.
‘Tomorrow’s Practice’ and other practice issues with Claire Sleep, ICAEW practice manager, is organised by South West London area for Practice Members. The event will be at Metro Bank in Kingston upon Thames on 21 February 2018 at 08:00.
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