Whether you work in industry or practice, want to start your own independent practice, or just wish to join TaxAssist Accountants, there is no escaping the fact that the accounting world is undergoing some of the biggest changes it has seen in decades.
In a nutshell, these changes revolve around four major issues – Software, Making Tax Digital, client advisory services and GDPR – and ignoring them could cost you dearly.
Accounting in the Cloud
Cloud-based accounting software has revolutionised the way accountants operate and interact with their clients. To stay one step ahead of the competition, and to be at the cutting edge of new technology, you need to be able to offer a service that attracts and retains every kind of small business client.
At TaxAssist Accountants we continually research, evaluate and recommend the best software to suit the needs of our network and its clients. This is an ever-changing arena we monitor closely to ensure we offer first class training and support to our accountants and their staff with the advent of each new development.
Making Tax Digital
Many software changes are linked to Making Tax Digital for business, a Government project aimed at putting tax information together in one online place. Intended to bring the UK tax system into the 21st Century, by providing businesses with a modern, streamlined service to keep their tax records and provide information to HM Revenue & Customs (HMRC).
All the research shows that business owners will need their accountants more than ever before. The Federation of Small Business, The Forum of Private Business and the ACCA all believe that small businesses will not find these changes easy to manage and will rely on their advisors to support them.
At TaxAssist Accountants, we've spent a great deal of time training and developing the right support services to help our accountants support small businesses through this period of change. HMRC will not be offering software to help clients report quarterly, so we have already partnered with Intuit QuickBooks to help make managing accounting records easy.
Client Advisory Services
Not surprisingly, the nature of Client Advisory Services is evolving to take technological changes into account. This means our industry needs to be adding new services to their practice portfolio not only to stand out from the crowd, but because clients now expect their accountant to offer an enhanced service including business support and advice.
At TaxAssist Accountants we care about the success of our clients’ businesses, which is why we have recommended business partners, so our accountants can offer their clients HR advice, debt recovery, financial services, telephone answering services and will writing to name a few. Our Trustpilot rating reflects this, with feedback from clients on a daily basis which can be found here.
General Data Protection Regulation
General Data Protection Regulation or GDPR intends to strengthen and unify data protection for all industries, including accounting. It becomes enforceable from 25th May 2018 and will mean that Data Protection Authorities will have the power to enforce much more severe penalties for breaches of personal data. The legal and technical changes involved with being GDPR-compliant are huge, and require major changes for all companies at an operation level. All businesses, no matter how small will be affected by this change in data protection law.
TaxAssist Accountants is currently undertaking high level investigations to ensure that our Franchise Support Centre and accountants in our network will all be fully GDPR compliant by the 25th May. Our franchisees can rest assured, safe in the knowledge that we are undertaking this incredibly important research on their behalf, meaning they don’t have to.
First choice for small business services
TaxAssist Accountants prides itself on being at the forefront of the changes facing the accounting industry, leading the way to ensure our accounting practices are the first choice for small business services and dedicating ourselves to help our accountants build a successful, profitable and future proof ‘one stop shop’ business.
With a network of more than 290 highly visible high street shops and offices across the UK, our accountants are ideally placed to take advantage of the opportunities that change is bringing.
TaxAssist Accountants is currently 22nd in the latest Accountancy Age Top 50 Firms survey. TaxAssist Accountants entered the Top 50 back in 2010 as the UK's 34th largest firm.