Daren Moore FCCA is The TaxAssist Group CEO. In this article he explores how consolidation, digitisation and AI are creating new opportunities for accounting practices.
The UK accountancy market is experiencing one of its most active and dynamic phases in recent memory. Significant investment and widespread consolidation are reshaping the landscape, with regional, national and global players acquiring smaller firms and rolling them into larger models.
We are already seeing examples of how this is impacting the market and creating opportunities - particularly for practices focused on small businesses and local communities.
Consolidation creates new client and talent opportunities
As consolidators absorb firms into their networks they inevitably look to boost profitability to support the funding models they have created. This typically involves looking at cost savings through centralisation and efficiency, but many will be looking at their newly acquired clients to understand the contribution they are making. This can lead to increases in fees and in some cases acceptance that some of their smaller clients may no longer fit their new business models. This leaves an opening for practices like TaxAssist Accountants, who are well positioned to welcome these clients and provide the support they need.
We also expect to see the same principles applying to staffing. As consolidation drives efficiency through technology and changes to market focus, some firms will start to rethink their people requirements. That shift is beginning to free up experienced professionals who have not been available in the job market for years - a welcome development for smaller practices seeking to grow.
Looking ahead it will be interesting to see how these consolidation and ‘roll-up’ models develop. Will they all succeed in their plans? History suggests they will not and should they struggle there will inevitably be further opportunities for independent practices to pick up both clients and skilled staff.
Fee banks at the smaller end of the market
Another significant trend is the increased interest in buying practices and fee banks created by the huge amount of money coming into the accountancy sector.
Consolidators tend to focus on larger acquisitions that fit their models and are relatively simple for them to transition into their structures. This has pushed up prices for practices that they would see as being in their ‘sweet spot’, but it has not yet impacted at the smaller end of the resales/acquisition market. We are seeing more smaller fee banks now coming to market and these can present an attractive option for those practices who have the support, systems, people and funding to acquire them.
For TaxAssist franchisees, these opportunities can be game-changing. With structured support on acquisitions, franchisees have the tools and guidance to successfully expand their client bases through strategic purchases.
The digitisation wave and MTD
Accountants are no strangers to change, and the coming years promise to bring even more. Making Tax Digital (MTD) continues to transform the profession, pushing firms and clients further into digital systems. For those not yet fully engaged in the digital journey, the pressure to modernise will only increase.
TaxAssist sees this as an ongoing opportunity to help clients transition, offering guidance on solutions with clear pricing, service levels and technology. With small businesses in particular, there is a huge pool of prospects needing assistance in moving into the digital-first era.
Building for the future: platforms and outsourcing
There are significant growth opportunities in the accountancy sector at the moment, but practice owners can only access them if they can find a way to create capacity. This means tackling one of the most significant challenges in the sector – staff recruitment and retention. Talent shortages remain one of the biggest threats to growth for accountancy practices.
To address this, TaxAssist has launched Resourcing by TaxAssist, partnering with a trusted outsourcing provider. This gives franchisees access to trained professionals familiar with our systems, processes and the small business market. The aim is to give practices the capacity to deliver more services, meet deadlines with confidence, and scale without hesitation.
Technology also plays a key role. Our new client platform, currently in development, will allow practices to onboard new clients seamlessly, complete AML checks, and give clients direct access to resources, guides and tailored content. This will streamline operations while ensuring every client feels supported by both digital tools and personal service.
The AI revolution: threat or opportunity?
Much has been said about artificial intelligence and its potential impact on the profession. Some even question whether accountancy will still exist in its current form in five years.
At TaxAssist, we see AI as an enabler rather than a threat. By adopting AI thoughtfully, our practices can become more efficient, deliver better insights, win more clients and ultimately be more profitable. The firms that fail to adapt will struggle, but those that embrace change will thrive.
A positive outlook
The next five years will be transformative for the profession. Consolidation, MTD, outsourcing, digital platforms and AI are all reshaping the way accountants work. For practices willing to adapt, the opportunities have never been greater.
For TaxAssist Accountants and our franchisees, this is an exciting time. We believe the market will increasingly come to us - bringing new clients, skilled staff, and growth potential that can be harnessed with the right systems, support and vision.
Daren Moore joined The TaxAssist Direct Group Board of Directors in 2018. Daren has spent his whole career in the accountancy practice sector, having worked his way up from accounts trainee to a member of the Management Board of Price Bailey LLP, a Top 25 regional firm, where he has an outstanding track record of achievement.
In 2022, Daren became Group Managing Director overseeing the entire Group operation, expansion and development of the network and various client services. In 2023 he was appointed as Group CEO. With a solid knowledge of the accounting and taxation industry, in which he is a well-known and respected figure, Daren brings his 30 years of expertise to his role, to ensure the continued success and growth of the network in the UK and internationally.
