Press Release: Accountancy firms ill-prepared for winds of change

A survey by Maximiti Ltd, leading UK accountancy practice brokers and consultants reveals a worrying statistic that could bode ill for many small practices in 2017, given the pace of change facing the accountancy profession

Norman Younger BA (Hons) FCCA , founder and director of the firm reveals that 80% of firms recently surveyed by his firm have no strategy for change in place for 2017.

"Given the massive changes facing SMEs and micro-entities, ranging from RTI to MTD it is time for every single firm to know how they will cope with client demands and government IT gremlins" says Younger.

Maximiti believes a major concern is whether firms feel able to recover the extra costs involved. But more worrying explains Younger is that "challenge also presents opportunity and that many firms are failing to see the massive potential for growth on the back of these changes coupled with others such as commoditisation of the core offering that is the bread and butter of so many high street practices".

"It's small wonder that our survey also found that only 50% of practices were optimistic for their fortunes in 2017" he says ruefully.

"If firms cannot look after themselves adequately and are somewhat downbeat" wonders Younger, "what does that say for the level of business support and planning that they are offering their clients?"

Younger ended off by returning to a recurring theme he hears from SME owners on a depressingly regular basis - why their accountants are not proactive with business and investment advice. He wonders whether the profession will ever close that expectations gap, but is certain it won't be in 2017.