Capitalise explores 14 challenges facing mid-sized accounting firms and how to overcome them
The shifting macroeconomic climate and changing client needs mean that the accounting industry is continuously evolving. As a mid-sized accounting firm, you act as a foundation in the accounting industry, so adapting to change is essential for your accounting practice to thrive.
Post pandemic, graduates seem to be staying on for further education, while experienced professionals are retiring early, creating a shortage of skilled workers and talent in the accounting industry. With retention and recruitment challenges facing many practices, you may find your firm needs practical advice on how to differentiate itself as a local leader in the business community. Or how to communicate your core values, using your website and social media to attract new talent and be able to keep up with client demand.
In this guide, Capitalise provides tips on developing a strong recruitment and training plan to delegate effectively and develop team members quickly.
Although Making Tax Digital has been delayed, developing a digital strategy to cater to both smaller and larger clients is becoming increasingly important, with many firms experiencing challenges moving their clients to the cloud. As new software tools for practice management continuously evolve, staff as well as clients may also be struggling to adapt to new technology. The guide explores how you can smooth the process and provide advice on the right tech stack for each client. As well as helping your team with ongoing training and support to adapt to new software tools.
With the FRC’s new Revised Ethical Standard, if you have audit clients, it can be difficult to differentiate your service offering and remain compliant with the regulations. But in an evolving market, it’s important to widen your offering, moving beyond the traditionally detached role of an auditor and towards advisory work.
If you’re wondering how to expand your offering, this guide will help you to offer creative solutions to add value to audit clients, while differentiating service offering.
Read the full guide to find out how your firm can provide insights for team members to have wider commercial conversations with clients, and offer advisory work such as business planning, fundraising and exit planning.
Capitalise explores the 14 most significant challenges facing accounting practices and five strategies the top UK accounting firms have used to overcome them.
If you’re looking to shape your firm's future and provide a stand out service to clients, download the short guide.
Read about how new technologies are driving audit transformation.