Accountants in practice are pragmatic and as my old principle used to say “Know the value of £”. The landscape they operate in is subject to constant change based on annual budgets which effect taxation directly and are getting larger and larger effecting not just rates but often whole tax regimes and recently they had to suffer two a year. Add to that changes in the incumbent government attitude towards taxation and the likelihood of a complete change in emphasis if the government changes as a result of elections.
So technically Accountants have to keep up to date and of course their profession like every other one has to content with the march of all things Tech and AI which they have to recognise and adapt to not just for their own business but also they need to be aware of advancements on behalf of their clients.
Throughout the career of any accountant in practice the only constant has been change and there has always been new threats that were supposed to sound the death knell for Accountants in practice from the loss of the audit requirement for many companies through to MTD and now AI. Practising accountants have adapted and changed to meet the changing landscape and there is no doubt that they will continue to do exactly that and why?
The answer is simply because they have clients that want and need the services that they offer and further because these clients respect the advice they are given and the help and support small practice accountants provide. The DIY culture that software peddlers and AI enthusiasts espouse will not suit everyone despite what they say and as long as taxpayers and business men and women want help and advice, want an impartial overview that the records they are basing their future upon are correct and further want a representative who will deal with HMC direct and on their behalf and intervene should HMRC make incorrect demands.
The future for accountants in practice will be different from now, but there will be a future and there will be a space for accountants in practice in that future of that there is no doubt.
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