How Accountants can Enhance their Practices for SME Success

By Dominic Allon, Vice President and Managing Director, Intuit Europe

The UK’s small business community is thriving. Confidence has risen back to pre-referendum levels, according to the FSB, and a poll by Monster revealed that nearly one in ten Brits wants to start their own business in 2017.

This momentum is good news for accountants ambitious to grow their practices. With a quarter of SMEs lacking basic digital skills, according to the Department for Business Innovation & Skills, many are crying out for extra support to keep pace with technological and regulatory changes such as Auto-enrolment. There are also drastic shifts in the business landscape to contend with, particularly as Brexit increases uncertainty around things like lending, the recruitment of international talent and currency fluctuations.

The good news for accountants is that they are more trusted than any other advisors, including banks, which means they are a strong position to offer guidance on how to navigate this new world. Here are four ways to make sure you are a strategic consultant your clients can’t live without in 2017:

1. Listen and learn

Every small business is different and listening to what they really need will be the foundation for a successful partnership. Accountants have a wealth of knowledge to share, but how can they be sure they’re pitching it at the right level? Having a proper forum to interact is always going to be step one, whether that is through regular phone catch-ups or connecting in person.

1. Tailor your proposition

While every customer is different, you may be able to identify some niche groups which face specific challenges in 2017. For example, landlords earning more than £10,000 from property income will need to shift to quarterly filing but may have never even thought about using technology to run their business. Many will have no idea where to start. Accountants which identify groups like this and tailor their service accordingly will become indispensable.

1. Take it to the cloud

Any good accountant can manage the books, but not all take the initiative to spend more time offering strategic advice. Investing in cloud tools that automate and streamline processes such as workflow, payroll and sales tax calculations will free up time to make this possible, and could be the difference in broadening services to things like business benchmarking and lending. Ignore the cloud and you could well find yourself disposable while other accountants build better relationships and find new ways to increase fees. You can learn from the companies utilising cloud technologies to grow and keep pace with their digital clients through initiatives like Firm of the Future.

1. Empower SMEs with information

Most small business owners choose this career path to have greater control over their working life. Few want to be cut out of decisions or lose sight of how things are being run. Accountants can provide access to real-time reporting which will help them to better understand their financial position throughout the year. Both parties having access to client data from anywhere in the world, at any time, will make conversations around growing their business and coping with economic uncertainties more meaningful.

By taking the time to listen to clients’ individual challenges, and using all the tools available to them, accountants will be in prime position to offer rounded and robust advice to help their clients grow. This will make them a trusted partner small businesses can’t live without in 2017.