Accountants’ Role Reimagined as 75% of Accounting Practices Cite Increased Demand for Investment and Strategy Guidance

The role of accountants is being redefined, as UK businesses demand advanced financial guidance rather than just traditional bookkeeping. According to new research launched today from embedded payment leader, Modulr, investment and business strategy advice (75%), forecasting (73%) and accounts payable/receivable (66%), are now top priorities – signalling a dramatic evolution in client expectations.

Yet rising expectations are being undermined by persistent inefficiencies in business payments, consuming valuable time and resources within businesses and accounting practices. These inefficiencies not only limit productivity but also hinder businesses’ ability to adapt to increasing regulatory complexity and the demands of globalised economy.

A staggering 46% of respondents report spending over three hours each week on tasks like reconciling accounts and tracking compliance with regulatory requirements. Additionally, nearly half are burdened by manual data entry (45%), client communications about payment statuses (46%), and managing payments to HMRC (46%). This reliance on manual processes and fragmented systems creates avoidable delays, errors, and compliance risks, putting accountants’ at reputational risk.

Jakub Zmuda, Director of Strategy at Modulr, comments; “It’s clear that the role of the accountant has, and still is, undergoing a transformation. What clients are asking for now is a far cry from their needs ten years ago. Businesses are now seeking trusted advisors who can guide their financial strategy, predict future challenges and help navigate complex business decisions.”

Looking ahead, accountants that are unprepared for this shift will face an uphill battle as their role continues to expand. Over two thirds expect critical areas such as tax, accounts receivable, and payroll management to grow further (69%, 69% and 67% respectively) over the next five years.

“Whilst this can be considered as daunting for some” Zmuda continues, “It should be seen as a real opportunity for accountants to start to play a more central role in their clients’ success and open the door to higher value work. The time is now to embrace rapidly advancing technologies and optimize core operational areas of the accounting practice.”