There has been a huge focus on business productivity in the UK in recent months. The main political parties have focused on increasing productivity to improve Britain’s economic prospects, with businesses that embrace new trends and technologies at the forefront of this movement. The accountancy industry is evolving rapidly and adapting to new technologies to grow and advance, so let’s take a look at some of the key trends changing the industry.
Automation
Automation and the use of technology to make efficiencies are at the top of the list in terms of the impact on businesses; however, The Productivity Institute says the cost of labour has meant businesses have not traditionally invested in new systems and processes that drive efficiency and productivity and that the UK is falling behind its G7 partners in this respect. Investment in automation and advanced technology, if deployed effectively, can boost business growth.
Staff development
Since the pandemic, there has been a welcome increase in the focus on staff wellbeing and its links to improved productivity. Happy staff are productive staff, so an increased focus on wellbeing and incentives can only be a good thing; however, with an increased focus on technology and automation to reduce overheads and human error, recruiting the right staff with the right skills can be a challenge but increasingly important. Accountancy firms should consider using an accountancy recruitment agency such as Talent Finance to ensure they get the right people through the door.
Data and cybersecurity
With data breaches and cybersecurity attacks on the increase, accountancy firms must have robust systems and processes in place to defend against hostile acts and protect themselves and their clients. Not doing so could not only result in catastrophic damage to a firm’s operations and reputation but also leave them with hefty bills.
Firms have a responsibility to protect their clients’ data to avoid harm to third parties. Advice on how to protect your business from cyberattacks is available; for example, firms may benefit from the services of a cybersecurity consultancy or business continuity expert.