The role and outputs of practitioners are becoming more collaborative and insight-led, thanks to a new wave of tools that is changing relationships with clients.
The shift to automation is driving – and, in a virtuous circle, being driven by – a growing focus on offering strategic insight. Practitioners are increasingly being expected to advise across the client’s whole business, even for SMEs whose priorities for their advisers might previously have been ‘merely’ compliance.
To this end, a number of tech tools are being embraced across practices of all sizes. Microsoft’s Copilot, embedded in Excel and Teams, allows advisers to model forecasts or suggest commentary on the fly. Tools like Dext and Futrli help advisers of SME clients to automate routine tasks such as bookkeeping, but also to go some way further in their advisory offering.
‘Futrli changed my view on the level and scope of information I can give to people’
For example, virtual accountancy business Nuvem9 has been using Futrli to generate full investment forecasts, without the use of spreadsheets, to replicate key performance indicator information alongside its clients’ P&Ls, enabling the firm and its clients to understand the financial implications of the data tracked.
‘Instead of giving clients figures and nothing else, we work out what we can do with them,’ says Nuvem9 founder Niall McGinnity, ‘such as identifying which metrics to track, how they’re going to grow the company, etc. Futrli plays a massive part in helping me get the results of performance measurement through KPI measurements back to clients efficiently, and maximises time in actually explaining and discussing the trends. It’s changed my view on the level and scope of information I can give to people.’
Practice management
This evolution in approach is supported by a new generation of cloud-based platforms that allow accountants to access real-time financial data, automate workflows and collaborate more closely with clients. In addition to the most commonly used tools, such as Xero, QuickBooks Online and Sage – which streamline day-to-day processes, reduce time spent on manual data entry and integrate with reporting tools like Fathom, Syft and Spotlight Reporting – many practices are growing their advisory roles by also adopting practice management tools designed to enhance operational efficiency and client service.
Client onboarding has been fully automated
Platforms such as Karbon, Pixie and AccountancyManager enable firms to manage workflows, automate reminders and track communications, all of which are critical in a fast-paced, digital-first environment. Karbon has helped My Management Accountant, a technology-focused accountancy firm, streamline communication, improve visibility across the team and automate key workflows. Since moving to remote work, the team needed a better way to collaborate without relying on internal emails or disjointed systems.
Founder Martin Bown says Karbon has helped the team work smarter, stay connected and deliver a consistent service. For example, client onboarding has been transformed, Bown says. The process is now fully automated, from signing documents to assigning internal tasks, which saves time and reduces errors.
‘I think quite quickly we’re going to see a big move away from that very traditional approach of “these are the systems we use, therefore this is how we’re going to work with you”,’ Bown says.
‘We prefer meeting face-to-face with our clients, often with paper documents we can scribble on’
Human touch
Yet not every firm is moving at the same pace, and not everyone wants to. For Andy Hearne, who runs Financial Planning Partners, the modernisation of communication needs to be approached with caution and clarity.
‘We prefer an old-school way of working, ideally meeting face-to-face with our clients, often with paper documents we can scribble on,’ says Hearne. ‘It helps explain key concepts in a memorable way. Clients can take that away and refer back to it later.
‘We find collaboration is best done in person,’ he says. ‘Remote meetings have some benefits, but you can lose a lot of the rapport and trust that comes with sitting down with someone and understanding them.’
Technology, in his view, is not a silver bullet. The volume of available information has exploded, but that doesn’t make people better informed. ‘Insight is what matters now, helping clients know which questions to ask and whether the answers they’re finding are actually useful.’
However, Hearne acknowledges his job is changing fast. ‘As software, technology and the world changes, my day-to-day role is inevitably changing rapidly. I need to re-engineer my role as the business develops, and in anticipation of what it will need to look like in the next five to 10 years. Not only will it change, but so too will the roles of those we recruit in the years ahead.’
‘For us, human relationships and mutual trust are timeless’
This balance is key, he says. ‘It’s important to keep up with change, to watch what others are doing and learn where you can. But you also have to know what’s timeless and, for us, that’s human relationships and mutual trust.’
While professional accountants are stepping beyond the spreadsheet, using real-time tools and AI to deliver sharper insights and play a more strategic role across the client’s business, one thing remains constant amid all the innovation: the value of clear communication and trust.
More information
See AB’s special edition on the future of work, including how technology is reshaping the workplace
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