2016 was year of unprecedented and tumultuous change for the accounting profession. With the regulatory shift from UK GAAP to the new FRS101, 102 and 105 reporting standard – and the controversial Brexit vote – accountancy firms have been forced to re-evaluate the way in which they operate.
But while the regulatory overhaul was expected, many accounting professionals have struggled with the complexity and additional documentation that comes with the new FRS 101, 102 and 105 reporting criteria – and some have highlighted that it would be enough to make them quit.
And, amongst the regulatory changes, underlying trends and problems associated with the accounting profession have slowly been exposed and brought to light, highlighting the necessity for changes in the working environment and the adoption of new technology. Complications such as unskilled and inefficient co-workers, failures to implement new technology, inability to retain staff and managing client expectations are just some of the problems that have been highlighted.
With this considered, accounting firms need to incorporate more effective processes and methodologies if they want to maintain a competitive edge, secure new business, retain employees and meet evolving customer expectations in an industry rife with change.
In order to understand the extent of these underlying issues, how accountancy firms can adapt, and how the new reporting standards and Brexit have affected the accounting profession, CaseWare has developed a comprehensive market research report which explores the problems within the accounting industry – and what needs to happen next.
In this market research report, we will cover:
- How the regulatory shift from UK GAAP to the new FRS101, 102 and 105 has influenced accounting practices
- The extent to which Brexit is impacting accountancy firms
- Key productivity problems amongst accountancy firms
- The changes in staff expectations and staff satisfaction – and how these influence recruitment and retention
- How the accountant/client relationship is changing
- The importance of technology for the accounting industry – and how it can help firms to meet client expectations in 2017
To learn more, click here to download the full research report.