For a long time, accounting has operated almost unchallenged. Partnering with a bookkeeper was as essential to business management as the hiring of an employee.
Now we are at a turning point: a period of innovation has crept up on the profession that threatens those who don’t wish to adapt. This isn’t unique to the accountancy profession either – plenty of business models are facing technology with pointed spears.
And with this developing technology comes an expectation from clients for a developed service. At Nabarro Poole, we realise that it’s important for accountants to look beyond their bookkeeping services to ensure they remain relevant and fresh.
So, we wanted to present the three big transformations in accounting and how our service continues to support our clients…
Automation and the rise of cloud accounting
Automation has advanced the accountancy profession to a value-added service that’s synonymous with sustainable business growth. With the bulk of numerical work being completed by algorithms, it’s important that businesses choose accountants who invest the majority of their time in differentiating themselves from other services.
That’s why Nabarro Poole offers KashFlow, an online accounting software designed for business owners. Software as a Service (SaaS) and cloud-based solutions continue to rise in popularity as the Making Tax Digital roll-out date looms. Our aim is to familiarise all of our clients with the required digital processes ahead of April 2019. We additionally support users of QuickBooks, Xero, FreeAgent and Liberty Accounts so that our clients are given the opportunity to get the most from the tools they know.
Business advisors, not just bookkeepers
Our role at Nabarro Poole is to operate as business advisors for our clients. So much work is completed by automation that it is simply not enough to just offer bookkeeping services. To support and really engage with a business requires ongoing guidance and investment. As can be seen by our services, we cover everything from forecasting to tax credits, so our clients can come to us for a view on what the future holds – not just what can be learned from the past.
Business owners should look for accountants who offer a service that goes beyond strictly bookkeeping. At Nabarro Poole, we also offer less common services (such as tax enquiry fee protection insurance and company formations) to accommodate clients with unique requests.
Cryptocurrency’s increasing role in finance
Cryptocurrency has had its up and downs since its launch date over a decade ago. While many still doubt the merit of the various online tenders, cryptocurrency has been used to fund developments, boost investments and represent assets all seamlessly. Where once it showed instability, the future seems to point towards its use more often in the rewarding of shareholders.
Currently it fares better against international politics than the pound. As such it is being favoured by foreign investors looking for finance solutions. Nabarro Poole are engaged in the cryptocurrency conversation and regularly update our clients on the pros and cons of digital finance.
If you would like to discuss how our services can future-proof your business, please get in touch. Our advisors are always happy to provide answers on the changing face of accounting and how it benefits your organisation.
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