PDF The passionate practitioner
The passionate practitioner:
Developing the digitalised small and medium practice
About ACCA
ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants, offering business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management. ACCA supports its 208,000 members and 503,000 students in 179 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 104 offices and centres and more than 7,300 Approved Employers worldwide, who provide high standards of employee learning and development. Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence. ACCA is currently introducing major innovations to its flagship qualification to ensure its members and future members continue to be the most valued, up to date and sought-after accountancy professionals globally. Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability.
More information is here:
? The Association of Chartered Certified Accountants March 2019
The passionate practitioner:
Developing the digitalised small and medium practice
About this report
For many in the small and medium-sized enterprise (SME) community, the world of accounting is changing. The profound effect of the application of accounting technology to this sector provides significant opportunities for accountants to remodel their practices and to offer increased, relevant, services. In this report we explore the nature of that opportunity, set out the components of the business case and a potential implementation path.
Foreword
It is often written that technology is an enabler. It can assist in creating change but of itself it is never the sole driver for. This is especially true if you consider the opportunity for small and medium-sized accounting practices (SMPs) since the evolution of cloud-based accounting software. Many economies are increasingly reliant upon small and medium-sized enterprises (SMEs) to drive growth. The accountant in practice has a significant role to play in assisting in that process. Those who have the most to offer are those who have, with their clients, embraced the digital journey. Digital resources offer a world of insight that was once possibly restricted to larger businesses. These new resources enable the accountant to be the true business adviser, one who has time to spend with their clients on strategy, insight and vision. Changes to the ACCA Qualification have incorporated not only the capabilities for employing the data analysis skills that SMPs now need but also the professional skills that add value in the way that their clients now require. At the heart of this is the embracing of digital technology: cloud-based accounting applications that capture information and process it seamlessly. Seizing this is a significant opportunity for the SMP of today and tomorrow. Helen Brand Chief executive, ACCA
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Contents
Introduction
6
Executive summary
7
1. Digital accounting software, a brief overview
8
1.1 Full proprietary systems
8
1.2 Native digital applications
8
1.3 Digitalised desktop products
8
1.4 Platform selection
9
1.5 Scalability
9
2. The impact of digitalisation
10
2.1 Revenues and growth
10
2.2 Identifying the client base
11
2.3 Managing the workload
11
2.4 Working practices
11
CASE STUDY: Dawn Williams, Resilia Accounting Services
12
2.5 People and skills
13
CASE STUDY: Nigel Adams, Ad Valorem
14
2.6 Value-added services and the move to advisory
15
CASE STUDY: Bright Amisi, Avante Advisory Services
17
3. Why digitalise?
19
4. Benefits of digitalisation
20
4.1 Time and cost
20
4.2 Strategic drivers ? adding more value for clients
21
4.3 Skills and resources
21
CASE STUDY: Heather Smith, ANISE Consulting
22
4.4 Digitising tax reporting
24
5. Future developments
25
5.1 The evolving application set
25
5.2 Remaining relevant
25
5.3 Other considerations
25
CASE STUDY: Nathan Keeley, MHA Carpenter Box
26
6. Implementation
28
6.1 Transforming the implementation approach
28
6.2 The overall journey
28
6.3 Implementation roadmap
29
CASE STUDY: Fou-khan Tsang, Alfa Accountants
31
7. Conclusion: The accountant of the future
33
CASE STUDY: Christian Terry, PI Accountancy
34
References
36
Acknowledgements
37
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