by Kourtney Luckett. Senior Consultant at TPF Recruitment.
There's no denying that 2024 has been a year to remember in accountancy practice, and we are certainly seeing some notable changes which we predict will continue into 2025.
Accounting practices are adapting to several trends that reflect changes in technology, client expectations, regulatory frameworks, and the broader business environment. Let's give you an overview of some of the top trends we are seeing within the accountancy profession:
CLOUD ACCOUNTING AND INTEGRATED SOFTWARE
We are seeing the continuous movement of firms moving their accounting processes to the cloud, allowing for real-time data access and collaboration with clients. Platforms like QuickBooks Online, Xero, and Sage are increasingly popular, providing clients with greater visibility and accountants with enhanced efficiency.
Accountants are also increasingly using integrated ecosystems that link accounting software to other business tools, such as CRM systems, project management software, and payroll systems. This provides a more holistic approach to managing financial data.
SHIFTING TO ADVISORY SERVICES AND VALUE-ADDED OFFERINGS
Many accounting practices are shifting from just providing compliance services (e.g., tax preparation and auditing) to offering more advisory services, such as financial forecasting, business planning, and strategy consulting.
There’s a growing emphasis on helping clients improve profitability, cash flow management, and decision-making. Accountants are becoming trusted business advisors rather than just number crunchers.
This means there is a shift in hiring strategies. With the increase in offshoring transactional work, practices are looking for client facing, business developing accountants, over 'number crunchers'. The demand for 'Client Managers' is at an all time high, and this is set to increase in 2025.
REMOTE AND HYBRID WORK MODELS
Despite the demand for hybrid / flexible working arrangements amongst job seekers, we are seeing an increasing shift back to office dominant working. Some practices have reverted their hybrid policies completely, and require employees to be in the office 5 days a week.
Due to the decline in practice opportunities, job seekers are left with little choice when demanding flexible working, and are having to adjust their requirements to match this market trend.
We expect shift to continue throughout 2025 with working from home becoming even less regular.
TALENT DEVELOPMENT AND UPSKILLING
Based on the point made earlier, practices are shifting their focus onto hiring Client Managers, that work beyond transactional preparation. While technical expertise remains important, there's a growing emphasis on soft skills like communication, problem-solving, and emotional intelligence. Accountants are being trained to be more client-facing and advisory-focused.
Firms are also investing in ongoing education and certification programs to ensure their teams remain proficient in the latest accounting standards, technology, and industry trends.
MERGERS, ACQUISTIONS, AND CONSOLIDATION
Consolidation in the Industry: As competition intensifies and firms seek to scale up, there has been an increase in mergers and acquisitions within the accountancy sector. Larger firms are absorbing smaller practices to expand their capabilities and client bases.
Every week brings news of a new acquisition and its been hard to keep up with the amount of smaller practices that have been acquired by large private equity backed organisations.
In addition to this accountancy practices are increasingly seeking to specialise in niche industries or service areas, such as forensic accounting, international taxation, or fintech, to differentiate themselves in the market.
ROGUE AGENCIES
On a note of recruitment, with opportunities in accountancy practice tightening, there has been an increase in agencies operating immorally (and even illegally according to Data Protection laws.)
On a regular basis we are speaking to candidates that have registered on online job boards, and agencies have accessed this and sent their CV across the market without the candidates' knowledge or consent. This causes candidates immense distress as they lose control of their job search.
From the clients' perspective, a solution to this is to partner with only preferred recruiters, who you know register candidates fully and gain consent. The recruiters who know your practice in and out, have been along to see your offices, and make the time to get to know you properly.
From the candidates' perspective, a solution to this is to partner with a local, reputable agency who specialise in the roles you'd like to work within. Chances are they will have much better relationships with the local clients you'll be making applications to (like TPF Recruitment), and will avoid just emailing your CV out to everyone, which let's face it, you could do yourself.
These trends are shaping the future of accounting practices and influencing how firms operate, deliver value to clients, and manage their internal processes. Technology and a more strategic focus are central to many of these developments, leading to a profession that's more dynamic and client-focused than ever before.
Hopefully you'll have found this guide useful and if you need any support, the team here at TPF are happy to help.
Comments