Our key takeaways from the 2023 Accountex Conference in London!

Attending the Accountex conference in London yesterday was a busy and insightful experience. Working in a growing firm,  I was particularly interested in the discussions around how transforming client experience can give us a competitive edge in the accounting sector. Here are some of the key takeaways I gathered from the event:

Technology, AI, and automation are causing shifts in demand.

As with many industries, accounting is being affected by technological advancements. Automation and AI are becoming more prevalent, and clients are expecting accountants to be able to leverage these tools to provide them with better service. As a result, it’s important for accounting firms to stay up to date with the latest trends in technology and incorporate them into their services.

Expectations from clients are high.

Clients are increasingly expecting more from their accountants. They want real-time information and personalised engagements that anticipate their needs. Accounting firms that can provide these types of services will have a significant competitive advantage.

War for talent.

The accounting industry is currently facing a war for talent. According to the notes I took, 20% of workers are likely to quit in the next 12 months, and 40% of workers will be working from home by 2025. It’s important for accounting firms to create an attractive work environment to retain their employees.

Automations are increasing, and task hours will drop.

Automations are becoming more prevalent, which means that traditional accounting tasks will take less time to complete. According to the speaker from Salesforce, normal task hours will drop 13% by 2025. Accounting firms should consider how they can adapt to this change and provide more value-added services to clients.

Customer experience is key.

89% of businesses will compete on customer experience. Accounting firms should focus on improving their clients’ experiences as the basis for any business change. This means providing personalised engagements and insights into real-time financial data, as well as monitoring and predicting client health and linking it to industry benchmarking.

Data is important.

Finally, data is crucial when it comes to driving a business forward. Accounting firms should be using data to understand their clients’ needs and provide them with better service. This can include analysing financial data to identify areas for improvement and using data to create more accurate forecasts.

Overall, attending the Accountex conference in London was a great opportunity to learn about the latest trends in the accounting industry. It’s clear that the sector is changing rapidly, and accounting firms that can adapt to these changes will have a significant advantage. By focusing on improving client experience, using the latest technology and data analysis, and creating an attractive work environment, accounting firms can position themselves for success in the years to come.

Author: Victoria King, Marketing Manager

Any views or opinions represented in this blog are personal, belong solely to the blog owner and do not represent those of Plus Accounting. All content provided on this blog is for informational purposes only. The owner of this blog makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site.

Date published: 12 May 2023

See how we can help you...

We believe in being involved with the local business community and that is why we network extensively, host regular business seminars, write blogs and have many trusted, professional contacts