Compliance tipped to remain ‘linchpin’ of accounting practices

Speaking to AccountantsDaily, Simon Madder, chief executive of Prime Financial Group, said that while compliance is and will remain a vital source of income for firms, value-adding will be a central component of securing future clients and revenue. 

“I think compliance will continue to be a linchpin as conversations for accountants but I think it’s what that conversation turns into, in terms of broader cross-delivery of services that becomes more important,” he said.

“I don’t think compliance is dead, I think what people are trying to say in different ways is that the former function of what accountant and business advisers do is shifting by virtue of how tasks can be automated,” Mr Madder said. 

Holistic advice is another avenue Mr Madder urged firms to explore, with clients today and into the future likely to be seeking a "complete experience" from their professional adviser. 

Looking forward, Mr Madder remains positive that accountants will continue to play a positive role in the compliance and advisory space but acknowledges that there are significant changes on the horizon in terms of the nature of these services. 

“Accountants are in a really privileged position to be that closest possible adviser, along with financial advisers, to their clients and I think there is just going to be a natural evolution to how accountants engage with their clients moving forward.”