2023: by the numbers - Top three trends to help Accountancy Firms thrive in 2023

Well, 2022 was a bit of a hellscape, wasn’t it? Recessions, political merry-go-rounds, Royal dramas, problematic world cups, and the ever-present ghost at the feast that is Brexit have all left their mark on the UK this year. And we enter next year with the Bank of England prediction UK growth at -1.3% while the rest of the world isn’t expected to fare much better; Morgan Stanley’s global outlook suggest peak inflation and a global GDP growth of just 2.2%.  

As an accountant you’d be forgiven, then, for being a bit gloomy about what 2023 has in store for your company. Especially when you consider the long term changes that are still rocking firms today. Iris reports that One in three (32%) accountants reveal their clients now expect them to deliver advisory services on top of day-to-day compliance work, and without paying additional fees. And that’s on top of having to deal with the mess that is MTD (Making Tax Digital). The two biggest pain points noted by accountants were moving clients to MTD (43% mentioned) and preparing their own practice to do so (40% mentioned).

But it doesn’t have to be this way. We want every accountancy firm to thrive in 2023. To help with that, we’ve talked to some of the biggest research and advisory companies in the UK to pick out three big trends for the coming year, and how Accountants can best take advantage of them.

Trend 1: Staffing up in the clouds

Sagenext reports that over two thirds (67%) of Accountants approved the introduction of cloud-based accountancy services over the past few years, citing how they’ve streamlined and enhanced their work quality and speed.

The adoption of cloud-based services will continue, and as a result we predict that it will address the biggest shortages in skilled accountants in 2023. ICAEW reported a near 40% drop in accountants entering the profession between 2021 and 2022, with many more leaving due to increased pressures from clients and mental health concerns.

Cloud-based technology and the rise of remote working gives accountancy firms both access to more globally-based talent (without the need to recruit locally), and as Forbes discovered in 2021, remote working can significantly improve mental health of a pressured workforce.

If your firm hasn’t already embraced cloud-based solutions for its workflows, then 2023 is the year to make it happen – for the benefit of your team’s skills and its health.

Trend 2: Being relevant – and essential

Many accoutnants are concerned about Accountants being relevant to the modern world. Jeff Thompson, president and CEO of Institute of Management Accountants, says: “We are in an environment of speed, uncertainty, volatility and disruption. Is our profession fit for purpose? Are we agile and upskilling quickly enough in the areas of data science, technology enablement, strategy management and "nonfinancial" performance management? Are we doing a good enough job at telling the story of the profession as one that is ethically sound, generates value for multiple stakeholders, makes a difference and inspires trust?

That’s quite a to-do list. But really it reflects that ongoing trends we see above: the shift from accountants being reactive bookkeepers to proactive business advisors and strategic thinkers.

In 2023 businesses will need to navigate an ever more complex world of MTD, recessionary pressures and uncertainty about where customers will come from and what regulatory compliance will be needed to safely manage them. And all this positions the accountant as a key strategic role to best support their business. Spotlight Reporting predicts that rather than fighting to stay relevant, Accountants should be proving themselves as a more vital part of all business decision making. To do that accountants need to streamline their existing workload processes – using cloud technologies, outsourcing big data analysis, simplifying compliance and digitising workflows – to free up more time to provide strategic advice and analysis.

Trend 3: Going passwordless will finally be feasible

CPA Practice Advisor is predicting that while major corporate players will promote passwordless authentication standards, accountants are going to ignore them and stick with familiar identity management solutions including complex 12+ character passwords, MFA (multi-factor authentication), and password wallets for identity management through 2023.

Our take: Going passwordless – especially for verification and onboarding with APLYiD’s biometric technology – is cheaper and more accessible than ever before, and saves a huge amount of time with data entry and workflow management. We think for once that the big boys have it right: if your competitors are going to play it safe this year and stick with clumsy, vulnerable identity management solutions than you can steal a march on them with passwordless technology.

To find out more about our biometric onboarding and verification software, you can get in touch here.

Read More News & Insights

Industry News

Tranche 2: The Next Big Step in compliance

If you are a Lawyer, Real Estate Agent, or an Accountant in Australia, you may be wondering what exactly this ‘Tranche 2’ stuff will mean for you in practical terms.

Read more
Financial Services

Press Release: APLYiD Partners with HES Fintech to Enhance Digital Identity Verification Solutions

Press Release: APLYiD Partners with HES Fintech to Enhance Digital Identity Verification Solutions

Read more
Estate Agents

Unmasking Property Fraud with Biometric AML Technology

It's not hard to scam an agency, and HMRC is on the hunt for AML negligence with £5k fines. Yikes. But there is an easy way to fix this...

Read more
Industry News

Heartbreaking Fraud

As Valentine's Day approaches, love is undoubtedly in the air, but unfortunately, so is the risk of identity theft within the online dating sphere.

Read more
Industry News

New Year, New AML regulations?

As we kick off the new year, APLYiD, a leading identity verification company, is navigating through changes in the regulatory landscape.

Read more
Industry News

The Power of Biometric Verification

In today's fast-changing world of digital security, biometric verification has become a crucial way to authenticate identities.

Read more
EDD

What is Enhanced Due Diligence (EDD)?

What is Enhanced Due Diligence and why is it so important?

Read more
EDD

Enhanced Due Diligence with Outsourced ACAMS Professionals and Software

At APLYiD our mission is to end identity fraud and digital crime – that’s why we’ve made the best biometric identity verification software on the planet. But as our technology gets more sophisticated...

Read more
Financial Services

How are hackers beating banks’ ID verification software?

At APLYiD our mission is to end identity fraud and digital crime – that’s why we’ve made the best biometric identity verification software on the planet. But as our technology gets more sophisticated...

Read more
Legal Services

From Russia with Dislike

The cost of living crisis, competitive landscape and ongoing war in Ukraine are causing major headaches for the legal industry

Read more
Vehicle Finance

New plates, same old problems

The new 2023 plate change will come in a volatile, ultra-competitive market. Here’s how to win over those harder-to-reach customers

Read more
Estate Agents

Moving on up?

There are some tiny, fragile signs that the UK Property market is recovering

Read more
Accountancy Firms

Count me out

The accounting industry is in crisis – but with one simple software tweak it could become a fun, rewarding job once more

Read more
Financial Services

Abandon(ment) hope

As interest rates continue to rise, so too do abandonment rates. By creating a better customer experience, you can cut those rates while protecting your business from fraud

Read more
Accountancy Firms

What keeps accountants awake at night?

The entire accounting industry is changing. For some that means new opportunities for growth and diversification; but for others the change can be traumatic.

Read more
Industry News

The best YouTube channels for Cyber Security

Watch and learn with our pick of the 14 best YouTube channels to follow if you’re serious about cyber security

Read more
Financial Services

Will this be the year of identity?

Passwords are hacked with ease, and MFAs are not the answer. Isn’t it time the biggest companies protect their clients and workforce with an identity-based perimeter?

Read more
Accountancy Firms

The beginner’s guide to Knowing Your Customer (KYC)

New to KYC? Here’s your at-a-glance guide to the ins and outs of Knowing Your Customer.

Read more
Financial Services

Challenger banks: they shouldn’t stand alone

The FCA reports that the UK’s top challenger banks still don’t do enough to eliminate identity theft and cyber fraud – but there’s nothing but silence from the companies that are supposed to be protecting them.

Read more
Vehicle Finance

How vehicle finance companies can win in 2023

The next year is going to be a tough one, with fewer car registrations than ever. Follow our tips to make the most of every customer and drive ahead of the competition.

Read more
Financial Services

How will Consumer Finance be affected in the Recession of 2023?

Some predict a bumper year for consumer finance; other suggest the industry will suffer. Either way recessions can wreak havoc – but here are some ways you can navigate the choppy waters ahead.

Read more
Estate Agents

How Estate Agents can beat the doom and gloom of 2023

Wherever you look the experts are predicting an annus horribilis for Estate Agents next year. But we’ve unearthed some ways you can beat the property market slump and thrive next year

Read more
Legal Services

How Law Firms can survive – and thrive – in a recession

Conventional wisdom predicts that legal firms do well in a recession. But that’s not always the case – unless you follow our top five tips for 2023

Read more
Accountancy Firms

2023: by the numbers - Top three trends to help Accountancy Firms thrive in 2023

Well, 2022 was a bit of a hellscape, wasn’t it? Recessions, political merry-go-rounds, Royal dramas, problematic world cups, and the ever-present ghost at the feast that is Brexit have all left their mark on the

Read more
Financial Services

Why Banks Need To Start Taking Ownership

There are many reasons why elite sports stars can end up poor and homeless. Drug habits, concussions, bad investments, you name it. But Cindy Brown is different.

Read more
Industry News

ID Verification With Face Matching

The safest, fastest and most trustworthy onboarding process to verify your customer’s identity.

Read more
Industry News

Biometrics - The Future Of Customer Onboarding

The best customer onboarding experience… and the best defence against digital fraud.

Read more
Financial Services

The Seamless Paradox

Digital-first banks attract customers with no-fee accounts and simple, seamless setups. But their appeal to fraudsters means the more seamless they get, the more dangerous they become.

Read more
Industry News

The Human Cost Of Identity Theft

The myth persists that identity theft is a relatively harmless, victimless crime aimed mostly at the elderly and vulnerable… but the data doesn’t agree.

Read more
Legal Services

Legal Stimulants

Our complex world and its resultant threats to businesses mean General Counsel and legal firms are getting less sleep than ever. But there’s more to it than just risk: finding the right balance can give in-house

Read more
Accountancy Firms

Is Our Mission Impossible?

So much of the world is under threat from scammers, bad actors – and governments that give them shelter. But we can defeat the bad guys if the good guys band together.

Read more
Financial Services

Everything you need to know about Knowing Your Customer

KYC is an important part of protecting yourself – and your customers – from fraud, regulatory breaches and bad actors. Luckily APLYiD makes KYC compliance quick, seamless and effective.

Read more
Accountancy Firms

2022: A perfect storm for identity fraud

Imagine returning from a well-earned holiday and putting your key in your front door only to find the locks have been changed…. then a stranger opens the door and asks who you are.

Read more

Contact us today