MTD…processes…resources management etc.
There are conversations that I have with tech providers that seem no different to those I had ten years ago: how do we get practitioners to embrace technology?
I mention this because, as I thought through what would be a good ‘three things’ list for 2025, I’ve found it difficult to come up with anything that I wouldn’t have said a year or, indeed, ten years ago.
So, perhaps I’ll phrase things in a different way.
So ‘be brave’ might sound a bit fluffy, vague… but it’s really to get yourself in a mindset that transforming your practice into one that will be on top of its game for the next five years will require some tough decisions and effort; the type of thing that scares practitioners who wonder where that time and resource will come from. It’s possible as I’ve seen practices do it, but there might be brave decisions ahead around who works for you, which tech you use, perhaps even something more drastic…
…If your firm is to grow, then you will need to be laser-guided about which clients work with you, what you offer them, and how they work with you. The more clients you have, and the more people work with you, then the increased likelihood that you can manage your resources – outsourcing, mergers… these are the tactics being used by firms big and small to scale up and provide a better service. You may lose clients along the way, and people, but if your plan is good, then they will be the ones that aren’t aligned with you.
The last of my three ‘wishes’ this year is the most closely aligned to my requests of previous blogs. And that is because the old chestnut that is MTD must be mentioned. If your clients are to produce several updates a year for HMRC, then a plan needs to be put in place. It can’t be avoided any longer. Again, this will have some pain attached – there will be clients that won’t change what they do and you will have to decide whether the price you charge leaps up, or they are moved on to another firm.
OK, I’ve cheated and added a fourth. But this is more of a conclusion. I envisage, in the coming months and years, that MTD will push even small clients towards digital transactions and automated record-keeping. It may not be perfect, and you will still likely need to help with some cleaning up around the edges. But there will be a point where you will be able to dashboard your client base and gain visibility over their finances.
This will open up opportunities to provide proactive and timely services. Let’s see how things progress over the next 12 months.
Vipul Sheth is founder and MD of Advancetrack
If you’d like to talk to Advancetrack about driving improvement in your practice, then book a call.
