With more and more businesspeople taking advantage of the many accounting software tools available it could be argued that the role of the traditional accountancy practice is under threat.
However, according to Jed Eatough (pictured), director of LSGK Accountants Ltd, based in Leek, this could not be further from the truth.
Jed said: “There has been a sharp uptake of accountancy software packages by businesses and self-employed workers, especially since the start of the pandemic.
“With this trend, we are noticing that businesses are taking greater ownership of their accounts and finances as they have a clear idea of tax liabilities well in advance of HMRC payment deadlines. This correlates with increased interest in developing the business, looking at potential growth areas and more recently, repositioning the business due to the pandemic.
“At LSGK, we have taken on the role of trusted advisor with many clients, rather like the bank manager used to, helping clients with their strategic goals in areas such as business and financial planning, marketing, and succession planning.
“In the short term, as government support starts to be withdrawn, it is not unreasonable to expect tough times ahead, and up to date accurate accounting information will be paramount in helping businesses to budget for finances in the post-Covid19 economy.
“Another example is the self-employed grant. The latest round of funding has a much more stringent qualification, so it is important it is to talk it over with your accountant who can advise whether to apply and what implications doing so will have on tax.”
Also, accountants will know and trust other professionals such as lawyers, marketing experts and many other businesspeople who can help with restructuring and growth.
Jed added: “I’m fortunate to have a great support network of fellow businesspeople who I use to develop my own business and I’m only too happy to point clients in their direction so they can also benefit and grow as we have. It is obviously in my interest to do this but I’m a firm believer that good advice and trust goes a long way to building a sound business and a strong economy.”