The future of accounting is tech-enabled, TaxScouts CEO says

Can you tell us about your career up to the point you joined TaxScouts as CEO? I’ve worked in high growth technology businesses for over 20 years, and founded and exited multiple start-ups which I’ve grown into established international companies. I’ve raised over £100m in venture capital and the same again in debt. During my time leading these businesses, I’ve been fortunate enough to work with some of the best people and investors, and have gotten to travel the world from Asia to EMEA to the USA. I joined TaxScouts in July 2023 after selling and integrating Bottlepay, where I’d been hired as CEO. How does your experience from Silicon Valley translate to your current role at an accountancy firm? Silicon Valley is an awesome place to build a technology business, as access to capital and talent is abundant. Working there, I’ve been exposed to some of the most innovative and successful companies on the planet like Apple and Google, for example. I’m able to bring those learnings now to UK tech companies like TaxScouts – keeping that spirit of entrepreneurship and innovation as we grow into the huge market opportunity we have ahead of us. What are your day-to-day responsibilities and what has been your biggest achievement since becoming CEO last year? For me, being a CEO is about creating value. Of course, ultimately for shareholders – which, by the way, all the TaxScouts team are – but day-to-day that’s for customers, team, partners, and anyone that interacts with the TaxScouts brand. I truly believe we have a purpose to transform taxes for everyone and make them as simple and stress free as possible. Our latest product launch for SMEs is something I’m really proud of, as it speaks to that purpose and opens up a huge new market opportunity for us to serve the 5.5 million small businesses that provide the backbone of our economy here in the UK and Spain. How can accountancy firms transform the appeal of the industry? Transforming the accountancy sector’s appeal in order to attract and retain the best talent requires us to shake off two troublesome perceptions. Firstly, that accounting work is boring, and secondly, that success can only be achieved through working long hours in stale office environments. Creating environments where employees can grow, explore different facets of the business, and focus on work they genuinely find interesting and fulfilling is hugely important – and the key to this lies with technology. For example, at TaxScouts, we leverage data analytics, AI, and machine learning to remove a significant proportion of the time-intensive, information-gathering elements of an accountant's job, meaning they have much more capacity to focus on rewarding elements like client consultancy and in-depth accountancy work. It’s also about breaking down this perception that accountancy is a ‘bums-on-seats’ industry, where employees are required to be at their desks 9 - 5, carrying out monotonous and laborious work, with very little flexibility. Alleviating admin through AI also means accountants don’t have to be chained to their desk anymore. Flexible working is hugely beneficial within accountancy, and by empowering accountants to manage their own schedules, they’re able to work at times when they feel most productive. This approach not only boosts morale and job satisfaction, but also enhances the quality of service they’re able to provide. So long as great work is being done and customers remain happy, it doesn't matter where or when that work takes place. When it comes to giving accountancy a new reputation, what can those in leadership roles specifically do to help? Leaders need to recognise that the future of accounting is tech-enabled, and do everything in their power to accelerate the adoption of tech in a way that also empowers their accountants and enhances their roles – rather than replacing them. By effectively harnessing technology, accounting firms will start to reap many benefits that ultimately make the working lives of their teams more enjoyable, and the quality of their services better for customers – less stress and admin, more flexibility and meaningful work. Furthermore, cultural change should always be driven by a top-down approach; accountants need to see people in leadership roles actively embracing new ways of working in order for them to follow suit. Whether that’s flexible working, championing diversity and inclusion, leveraging new tech, working collaboratively, or simply celebrating stuff that’s happening outside the office – the job of a leader is to set the tone. What’s next for TaxScouts? It’s going to be a big year for us as we expand our proposition from individuals and the self-employed, to also service SME clients, which will mark a significant milestone in broadening our offering and impact. We’ll be continuing to grow our talented network of accredited accountants, ensuring we’re always able to connect clients to the expertise and support they require. And we’ll also continue actively exploring expansion opportunities overseas, building on our current international footprint and bringing our unique, tech-driven approach to new markets.

The future of accounting is tech-enabled, TaxScouts CEO says

TaxScouts CEO Malcolm Cowley, who has been in the role for a year, tells us about how his Silicon Valley experience has translated to accounting, how tech can make your professionals happier at work, and his plans for 2024

Can you tell us about your career up to the point you joined TaxScouts as CEO?

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