Brexit uncertainty is driving move to increased advisory services

Services provider Wolters Kluwer Tax and Accounting UK, has conducted a survey into how accounting firms are changing their offerings in wake of Brexit uncertainty, with 45% of respondents focusing on advisory services.

The study which worked completed by more than 100 accounting firms also found that 86% of respondents identifying technology as important, or critical to future success. A further 24% identified that they would be looking into offering training to existing employees.

Some 57% also noted the biggest area of concern regarding Brexit was customs, excise and VAT procedures if the UK exits with no deal.

The new findings come off the back of the Financial Times’ annual survey found the majority of the 81 economists polled on their predictions surrounding the UK economy for 2019 were unable to make firm predictions for growth due to Brexit uncertainties.

Matt Crook, managing director, Wolters Kluwer Tax and Accounting UK said: “While there continue to be uncertainties, Brexit offers many opportunities for accountants. They are being asked to provide new services as a result of Brexit, and those who capitalise on the opportunity will be in an excellent position to help their clients to flourish.”

“Technology that supports advisors in addressing their clients’ Brexit-driven requirements is also set to play a pivotal role in the practice of the future, and if companies can embrace this to improve operational resilience and agility, they will be in the best possible position to rise to the challenges Brexit may present. We work side by side with our customers to help them realise their potential, delivering technology for the real world.”