Despite the economic uncertainty of the last few years here in the UK, the public practice accounting industry has risen to show remarkable resilience. Instead of letting these turbulent times colour their future successes, accountancy firms across the UK have demonstrated incredible initiative in the face of adversity by expanding their services to accommodate a larger client base.
Whilst diversification is good news for the economy and a great move for firms, it places candidates under more pressure than ever before to be an all-rounder professional. Having technical skills and demonstrable experience is still important, but they are no longer enough to unlock the best job opportunities. Instead, candidates need to be savvier, more proactive, and make greater efforts to widen their skillset to keep up with firms’ growing appetite.
So, with that in mind, what skills should job-seeking accountants look to acquire, and how can such candidates keep up with the industry’s quickening pace?
Here at Public Practice Recruitment Ltd, we’re uniquely positioned to know exactly what public practice accountancy firms are looking for. As specialist recruiters with over 20 years’ combined experience, candidates look to us for high-level oversight, advice and guidance. We don’t just put your CV in front of an employer and call it a day – our team is here for you at every step, from our first conversation to the moment you sign your contract of employment and beyond.
So, whether you’re a fresh-faced graduate, or a seasoned accountant looking to switch your career up a gear, here’s why you need to widen your skills to secure the best opportunities.
Xero’s Recent Industry Research
The findings from the 2023 UK Accounting and Bookkeeping Industry Performance Report from Xero are positive. Overall, the study provides solid evidence to show that the accounting sector has experienced growth in revenue and profits, which is music to every accountant’s ears!
One of Xero’s key headline insights reads “practices are widening their service portfolios and service offerings, with bookkeeping and advisory services being most common.”
Xero’s statistics show that 56% of practices reporting increased profits have attributed this to increasing the number of services they provide. The report also finds that “while bookkeeping is still offered by 90% of practices, advisory is also offered by 70% of practices.”
Richard Sargeant, Managing Director at Principle Point, an accounting consultancy agency, says that “while the profession looks to be in a positive position across the board, the major gains seem to be with medium and larger firms, where even small efficiency gains or changes to approach can be amplified across a larger client base. This is an important signpost to those committed to creating scalable practices, and efficient client service.”
With these findings in mind, we can confidently say that the diversification of services within public practice accountancy is one of the main factors that is driving growth. Firms that are offering new and more innovative services are seeing an uplift in numbers.
In fact, bookkeeping and advisory solutions are now cited as the most offered services – with bookkeeping accounting for “the largest areas of revenue for all practice sizes.”
In-Demand Skills
The Xero report underpins a big change in the public practice industry. The days of searching for separate advisory services are over, as firms are now bridging the gap by offering the full suite of financial services to fully meet the needs of their clients.
With advisory and bookkeeping now part and parcel of the accountancy service, what does that mean for professionals entering the industry, or experienced accountants looking for a new challenge? But more importantly, if advisory is the now a hot commodity, how can candidates acquire these sought-after skills?
Here are some ways you can develop a mixed skillset across compliance and advisory to enhance your employability and refresh your resume with a competitive edge.
Continuing Professional Education and Training
There’s a range of professional accounting bodies who provide CPE courses that offer insight into financial analysis, strategic management and consulting practices. These educational courses will equip you with knowledge of the latest trends and skills in the market, with a focus on bookkeeping and advisory.
When researching a practice or applying for a role, find out whether they offer study packages. A lot of applicants may not even realise that the firm they’re applying to offers support in this area.
Certification Programmes
Certifications such as CA (Chartered Accountant), ACCA (Association of Chartered Certified Accountants) and AAT (Association of Accounting Technicians) usually cover best bookkeeping and advisory practices. These courses are delivered by experts in the field who can pass on invaluable knowledge.
Completing one of these qualifications will show your potential employer that you have well-rounded, in-depth financial knowledge. These programmes will give you the essential skills you need to excel across multiple service offerings.
Practical Experience
The best way to learn new skills is to gain hands-on experience. While we appreciate that this may be impossible for those who are already working full-time, it’s something we encourage if you ever have a gap in your schedule.
Internships, rotational programmes and volunteer work will give you the space to practice your bookkeeping and advisory skills in real-life scenarios. Plus, they are often held under the supervision of experienced professionals who can pass on their knowledge and provide helpful feedback.
Leveraging Technology
Almost all practices now use cloud-based software. 95%, according to Xero.
Therefore, it’s crucial that accountants familiarise themselves with the latest accounting and bookkeeping services, including QuickBooks and Sage. IT proficiency may seem like a soft skill, but your ability to compute digital information and present it clearly is a requirement in nearly all accountancy roles.
Data analysis tools, including Tableau or Microsoft Power BI, also provide helpful insight to inform your advisory skills.
Reading and Research
To keep your advisory and bookkeeping knowledge up to date, it’s important that you keep up with the latest trends in the accountancy profession.
Reading relevant books, regularly checking the news, and staying on-top of the latest trends will provide invaluable insight that will translate into your skillset.
Don’t have the time to sift through journals? Following advisory professionals and bookkeepers on social media is a great way to access the latest information whilst you’re on your morning commute.
Final Thoughts
The coming months will certainly see even more changes in the way that firms operate, and accounting services are delivered. While this is an exciting time for the industry, candidates need to keep up with the quickening pace by developing advisory and bookkeeping skills.
Embracing education, undertaking certification programmes, and staying abreast of technological advancements will help you retain your employability in a field that’s quickly evolving.
But above all, widening your skillset is a great way of paving the path for a prosperous career. Nailing your niche and diversifying your deliverables will open many more professional doors, and help you secure an all-round knowledge that can be applied to different roles.
Need help jumpstarting your job search?
Our team here at Public Practice Recruitment Ltd is ready to work for you! Our incredible speed to market, paired with our second-to-none industry knowledge, makes us the perfect recruitment partner for accountants of all levels looking for new opportunities. We’ll support you every step of the way, ensuring that your needs are met, and you feel valued throughout the application process.
Ready to get started? Reach out to our team today and we’ll be in touch!
