Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites.
Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. For avoidance of any doubts and to make it easier, you may consider any links to external websites as sponsored links. Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.


Although 75 per cent of accountants will be millennials by 2025, the industry is failing to adapt to these changes.

Research from IRIS Software found 53 per cent of practices believe their clients see value in advisory services, yet Will Farnell, director at Farnell Clarke, states the vast majority aren’t taking advantage.

He says, “In my experience, when you talk to traditional accountants about business advisory, they will begin discussing bookkeeping and cash flow. The problem is, they aren’t business advisory services – they are standard accountancy activities. This needs to change quickly if accountants want to remain relevant as the vast majority of their clients will be millennials by 2025. They have completely different expectations to the traditional accountant’s offering and it’s much more than just adopting technology.

“We have already changed our business model with exactly this in mind. We work with clients on social platforms such as WhatsApp and Twitter which many professionals wouldn’t even contemplate at the moment. These are the platforms digital natives[1] are comfortable using so why wouldn’t we evolve to utilise these services?”

Will also believes accountants can’t afford to ignore Making Tax Digital (MTD) during these times of uncertainty and should instead use it as an opportunity.

“Too many accountants have seen MTD removed from the Finance Bill and have taken their eyes off the ball. It is those firms which will fall behind the competition,” he says.

“MTD isn’t just another piece of compliance – it should be viewed as THE catalyst for digital change. Firms need to not only embrace technology into the hearts of everything they do, but also ensure the workforce embraces it to. Without the right staff to take advantage of the latest technology, digital transformation is pointless.”

It’s not only Will who remains behind MTD though, as IRIS found 40 per cent of accountants believe they will be prepared for the legislation by April 2018. The confidence grows to 44 per cent when asked if their client base will provide digital tax information by 2020.

Sion Lewis, CEO at IRIS Accountancy Solutions, says, “The digital transformation seen at Farnell Clarke is outstanding and should be viewed as a benchmark for the rest of the industry. Although there will be MTD work to be carried out there, it has been a truly digital practice for years. I’m proud IRIS has played such a central role in this journey.

“Many practices are moving in a similar direction and are profiting from both the efficiency gains and increased advisory services running a digital practice offers. It’s therefore vital those accountants which are yet to ‘go digital’ begin their journey and start discussions with clients. The sooner this happens the easier the transition will be and the less likely they are to lose business.”

[1] Digital native – a person born or brought up during the age of digital technology who was familiar with computers and the internet from an early age.