Diversifying Your Services: Securing Future Revenue for UK Accountancy Firms

In the ever changing and dynamic world of accounting, adaptability is key. Recent adjustments to audit thresholds in the UK potentially affect revenue streams for accountancy firms while elements of work are potentially becoming automated. So, diversification emerges as a strategic imperative. Here's how UK-based firms can bolster their offerings to mitigate any lost revenue.

ESG Advisory Services

Environmental, Social, and Governance (ESG) considerations are increasingly integral to business strategy. By providing ESG advisory services, accountancy firms can guide clients in navigating sustainability issues, ensuring compliance, while enhancing their brand reputation, employee engagement and staff retention.

From carbon footprint assessments and emissions analyses to sustainable investment strategies, this expansion aligns with evolving market demands. There are draft standards in place around assurance engagements – this will be a huge opportunity for clients who want to engage in this work. It could plug any gaps from audit revenue drop off, whilst some upskilling might be needed in the technical areas, the audit skills will be transferrable to this type of work. The final standards are expected during 2024 and whilst they won’t be mandatory for a while, early adoption is likely to be permitted.

Hear more about this subject on Mercia’s upcoming Environmental, Social, and Governance Conference on 18 April 2024.

We also have a dedicated ESG page to help firms navigate this topic.

Probate Services

Navigating probate processes can be complex and daunting for individuals and businesses alike. Offering probate services allows accountancy firms to assist clients in estate planning, the drafting of wills and inheritance tax management.

By leveraging their financial expertise, firms can provide comprehensive solutions, easing the burden during challenging times. To become accredited for probate, individuals first need to undertake relevant training and pass the assessment (unless exempt) before submitting an application form to ICAEW and paying the appropriate fee.

Mercia’s certificate and assessment has already helped hundreds of firms acquire the training and accreditation needed to apply for a probate licence. Find out how Mercia can help you to become accredited for probate.

Business Profitability Checks

Enhancing client value goes beyond traditional accounting practices. Conducting business profitability or product viability checks enables firms to analyse financial health, identify inefficiencies and optimise operations for enhanced profitability. By delivering actionable insights, accountancy firms solidify their role as strategic partners supporting their clients.

Opportunities for Growth

By diversifying into these areas, UK-based accountancy firms not only mitigate revenue fluctuations but also position themselves as holistic advisors, meeting the evolving needs of clients in a dynamic business landscape. Embracing diversification isn't just about adapting to change - it's about seizing opportunities for growth and delivering unparalleled value.

We will be discussing diversification on our Practice Conference on 23 May 2024.

Mercia can help your firm to build revenues streams in these areas with a wide range of training and support products and services. Click on the links above for more information or contact our friendly team today on 0330 058 7141 to find out more.