This year was my first time attending the Finance, Accounting and Bookkeeping Show in the UK, and it certainly lived up to its reputation.
What stood out immediately was the quality of the conversations. Many conferences are great for quick introductions, but at FAB the discussions with both vendors and other attendees were far more in depth. There was a real willingness to talk about what challenges people are facing and the practical solutions they are exploring.
Across the sessions, conversations on the exhibition floor and around the lunch tables, a number of clear themes emerged about what are the hot topics are in accounting at the moment.
AI Is Giving Time Back to Accountants
AI was always going to be most talked about topics across the event, as it seeps into every aspect of an accounting firm. I am happy to say that the conversation has matured significantly in the last 18 months.
Rather than focusing purely on the technology itself, many speakers and firms were discussing how AI can help assist with repetitive and manual work for the accounting firms. The real opportunity is not simply automation, it is giving accountants time back.
Less time spent on routine tasks allows professionals to spend more time speaking with clients, understanding their businesses and providing meaningful advice. This is why many of the discussions focused around staff adoption of AI and training of the new tools. This makes it interesting as in many ways the technology is pushing the profession back toward the human side of accounting where relationships and insight matter most.
One comment heard during the event summed it up well. If a solution is not giving firms time back, then it is probably time to rethink it.
Making Tax Digital and the Importance of Readiness
Another recurring theme across several sessions was Making Tax Digital and the continued rollout that firms across the United Kingdom are preparing for, even though some mentioned at this point in time it may be a little late if only starting now.
From an outside perspective listening to the discussions, much of the focus appears to be around readiness. Firms are thinking carefully about how their systems connect, how clients will adapt to more frequent reporting and how processes need to be structured so that future compliance requirements can be managed efficiently. This is probably more critical than the day 1 adoption, the new normal of more frequent engagements.
Preparation now will make the transition significantly easier later. Firms that build the right systems and processes early will avoid unnecessary pressure when the next phases of the programme take effect.
A Standout Partnership Model: Credo
One of the particularly interesting discussions we had during the show was with the team at Credo.
Credo is a global wealth management business with offices in the UK that partners with accounting firms to help them offer wealth management services to their clients. Through their partnership programme, accountants gain access to investment management, financial planning and wealth structuring capabilities while remaining at the centre of the client relationship.
For many accounting firms this creates a powerful extension of their service offering. Accountants already sit at the centre of their clients’ financial lives, often understanding their business and personal financial situation better than anyone else. By working alongside a wealth management partner, firms are able to provide more holistic financial advice while also creating recurring revenue streams linked to assets under management.
It was great to see how the Credo team focuses on building genuine partnerships with firms and enabling accountants to bring additional value to their clients without stepping outside their core expertise.
Private Equity and Consolidation in the Profession
Another noticeable theme across the show was the ongoing consolidation within the accounting profession.
Private equity backed groups continue to acquire and invest in accounting firms across the UK, and this shift was evident in many conversations both on stage and around the smaller break away round tables.
There was some great practical advice provided on the do’s and don’t’s of people that have been involved in the process over the last 4 years. This catered for many firms and their ambitions, the firms are actively pursuing growth through acquisition and others are thinking about succession and long term sustainability.
Technology Focused on Efficiency and Client Experience
Walking around the exhibition floor also highlighted how quickly technology solutions for accountants and audit are evolving.
Many of the exhibitors were focused on tools that help firms operate more efficiently while simultaneously improving the experience for their clients. These include workflow platforms, data capture tools, AI enabled assistants and better client communication platforms.
The common thread across many of these solutions was simple. Help accountants complete work more efficiently while delivering a better service to their clients.
A Profession That Continues to Evolve
Talks throughout the show were packed, reflecting the profession’s real thirst to understand the changes shaping the industry and where it is heading. Sessions such as Dan Neidle’s update on tax policy and Rebecca Benneworth’s keynote had every seat taken, with crowds gathered around the edges to listen in. Technology is advancing quickly, regulation continues to evolve and new investment is entering the profession.
At the same time the core of the profession remains unchanged. Trust, relationships and good advice continue to sit at the centre of what accountants provide to their clients.
Our first visit to the Finance, Accounting and Bookkeeping Show certainly delivered some fascinating insights and conversations about where accountants think the profession is heading.
