“Change continues at a relentless pace – we must pause, embrace and adapt”

As Chartered Accountants prepare for 2024, Ross Boyd outlines key measures to stay one step ahead in a challenging climate

Whilst the dawn of a New Year brings with it a sense of hope and often optimism, accountants across the world should brace for a difficult 2024. 

I established my practice over a decade ago, having earned my stripes for about 15 years before that, but in all that time I’ve never experienced such volatility and uncertainty. 

The year that’s gone has presented the most complex economic test of a generation with the impact of two wars, Brexit and the pandemic completely transforming the business landscape. 

I commend my fellow Chartered Accountants for powering through and continuing to do their best for their clients, and their own teams. 

Chartered Accountants across the island will already be preparing for a tough 2024, aware of the implications of the current economic climate.

The accountancy sector faces additional hurdles, including a skills shortage, retention issues, the continued rise of artificial intelligence and digital tools, and ongoing consolidation across the sector. 

While changing business taxation is a big issue in the North, talent and technology are two common themes facing businesses across the island on the cusp of the New Year.
Change continues at a relentless pace, and we must pause, embrace and adapt to remain relevant.

Here are the key areas I recommend you focus on now, so that you can grow your business and continue to provide trusted and expert counsel to your clients. 

Talent

Labour shortages, paired with the capacity pressures these shortages cause, are likely to be the most pressing issues restricting growth across many sectors in 2024.

Unfortunately, the war on talent is a trend our own sector will continue to battle too. 

To put it bluntly, the sector’s image needs reinvention if it’s to continue attracting and retaining talent. 

And to put it even more bluntly, investing in human capital is non-negotiable – after all, talent and growth are entirely correlated. As employers, we must adopt a two-pronged approach here. 

First, we must invest in existing employees to support their continued contribution to the sector. I would advise any practice to objectively assess their employees’ skill sets and put the necessary plans in place to help them develop. 

These development plans should look beyond ‘number crunching’ and financial recording to include a broader set of responsibilities, such as analysing forecasts, identifying emerging trends and networking. 

It is crucial we ensure that the role of the Chartered Accountant isn’t limited or constrained, and that it is clearly positioned as that of strategic advisor.

Second, we must focus on creating the type of organisation – and providing the kind of leadership – people want today. 

Organisations that prioritise diversity, inclusion and flexibility are proven to have higher employee retention, and this is becoming even clearer post-pandemic as Gen Z becomes more present in the workplace. 

Now aged between 11 and 26, this generation will account for 27 percent of the workforce by 2025. 

At RBCA, we have spent a lot of time developing our graduate programme so that we can give our trainee recruits every opportunity to thrive, including supporting their interpersonal development.

We also recently invested in a new office in Belfast to provide a physical environment that supports productivity and learning, and our annual Away Days continue to be invaluable to the culture of RBCA. 

Technology 

We have all come to understand the importance of digital tools in recent years and it is critical that, in 2024, we continue to use technology to improve both efficiency and security. 

At RBCA, we moved to cloud computing in 2011 and we recently invested in new cloud technology, successfully tackling our tech stack.

Some ill-advised pundits would argue that accountancy’s future is limited in our increasingly digital world, but our experience is that new accounting technologies have been complementary to our work. 

Technology will never replace our profession, however. Why? Because, in my opinion, people will always buy into people. 

Relationships and quality communications are the greatest tools at the disposal of today’s Chartered Accountant, providing that crucial competitive edge. 

Often, we are so focused on our clients’ businesses and their success that we don’t focus enough on the resilience of our own, but it’s vital that we harness the passion and commitment that exists across the sector to thrive in the New Year.