In the first half of 2023, headline inflation was predicted to peak at 17%, the highest since 1980, but ‘some economists think inflation may have already peaked’ and the Bank of England is expecting inflation to fall sharply mid-2023. The pound has recently dipped to its weakest against the dollar in nearly 40 years. Spiralling energy prices, hikes in business costs across the board, and the largest fall in real wages since records began are all adding up to economic slowdown and supply chain volatility. Insolvencies are already up by a third with many businesses looking at their financing/refinancing options.
Thankfully, your clients have you, their trusted accountant/bookkeeper to hold their hands and navigate them through this period of uncertainty. By working together, you can get ahead of their numbers and future proof their business. But how do you do that in ways that remain manageable and profitable to your practice?
The answer is automated, accurate, real-time financial quality client data from which to generate your insights and deliver your recommendations. That’s why we have created a guide to proactively help clients navigate economic uncertainty with accurate, real-time financial insights.
In this guide, we look at the types of information that accounting and bookkeeping firms could be proactively reporting on to help clients get ahead of their numbers, and continue to grow their advisory services. Not just because these services are key to clients’ businesses surviving and thriving, but because they are also the future of accounting practices everywhere.