Every cloud has a silver lining and Brexit is no different. At times of change there are always new opportunities and now as we move from Brexit to ‘Brunch’ here are 5 opportunities for your cloud based accountancy firm to consider.
1) Taxation and Tech:
On January 1st 2015 the VAT rules for place of supply changed in the EU for sales of digital services causing multiple techpreneurs in the UK to temporarily cease trading until payment gateways could process the information needed in an automated way.
As result there was a sharp rise in demand for cloud accounting services and clients were won. This was just digital firms back then but now all UK businesses potentially face similar challenges.
Focusing on specific tech solutions for potential changes could offer you a great USP.
2) Governmental Policies
What will the impact of Brexit be on UK Government policies and how will this affect your target businesses?
According to ICAS potential areas to consider are Anti-Money Laundering, Data Protection, Financial Services, Harmonisation of Product Standards, Consumer Rights and Pensions to name a few
If you have a sector specialist in any of these areas consider preparing a how to guide / white paper to educate them with the possible changes ahead.
3) Accounting Policies
What will be the new accounting policies? Will we re-establish UK Generally Accepted Accounting Practice (UK GAAP), how will international Financial Reporting Standards change? Are your clients aware of how this will change their day to day? They will need to know and they will be looking around for guidance.
Doing webinars on potential challenges clients face should deliver a good turnout and new business.
4) Markets in Turmoil
The Institute of Directors (IoD) surveyed 1,000 of its members and found that a quarter planned to freeze recruitment. Accounting firms that service this sector could see a rise in demand for financial support and analysis.
Perhaps creating a targeted marketing campaign in to this sector and others that show significant signs of struggle could set you up with a new pipeline of clients.
5) Geographical Shifts
Cloud accountancy offers a fantastic opportunity to service any business anywhere in the world and now more and more businesses are considering relocation if the UK leaves the single market.
For example Sources told the BBC that up to 2,000 jobs at the US investment bank Morgan Stanley could be moved from London to Dublin or Frankfurt, HSBC plans to move up to 1,000 staff from London to Paris.
How can you create a process to make it easier for your potential clients to adapt to geographical shifts?.
6) The rise of the freelancer
If companies do decide to relocate they will still want to tap in to the UK pool of talent. Freelancing will become more common and they all will require an accountant. Specialising in this sector could offer great demand for your services.
Look at sites like Freelancer, Upwork and Guru to find an endless source and create a guide to educate them about the pros and cons of working for international businesses.
If you are looking to learn how you can create a tailored marketing campaign to take advantage of Brexit for your business click here