Corient Business Solutions

Sharks Are Coming

Have you read following news?

1. PWC enter SME market with SAGE Live
2. Big 4 Re-enter the SME Market
3. KPMG to take on Google and disrupt SME market
4. Shrinking audit and KPMG SME offering means practice revolution
5. Deloitte propels into SME market with £2.5m accounting services investment

Why Big 4 Want to Enter the Market?

Combined ecosystems of connected applications to automate transactional services – from bookkeeping to raising finance and beyond – the opportunity is there to broaden and deepen the service offering to SME market and gain significant fees by nurturing fast moving businesses and leverage from huge amounts of core data

Why is the UK ready?

UK has more than 5 million firms and cloud disruption has already made significant inroads

Why Big 4 Can Win?

• Unlimited access to a dedicated qualified accountant.
• Best of breed software subscriptions, tied together with neat analytics, VAT, corporation tax, and payroll (with AE), company secretarial… all packaged up into a regular monthly subscription.
• Benchmarking, performance metrics and regular business reviews and the proposition is pretty much everything you need to look after a small growing business.
• Actual amount of face-to-face time most firms will have with clients, this represents an equally complete service with the underlying message of location is irrelevant. Service, contact and insight is everything

How can you leap forward?

However, small and medium size firms has significant advantages over Big4 if they make following changes to the business:

• Get More Involved: Accountants can get more involved in the business of their clients rather than just seeing them at the time of VAT return or filing personal tax return. Accountants can set up monthly/ quarterly meeting with their clients to review the business
• Move from Traditional Offerings to more Value Added Offerings: Accountants need to move from traditional services such as Year End Accounts to more real time work like Book Keeping, Funding, Data Analytics, etc
• Tax Planning to Business Growth: Accountants need not just do tax planning but help clients understand their business problems and provide consulting how they can help their clients grow by increasing revenue, decreasing costs or expanding the business
• Move to Cloud Accounting: Accountants need to move from Desktop based Accounting to Cloud Accounting like Sage, Xero, Freeagent, Kashflow, etc
• Retrain Team- Accounting Staff needs to be retrained not only to do accounting but also understand how businesses are run and how they can help clients grow

Corient helps Accounting Practices to manage their back office by providing Book Keeping, Payroll, Year End on a real time basis on various softwares including Xero, SageOne, Quickbooks, Freeagent, Kashflow, Xero Workpapers, IRIS, Digita. Our services help accountants to take on additional work and significantly increase revenue without hiring and training the team at extremely low costs

If you need any free consultation on how you can increase revenue by adding service lines, please feel free to get in touch with us: info@corientbs.com