VIEWPOINT – SEAN O’FLAHERTY

“What are the three main developments that the accountancy industry will see in the next 12 months?”

  • Accountants are going to have to up their game! As more and more accounting services have become automated, businesses are looking to us to offer a more strategic service across the board and technology has enabled us to be of huge strategic value at a cost-effective price. This year will see a huge rise in the adoption of Cloud Accounting and the Virtual Finance Director.
  • Additionally, the United Kingdom Generally Accepted Accounting Practice (“UK GAAP”) for companies not currently preparing their accounts under International Financial Reporting Standards (“IFRS”) has changed for accounting periods beginning on or after 1 January 2015. Since Jersey generally follows UK GAAP, being United Kingdom Accounting Standards and applicable law, the financial reporting regime for local companies will change.
  • Finally, people will be looking for ‘Adaptability’ over ‘Experience’. Often people feel that ‘experience’ is synonymous with ‘good’ when it comes to accounting. However, experience is not necessarily positive if it entails many years of applying the same tired principles with every client. What’s valuable is an accountant who can adapt their approach to each client and the changing financial climate. The ability to innovate from convention is essential and technology will also play a great part in this as we see the accountancy landscape change throughout 2015.