Is Your Accountant Retiring? What You Need to Do

By Kate | June 16, 2023

Has your accountant let you know that they’re retiring? Not sure of your next steps? There are several factors influencing accountants to retire early – and it’s not just because they’ve reached a certain age. The impact of the Covid pandemic and changes in the profession has led many to reconsider their role, which means multiple individuals and businesses will need new accountants. Luckily, we’ve kept ahead of the curve, and are up to date with the latest industry trends and HMRC compliance – contact us today if you need a new accountant, or carry on reading to find out more. You can also find out more on how to change accountants here.

Table of Contents

Why Are Some Accountants Retiring?

Aside from the usual reason for reaching retirement age and achieving financial stability after a long career, additional factors are influencing accountants to either retire or leave the profession. Technological advancements, regulatory changes from HMRC, and Covid’s impact on remote working, are taking over practices and methodology from previous years, making adaptation more challenging for traditional accountants.

Technological Advancements

There have been significant technological advancements in the accounting industry in recent years. Automation, cloud-based accounting software, and artificial intelligence have streamlined many accounting tasks. While we understand the importance of staying up to date with the latest software and upgrading skills, some accountants are less inclined to adapt to these changes, which is leading them to retire. At Mercian, we work with leading software, including Xero, QuickBooks, Sage, FreeAgent, KashFlow, FreshBooks, and many more. You can read our list of the best accounting software in 2023 here, or get in touch if you need help getting set up, or training on how to use them.

Regulatory Changes – Making Tax Digital

The accounting industry is subject to regulatory changes, which can bring about additional compliance requirements – with ‘Making Tax Digital’ (or MTD) at the forefront of everybody’s minds. This is a government initiative that aims to modernise and streamline the tax system by digitising tax processes, requiring businesses and individuals to keep digital records and submit tax returns digitally.

Staying up to date with these changes, and managing the associated workload, can be challenging for some accountants, particularly those nearing retirement. At Mercian Accountants, however, we embrace change, and you can find out more on how to get MTD-ready for Income Tax here, or if you’re a property investor, what your MTD landlord requirements are here.

Remote Working

The COVID-19 pandemic has significantly impacted how businesses operate, leading to a widespread shift towards remote working. This new working style is proven to boost productivity and performance, but for the more traditionally minded accountants who are used to five days in the office, it has proven more challenging and may lead them to consider retiring from the profession.

At Mercian, we are a modern firm and have re-evaluated our working models in line with these changes, adopting a hybrid approach of remote working and in-person collaboration. For appointments, we offer telephone or video calls, and in-person meetings at our Shrewsbury office, or if more appropriate and/or convenient, we can come to you.

How Do I Change Accountants?

If your accountant is retiring, and you’re looking for a new, progressive business partner, Mercian Accountants can help. We offer a vast range of services, including:

Bookkeeping
Year-end Accounts
Payroll
Tax and Business Plans
Company Registration
Trusts
Wills and Probate
And many more

We also help a wide variety of individuals and businesses, such as:

Limited companies
Partnerships
Self-employed
Content creators
Landlords
Medical professionals
Marketing and design agencies
And many more

Switching to a new accounting firm may seem daunting, but our team of experienced professionals will make the process simple and stress-free. From providing all the information you need to signing engagement letters and complying with anti-money laundering regulations, we offer expert guidance and support to businesses of all sizes. Find out more on how to change accountants here.

Need a New Accountant?

We pride ourselves on embracing change, and will make the handover from your previous accountant stress-free – see what our happy customers have to say here. If your accountant is retiring and you’re thinking about transferring to our services, you can message us through our online form, call 01743 562430, or email hello@mercianaccountants.co.uk.