The Modern Accountant | How Payment Automation Helps You Lead The Future Of Accounting🔍

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Editors Pick 📣

Why The Future Of Accounting Is Strategic And How Payment Automation Helps You Lead It

Sponsored by Modulr

• Only 27% of firms use modern systems — yet 67% are ready to adopt.

• 46% of firms lose 3+ hours each week reconciling accounts.

• Expanding services drives 84% retention for medium-sized firms.

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Sector Spotlight 🌟

PROFESSIONAL DEVELOPMENT

Helping Accountants Thrive Amid Uncertainty through AI, Leadership and Sustainability Insights

ICAEW’s Annual Conference 2025, themed “Thriving in Transformation,” spotlights how accountants can drive success amid rapid change, particularly through AI adoption, evolving sustainability demands, and economic uncertainty. With heavyweight speakers including the Bank of England’s Chief Economist and high-profile athletes like Jill Scott, the event weaves together practical insights and motivational stories, demonstrating how adaptability and resilience are vital assets in today’s finance sector.

Sessions will unpack the benefits and regulatory considerations of AI in accounting, offer fresh perspectives on sustainability and the circular economy, and highlight the ongoing role of professional judgement. Networking is a clear priority—attendees will not only connect with leading voices but also explore practical tools for risk management and cyber security. For finance professionals facing uncertainty, this conference combines inspiration, actionable advice, and opportunities to future-proof skills—a must for those keen to stay ahead.

TAX POLICY ANALYSIS

Should Some UK Taxes Be Consigned To The Bin For Economic Simplification

Tax simplification isn’t just a lofty ideal; the current UK tax landscape is tangled, and paring back obsolete or ineffective taxes is overdue. For instance, minor levies like the soft drinks industry levy deliver a fraction of revenue—£400m compared to the heavyweights like VAT and National Insurance contributions—but they serve broader purposes, such as bolstering public health or funding social services. Abolishing these could mean modest fiscal gains but might have much wider social implications.

Meanwhile, bigger targets such as capital taxes and corporation tax are ripe for review, especially as they generate limited revenue and often impact only the wealthiest or savvy corporations skilled in tax minimisation. Merging or replacing some taxes, like swapping National Insurance with income tax, could cut administrative overhead and boost fairness. Ultimately, smart reform—not wholesale abolition—offers the prospect of a leaner, fairer, and more transparent tax system.

SPREADSHEET OPTIMISATION

Smarter Excel Seven Steps To Speed Up Accurate Data Entry And Processing

Speeding up data entry in Excel is less about flashy shortcuts and more about working smarter. Structuring your spreadsheet so that unique data is entered only once can dramatically cut down on errors and repetitive typing—think lookups and dropdown lists replacing manual re-entry. Embracing Excel Tables automates formatting and formulas, sparing you from the grind of repetitive tasks and turning static data ranges into living, breathing dynamic tools.

For everyday efficiency, clever use of keyboard shortcuts, Data Validation (those ever-underused dropdowns), and new checkboxes ensure cleaner data and swifter workflows. Power Query deserves special mention: for anyone wrangling messy exports or inconsistent formats, it’s a genuine timesaver, automating what would otherwise be tedious manual cleaning. Templates and user-friendly layouts futureproof your efforts, keeping everyone—from seasoned spreadsheet-wranglers to complete newcomers—working faster and with fewer mistakes.

AUDIT TRANSITIONS

Revolut Appoints EY As Auditor Following BDO Concerns Over Revenue Accuracy

Revolut’s decision to appoint EY as its new global auditor signals a strategic shift, particularly given the scrutiny it faced under BDO. Let’s not forget that BDO raised pressing concerns about missing revenue controls and IT weaknesses, which cast a shadow over Revolut’s handling of its 2021 financials. While BDO helped the fintech through a period of rapid expansion, the need for stronger oversight has clearly become paramount, especially as Revolut eyes a full UK banking licence.

PRACTICE OPTIMISATION

The Accountancy Shake-Up From Talent Tides to Operational Optimisation

Accountancy firms are undergoing a fundamental shift, pivoting from relentless hiring to sharpening operational efficiency—think of it as moving from a war for talent to a full-scale campaign for capacity. Recent trends show that, while layoffs and slowed recruitment dominate headlines, what’s really happening is a strategic rethink: firms are focusing on retaining the right people and maximising the impact of every role. AI’s march and post-pandemic corrections both factor in, pressing the industry to plan and hire with far more foresight and precision.

Private equity investment is the other powerful force at play, demanding longer-term vision and greater clarity in operational decisions. Rather than the quick wins of old, PE’s focus nudges firms to prioritise tech infrastructure and data, investing in platforms and systems that may not yield instant results but build resilience for tomorrow. The industry, in short, is learning to play the long game—optimising today to secure a more sustainable, competitive future.

IN CASE YOU MISSED IT - TAX REPORTING

Making Tax Digital For Income Tax 2026 Is A Comprehensive Guide For Accountants

Making Tax Digital for Income Tax (MTD ITSA) is set to overhaul how income from self-employment and property is reported to HMRC, beginning in April 2026. Crucially, this change marks a departure from previous digital initiatives by mandating quarterly online submissions and final declarations, thereby requiring a strategic rethinking of client workflows and technology. With income thresholds set at £50,000 and above from 2026 and £30,000 from 2027, firms must prepare early to adapt their processes and technology stacks, employ the right software solutions, and train their staff to avoid backlog and misreporting.