Introduction: Accountancy and the UK Economy
Accountancy plays a vital role in the proper functioning of the UK economy, employing more than 826,000 workers in the UK alone. UK businesses spent £29.3 billion on accountancy services in 2022 and exported a further £4 billion, making up 5.7% of professional service exports for the year.
These numbers illustrate the massive impact accountants have on the growth of industry and commerce. Further figures from 2022 indicate the accountancy sector supported an £80.7 billion contribution to UK GDP.
It is also an industry on the rise in terms of recruitment: there has been a 14% increase in membership numbers of the eight main professional accounting bodies in the UK since 2017, with an estimated 357,200 registered members at the end of 2022. The accountancy profession has a stellar reputation as offering job security, long-term career prospects and healthy financial rewards.
How Do Accountants Help Businesses?
Accountants help businesses stay compliant, maintain growth within sensible limits, manage finances (including VAT returns, payroll services and bookkeeping) and react robustly to market shocks and economic volatility.
Accountants play a crucial role in assisting businesses by ensuring financial accuracy and compliance with legal standards, which helps in making informed strategic decisions. They manage financial records, perform audits to ensure accuracy, and offer advice on cost reduction, revenue enhancement, and profit maximisation. Accountants also play a key role in tax preparation, helping businesses to navigate complex tax regulations efficiently, thereby avoiding penalties and maximising tax benefits. Their expertise in financial analysis and planning supports businesses in achieving long-term growth and financial stability.
Innovation and Sustainability:
The accountancy profession is at the forefront of embracing digital innovation and sustainability. By integrating advanced technologies and sustainable practices, accountants are leading the charge towards a greener, more efficient economy. Their role in driving transparency and accountability in environmental matters further underscores their importance in achieving the UK’s climate goals.
Conclusion: Choose Jack Ross Chartered Accountants
Jack Ross Chartered Accountants has served Manchester and the wider UK with state-of-the-art accountancy services since 1948. Whether you are a sole trader or a large corporation, we can help you stay compliant and grow your business. Use the contact form below and a member of our team will be in touch to book a free 15 minute consultation with one of our senior partners.