Accountants’ role reimagined as 75% of accounting practices cite increased demand for investment and strategy guidance

London, 5th February: The role of accountants is being redefined, as UK businesses demand advanced financial guidance rather than just traditional bookkeeping. According to new research launched today from embedded payment leader, Modulr, investment and business strategy advice (75%), forecasting (73%) and accounts payable/receivable (66%), are now top priorities - signalling a dramatic evolution in client expectations.

Yet rising expectations are being undermined by persistent inefficiencies in business payments, consuming valuable time and resources within businesses and accounting practices. These inefficiencies not only limit productivity but also hinder businesses’ ability to adapt to increasing regulatory complexity and the demands of globalised economy.

A staggering 46% of respondents report spending over three hours each week on tasks like reconciling accounts and tracking compliance with regulatory requirements. Additionally, nearly half are burdened by manual data entry (45%), client communications about payment statuses (46%), and managing payments to HMRC (46%). This reliance on manual processes and fragmented systems creates avoidable delays, errors, and compliance risks, putting accountants’ at reputational risk.

Jakub Zmuda, Director of Strategy at Modulr, comments; “It’s clear that the role of the accountant has, and still is, undergoing a transformation. What clients are asking for now is a far cry from their needs ten years ago. Businesses are now seeking trusted advisors who can guide their financial strategy, predict future challenges and help navigate complex business decisions.”

Looking ahead, accountants that are unprepared for this shift will face an uphill battle as their role continues to expand. Over two thirds expect critical areas such as tax, accounts receivable, and payroll management to grow further (69%, 69% and 67% respectively) over the next five years.

“Whilst this can be considered as daunting for some” Zmuda continues, “It should be seen as a real opportunity for accountants to start to play a more central role in their clients’ success and open the door to higher value work. The time is now to embrace rapidly advancing technologies and optimize core operational areas of the accounting practice.”

For more insights into the evolving role of the professional accountant and the transition to becoming a fractional CFO, read the full report here.

Modulr commissioned Censuswide to survey 250 senior accountants, partners, directors and senior bookkeepers within UK accounting firms.

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At Modulr, our vision is a world where all businesses are powered by embedded payments.

Modulr enables thousands of businesses, from SMEs to enterprise, across the UK and Europe to efficiently pay-in, collect and disburse funds instantly via a range of payment methods, accounts, and card products.

We’ve created an industry-leading platform with comprehensive online tools and API access, to meet the demands of daily business payments. We are connected to an expanding network of accounting and payroll platforms, including Sage, Xero, BrightPay and IRIS. Our payments expertise and extensive product capability also enables us to build tailored solutions to solve complex payment problems for hundreds of clients in a range of industries, including Travel, Merchant Payments, Lending, Wage Advance and Investment & Wealth.

We are deeply integrated into the payment eco-system. In the UK, we are direct participants of Faster Payments and Bacs, and hold settlement accounts at the Bank of England. Our payment network connectivity includes CHAPS, Open Banking, SEPA, SWIFT and account issuance in a range of currencies. We are principal issuing members of Visa and Mastercard across the UK and Europe.

Our regulatory permissions and governance structure underpin our business. We are regulated as an Authorised Electronic Money Institution (AEMI) in the UK by the Financial Conduct Authority and in the Netherlands by De Nederlandsche Bank.