72% of Accountants Say Clients Miss the Hook of Open Banking

Automation in the UK’s Accounting Scene: A Fresh Look

New findings from FreeAgent—a cloud‑accounting provider that keeps small businesses and accountants organized—paint a surprisingly upbeat picture about the future of the profession. A whopping 70% of surveyed UK accountants believe that automation will free up more time to collaborate with their clients.

The Optimistic Outlook

When asked about what the next five years will look like, almost a quarter (24%) of respondents feel that automation and tech will cover almost all of their day‑to‑day tasks. That’s a strong confidence boost for the profession!

Voice from the Field

Fortress Accountants in Coventry—a leading mid‑lands firm—speaks to this trend through its owner, Andrew. He sees new tools as a game changer rather than a mere convenience.
Yet, only 28% of those surveyed felt that clients grasped the “Open Banking” concept and its perks. So there’s still room to spread the word.

AI and Automation: The Growing Trend

With AI becoming more sophisticated, many UK sectors are weighing how automation will reshape their operations, and accounting is no exception.

Key Takeaways from the Survey

All accountants surveyed agreed that some portion of their work will be automated in the next five years.
41% forecast that they won’t perform the same routine tasks in five years.
66% feel comfortable expanding into extra advisory services—financial planning, tax advice, etc.—thanks to automation.
More than one in five (21%) would gladly run a practice remotely, never having to meet clients in person.
A similar number (23%) entertained the idea that a robot could take over client interactions.

Overall, the atmosphere in UK accounting is optimistic; technology is being seen as an ally, not an adversary. The challenge now is to educate clients and fully embrace the transformations on the horizon.

Other aspects of their industry that accountants feel will be impacted by technology:

How Automation is Saving Accountants Their Time (and Their Sanity)

Picture this: 42 % of accountants say automating the “dying to-do list” could clip out 1‑2 hours from their day. Even more shocking is that only 3 % think it won’t save any time at all.

10 % predict that automation will steal over four hours each day from their schedules.
About half—51 %—feel that automating repetitive entries will keep the stress and boredom at bay.

Looking ahead, 58 % of respondents expect clients to push the envelope on interpersonal chops in the next five years. 80 % anticipate tighter integration between accounting software and banks.

Some bold pointers: 8 % would let AI make senior‑management decisions, while 12 % see AI handling tax advice. Whether you’re on board, hesitant, or just curious, the trend is clear—automation’s not just a luxury, it’s becoming the new accounting playground.

A look at Open Banking:

Open Banking Takes the Stage

Survey Shows a Smiley Future

66% of accountants say Open Banking will their career in the next five years, while a mere 3% think it’ll bring trouble.

Clients Are Confused? Not a Problem

All in all, 72% of professionals feel their clients are still in the dark about what Open Banking actually does.

Ed Molyneux — The Tech Guru

“It’s a fairly turbulent time in the accountancy sector right now, with the UK economy in flux due to the coronavirus and a potentially chaotic Brexit looming.”
“Despite this, the insights from our survey show that while many accountants in the UK today have a positive outlook on the work they do, they are simultaneously preparing to future‑proof their careers.”
“Perhaps even more importantly, these new frontiers of technology seem to be eagerly anticipated by those in the profession.”
“Accountants who embrace technology to not only help them save time, but offer additional services to those they have done traditionally, are those that will be at the forefront of this recovery.”