“Our Future lies Together”: London to its Accountants

The relation of entrepreneurs, CEOs, freelancers, etc. with their accountants is a one based on transparency and loyalty. Accountants are a crucial part of an organization and are responsible for the future as well as longevity of the enterprise based on the information they share with the clientele. In the United Kingdom, the role of an accountant has become of paramount importance after the Brexit. To be more specific, London accountants and London Accountancy firms have lots of opportunities to explore the possibilities arising out of the impact of Brexit as the city strives to become the major financial hub of the UK.

Also Read: The Impact of Brexit on the Finance Industry in the EU and Globally

London after Brexit

Let us start off with the present business situation in London.

London is still considered as the best place of conducting business in the UK owing to its entrepreneurial capabilities and agility. Its ability to attract top talent and its competitiveness are what would decide its future ranking in the global cities of opportunities. The answer to the question whether London could have benefitted more by staying in EU would become more clear few years down the line.

But the need of the hour is to prepare such a business environment which could sustain by independently dealing with other countries rather than part of European Union. The best possible way to tackle the change would be to adopt pro-active measures.

Read Also: Accountants for Freelancers and Contractors

Opportunities:

· London would have the opportunity to open up trade with other countries and attract greater quality competitiveness.

· Costs in terms of financial services, foreign direct investment, etc. can prove to be long-term benefits.

· Britain could save up to about 10 billion pounds per year on its contributions to the EU’s budget.

· Due to restriction on immigration, the country will stop attracting low-skilled laborers. But if it still wants to maintain access to EU markets, it ought to reconsider that, though that is highly unlikely.

Threats

· Exporters may face some additional costs as they would now be out of the single market.

· The £10bn that Britain could have saved in relation to the EU budget might get offset if there are even a little economic disruption and lower migration.

· Problems may arise when trade is conducted with the EU countries which were earlier hassle-free.

So the Accounting firms in London must keep a close eye on the changes in trade and prepare accordingly to it. They must investigate and inform their client base about the dynamic changes in the reporting of financial statements that will help them cope with this significant shift.

· Investigation The accounting firms in London will have to ensure that financial records are maintained ethically. It should be made sure that the client base is truthful with the information regarding its financial position.

· Credibility- The reports prepared by the London accountants will lend credibility to the client organisations which will make it easy to seek loans from financial institutions.

· Preparation of statements- After the proper set guidelines are formed the London accountants should also see that the reports are formed keeping in mind such rules and instructions. The affairs of the business should be analysed carefully, and any mistakes should be corrected.

· Uniformity There should be uniformity among reports so that it is easy for the clients to carry out a comparison among the different ventures. This comparison may be among the various companies or among the same company during different intervals.

· Profits The main job of the London accountancy firms would be to ensure that a good image of the customer company is maintained in front of the society and for that a fixed return on investment is necessary.

· Prepare my budget: This is the best time for all the London accountants to prepare new budgets keeping in mind the dynamic economic environment so that the enterprise is affected in the least possible way by the change.

· What do you think? The accounting firms in London should provide expert help at every stage to the clients so as to ensure that no adverse situation arises later due to any false information regarding the working of the enterprise. There are many legal problems which may occur, and that can be taken care of easily by the accountants.

In the coming years, London accountants are going to be quite indispensable to various firms out there as they were many years ago. Firms are going to be dependent on the accounting firms in London so that they do not publish any information which may later have the power to destroy their reputation.

Read Also: DNS Accountants announces new office in London

So get this, you are an accomplished entrepreneur but don’t really understand how the furnishing of financial statements works. You know how to earn money, and you do your thing. So who is going to be the link between your enterprise and the government? Answer: The London accountants with their immaculate skills of computerised record keeping. Let them do their work and you do what you love!