already have quite advanced cloud accounting standards, although perhaps still only a taste of things to come.
These changes, although coming at a relatively slow pace, mean that Buzzacott, along with other accountants, is “Moving more toward [the role of] an IT consultant,” says Jarman, “helping businesses choose and implement software solutions that automate the accounting process.” However, this does not mean that the accountancy profession is dead or dying by any means. Anyone with a cursory knowledge of the flash-crash phenomenon will know that trusting computers completely for huge tasks can have potentially catastrophic consequences without human oversight.
And on the regulatory reporting side of things, technology is still a long way off automation. Mehta points to Annex IV reporting as an example of the continued need for understanding: “There are lots of software providers offering XML solutions, but at the end of the day I genuinely believe there’s so much manual input to it in terms of the thought process, or at least someone who understands what all of these data fields mean. Who is the right source to provide the information and how do we validate the accuracy of that information?” Without a thorough understanding, filing accurate reports will be challenging. “January will inevitably be manic, with many leaving it to last minute!” thinks Mehta.
People business Again, it comes back to the fact that people are central to the business. Jarman says that “Ultimately, the business has grown by having some good people who have grown with the business, have been trained with the business, and have stayed with us long-term.” This is the real selling point for the medium-sized managers whom Buzzacott have made their speciality. “They want the people to be there to pick up the phone and explain it to them, to explain the risks and explain why certain things are happening, and that’s the gap in the market,” says Jarman. “We’re not trying to be everything to everyone, but we are a professional practice, a people business, to the small to medium fund manager who needs more than a commoditized solution.” It is still very much the people who define where Buzzacott look to build niche expertise – another more recent development away from fund managers is a practice in media technology and entertainment – and a consistently people-orientated approach is central to their aims. “It’s a changing world and a changing market,” says Jarman, “with new regulations and new ways of doing things, and we develop with our clients so that, in terms of the services they need, and the expertise they need, that we’re there for them as they change, as they grow.” THFJ
47 NEXT MONTH
EUROPE50
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