AI, MTD, and the cloud...
Accountancy Age
Accountancy Age is the accountancy profession's leading source of news and analysis.
By Marina Mouka
Welcome to your latest Accountancy Age's Weekend Digest, your go-to source for the week's top insights and updates tailored for accountants. We’ve curated the most valuable content to keep you informed and ahead of the curve. We’re here to ensure you stay informed and inspired.
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📅 Week of May 05, 2025
This week’s stories highlight key challenges and opportunities in the accounting sector. PwC’s decision to cut 1,500 jobs in the US underscores the pressures facing Big Four firms. Meanwhile, Xero and Karbon’s integration promises to streamline accounting workflows.
As HM Revenue & Customs faces criticism for delayed tax refunds, the profession grapples with the impending rollout of Making Tax Digital (MTD) for income tax, which brings both compliance challenges and potential for growth in advisory services.
The week in review:
Master invoice automation terminology to boost efficiency and unlock the software’s full potential. Learn how terms like OCR, PO matching, and audit trail enhance compliance, reduce errors, and streamline processes, ensuring a smarter, faster approach to invoice management.
HMRC is under fire as delayed tax and National Insurance refunds hit businesses hard. Learn how these delays, some exceeding four months, impact cash flow, and the growing concern around the closure of the free filing service.
PwC announces 1,500 US job cuts, focusing on audit and tax roles. This move reflects broader challenges faced by Big Four firms amid sluggish demand and a unique workforce dynamic. What’s next for the firm’s future in a competitive market?
Leaders in Japan prioritise workforce engagement and integrated thinking for business success. Explore how the country’s community-centric approach is shaping human capital strategies and driving global business innovation.
Johnston Carmichael strengthens its North East tax offering with senior hires. Learn how the firm’s rapid growth in Newcastle aligns with its ambitious goals to serve entrepreneurial businesses and expand its tax services across the region.
The Bank of England reduces interest rates for the fourth time since August 2023 to 4.25%. Discover how this move could impact businesses, borrowers, and economic growth amid global uncertainties.
Xero and Karbon integrate to streamline accounting workflows, reducing manual tasks and enhancing productivity. Find out how this partnership will free accountants to focus on high-value advisory services, saving hours per week.
The upcoming Making Tax Digital (MTD) rollout for income tax has sparked mixed reactions. Accountants are feeling the pressure of increased compliance demands but see the transition as a huge opportunity for advisory work and greater client engagement.
Key Market Insights
🤖 Nearly a third (30%) of firms already use AI, with another 23% planning to incorporate AI by 2025.
💼 81.7% of accountants view the upcoming Making Tax Digital (MTD) for Income Tax rollout in 2026 as both their biggest challenge and opportunity, highlighting a profession split between pressure and promise.
💻 75% of firms are increasing their technology investments, focusing on AI, automation, and cloud solutions to enhance efficiency and service delivery.
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