High-street presence fosters trust in profession
High-street presence fosters trust in profession
The high street remains a key element of some accountancy firms’ operations, despite the dramatic changes it has undergone over recent years.
The physical presence of accountancy firms on high streets fosters a “sense of reliability of personalised service”, according to Kat Hearn, senior technical manager for practice at the Institute of Chartered Accountants in England and Wales (ICAEW). Hearn was speaking to AccountingWEB after a package of measures designed to help breathe life into the UK’s village, town and city centres was unveiled.
The Federation of Small Businesses (FSB) has launched a report, The Future of the High Street, looking at how what was once rows upon rows of shops has undergone a dramatic change over the decades. It notes that the growth of chain stores, the introduction of out-of-town retail and supermarkets, and the arrival of the internet have all left their mark.
In a bid to encourage new ventures and help them set up on the high street, the FSB is calling for a specialised fund to be created to support pop-ups, markets and temporary-use initiatives for first-time businesses.
It has also proposed a separate fund to support a mobile phone-based loyalty programme for high-street firms, and backed high streets being featured in domestic and international tourism campaigns.
Beating heart
TaxAssist Accountants operates from more than 240 shopfront offices, with group business development director James Mattam backing the FSB report and its vision.
“The high street is the beating heart of small business communities across the UK, and we firmly believe more should be done to help them survive and flourish during these challenging times,” he told AccountingWEB.
“As banks continue to withdraw their brick-and-mortar presence from towns and cities, we have seen increasing numbers of business owners turn to their accountants for the face-to-face advice and support they used to visit their bank for.
“That is why a high-street presence remains key to TaxAssist Accountants’ mission. Like many high-street businesses, we are focused on the client experience and have created a place clients would like to visit and feel comfortable to share their business plans and challenges with us in a face-to-face setting so we can help resolve and satisfy their needs.”
Accessible to all
ICAEW’s Hearn said that having chartered accountancy firms on the UK high street “ensures that essential financial services are accessible to all”.
“This particularly benefits small businesses and people who thrive on the trust and personal touch of meeting face-to-face with advisers.
“These firms act as trusted business advisers and their physical presence fosters a sense of reliability and personalised service that is invaluable to their clients. High-street chartered accountancy firms are embedded in their communities and make a significant contribution to local economies.”
Remote working
Hearn noted that post-pandemic, many smaller firms moved away from the high street, operating on a fully remote basis.
“As time has passed, some firms have found a new sweet spot which is to operate a hybrid approach, allowing them to provide online services to clients outside of their immediate area while delivering personal, tailored support in person for clients who favour a traditional approach,” she added.
“As consumer patterns continue to evolve, it’s clear that there is a place for both the high-street and online firm, each serving distinct yet complementary roles in meeting diverse client needs.”
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