New research shows that around 70% of small accountancy practices have grown over the past year, although their profits have been squeezed.

The research from CaseWare, which surveyed 467 accountants at small and sole practitioner firms, found that while many accountancy practices have achieved growth, they are hindered by pressure to lower fees and competitor low-balling. Lack of time or resources to pursue new clients was also often cited as a hindrance to growth.

What’s it like to work in a small firm?

Accountants at small practices are reporting longer working hours –  over 50% reporting that they spend between 8 – 10 hours on a typical working day. Compared to a year ago, 37% feel they spend more time on their clients (while not getting anything extra back in fees).

Simon Warren, Managing Director at CaseWare, said: ‘Over the past year, accountants have generally been forced to increase their working day and the time they spend on clients… overwhelmingly the three biggest time-snatchers identified by respondents were dealing with paperwork, managing clients and keeping up with regulatory change. ‘

Find out more about working for a small accountancy firm in accountancy.

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