Runagood® AI Business Advisor
Business Consultancy Skills Training & Support

Runagood® Blog

If you are looking to transition from a compliance-based financial account to a fully-fledged AI Business Advisor®, our blog is your essential resource. Packed with valuable posts on diversifying your accountancy practice, increasing revenue, upskilling, and future-proofing your skillset and business, our blog is a must-read for ambitious accountants. Stay ahead of the curve and unlock new opportunities by delving into the transformative insights and guidance offered in our blog.

Massive growth in accountant practices

IRIS Software Group have reported on the UK practising accountant population:

  • 4 mega firms employing over 1m UK & worldwide

  • 50 National firms each employing 200+

  • 400 Regional firms each employing 75+

  • 3,000 other large firms each employing 20+

  • 13,000 mid-size firms each employing 10+

  • 25,000 small practices each employing up 3-5

  • 30,000 micro-practices each employing 1-2

That means (discounting the Big 4 who service the top 7000 businesses):

  • 72,000 practices with 300,000 accountants servicing 6m small / medium businesses

  • Average practice servicing 83 businesses

  • Average practice accountant servicing 20 clients

ICAEW stats suggest that small / medium firms pay their accountant an average of £1200 pa, so:

  • Average practice revenue £100,000

  • Average revenue per accountant £24,000

And given that not every business retains qualified accountants the real position is below that.

The consequences include:

  1. Not enough revenue in the mass market

  2. Many unviable practices

  3. Heavy price competition

Is there redemption?

Well just one thought:

According to DBEIS small business longitudinal research:

  • The average micro business (1-9 employees) spends £2000+ pa on general business advice - around double the accountancy market

  • Which is provided by an unqualified cohort of unregulated consultants

This is a market that accountants could legitimately take by expanding their services to clients they already know and who trust them.

Runagood Ltd