How SMPs support SMEs and the careers this can lead to

Small and medium-sized accountancy practices (SMPs) have always been important to their small and medium-sized enterprise (SME) clients, but the relationship today is closer and more dynamic than ever, with SMPs acting as trusted advisers that support growth and strategic decision-making.

As businesses navigate through ever-changing economic landscapes, the demand for skilled accountants, who can offer not only technical expertise but also strategic insights, continues to rise.

Evolution of the accountant

Traditionally, it was perhaps assumed that to have a truly varied, challenging and fruitful career, one that deals with big-name clients, new technologies and ways of working, and international mobility, accountants needed to join large multinational firms. This is simply no longer the case.

Smaller firms are adding more service lines, for example, sustainability consulting and reporting, digital transformation, or wealth advisory; they’re masters of big data, bringing to their SME clients a wealth of valuable insight once only big corporates could play with; and SMPs can join international member firm networks that provide new ways of working and international exposure.

For Martin Brennan FCCA, founder and CEO of Onside Accounting, which specialises in working predominantly with tech startups, it’s the breadth of experience you get at smaller practices that really sets them apart, especially from bigger firms, making SMPs vital trusted advisers to SMEs, a country’s economic backbone.

'Working in a small practice enables you to train across several areas of accounting and tax, for example, bookkeeping, VAT, payroll, year-end accounting, corporation tax, personal tax and so on,' he says. 'Whereas in a bigger firm you are usually working in a single department specialising in one thing. This is why it helps me when dealing with SMEs, because, from working in SMPs I've gained knowledge across all the key areas in which smaller businesses need support.

‘We work mainly with technology startups, companies building new technology products and receiving venture capital funding to help them grow quickly. They normally need quite a lot of support, from setting up accounting systems to tax advice. In some cases, they can get several million pounds in funding and will hire lots of people very quickly, so they need an accountant who can grow with them and adapt to their requirements. We're good at scaling up alongside them, being flexible with what we can do and how we price our services.’

Getting in and getting on

There are several ways to join accounting firms as a junior – out of school or after college or university – and depending on your level of education, you’ll often find that part of your early years with a firm will include studying part-time for relevant qualifications such as ACCA.

Recognising the importance of nurturing talent and providing hands-on experience, firms such as The Accountancy Partnership have introduced initiatives like the Junior Accountant Programme. This program offers trainees immersive training in every aspect of accounting, coupled with mentorship from senior professionals. Trainees are empowered to manage their own portfolio of clients from the outset, gaining invaluable client-facing experience and exposure to cutting-edge accounting software.

Search hundreds of roles from all over the world on ACCA Careers

Sign up for a job alert tailored to your desired location and role

Brennan is an advocate of apprenticeships, having come through this path himself. ‘What attracted me was that you’re able to get on-the-job practical experience while going to college a couple of nights a week and all funded by a combination of the government and the employers. At a time when a lot of my friends were going to university and taking out big student loans, I was benefitting from an apprenticeship in which all my studies were paid for while I received a full-time wage.’

Onside Accounting is flipping the stereotype of apprentices, he continues. ‘It used to be that an apprentice is just somebody who's doing the cheap labour and paid as little as possible. We’ve never done that. You'll get paid a proper wage doing proper work, which means being in front of clients, doing all of the people side as well as the technical.’

At Onside Accounting, the entry level role of financial administrator focuses on bookkeeping, payroll, VAT and general admin. Here you learn to be well organised, to communicate at a high level with clients both verbally and in writing and understand what the firm considers high quality work.

From here you should finish your apprenticeship, move to a financial accountant role and potentially start ACCA. You’ll focus on statutory year-end reporting and interim management reporting. Here you take more of an oversight and supervisory role over the more junior apprentices, you review their work and provide feedback, and it’s your responsibility to prepare the accounts in a clear and technically sound way at the end of each month or year.

‘Beyond this there's lots of opportunities,’ says Brennan. ‘The main one we have is client manager, which is essentially supervising the financial administrators and accountants, being the main point of contact for clients, being the person that provides advisory services, reviews the work before it goes out etc.’

A bright future

Many choose to stay with SMPs, getting to director or partner level, moving to bigger firms, seeking out firms that have a particular speciality, setting up their own practices, moving out of practice accounting. 

‘Working for SMPs is a fantastic career but there are many other paths, from specialising in a particular sector such as VAT or corporate finance, or moving into a business role within a corporate,’ says Michelle Westbury FCCA, director of West & Berry. Many use the skills, expertise and knowledge of their accountancy training and the experience gained in smaller practices to become finance directors or business owners.

The role of SMPs as trusted advisors underscores the vital importance of accountants in driving small business success. Through a combination of technical expertise, soft skills, and proactive advisory services, accountants in SMPs play a pivotal role in shaping the financial health and sustainability of SMEs, thereby contributing to the overall economic growth and resilience of communities.

More information

ACCA has produced SMP career toolkits to support employers and finance professionals. Download them here