As the largest city in the UK, it’s no wonder that London has the highest number of accountancy services. If you’re looking for a new accountancy service, you may find it works to your advantage to find something that is London-based.
One of the reasons London takes centre-stage in the accounting industry is this: it’s the base for a highly-skilled workforce that has access to top-quality training and development. Thanks to this, the city attracts the crème de la crème of accounting talent.
London is a global financial centre, where many of the world’s largest financial institutions are based. Examples include Goldman Sachs, J.P Morgan and NatWest Group. This contributes to a large and diverse market for accounting services.
Why is London a top hub for accounting services?
The UK boasts a 38% global total foreign exchange turnover, and in 2021, it registered a record investment of £27.6bn in FinTech. So, how did London become a global financial hub?
There have been many other contenders who have held and lost the top position across history, including Paris and Amsterdam.
Leading economist Ronen Palan explains how London’s financial industry managed to stay ahead of the USA in the mid 20th Century thus:
“Although nationalized in 1948, the Bank of England remained effectively under the control of the City’s commercial banks. The Bank of England consistently pursued policies that favoured the City’s position as a world financial centre, even when such policies were seen as harmful to the UK’s mainland manufacturing needs. The pound was consistently overvalued, interest rates relatively high, in a country that saw a declining manufacturing sector.”
Some believe that following Brexit, New York City may have already replaced London as the financial centre of the world. This is something that will become more obvious over time.
What types of accounting services are beneficial for businesses in London?
In London, you can choose from the full range of accountancy services for your business. You’ll be able to hire tax and consultancy experts. They will be able to advise you on everything from audit to assurance, managing your taxes, restructuring and financial advisory solutions.
If you’re an entrepreneur, you should find it easy to find small business accounting firms in London that can help you control your cash flow. Furthermore, look for an accounting firm with errors and omissions insurance for accountants in London to guarantee safety in the event of mistakes. When you stay on top of this, you can make informed decisions about your business.
You can expect any London-based accountancy service worth its salt to be on top of the latest financial trends and business regulations, too. With their help, you’ll be able to compare your business against industry benchmarks. They can also provide you with an industry health check that highlights your business’ pressure points.
One thing’s for sure: by looking to London for accountancy services, you’ll get advice from some of the best minds in the financial industry.