Last Month in Accounting, Accountech & Fintech - August 2024 edition

A quick market roundup of all the key news story from the last month or so…

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Practice & Accounting

• Grant Thornton UK Thornton mulls equity cash injection https://www.cityam.com/grant-thornton-moots-deal-with-private-equity-firms/
• SHORTS announce acquisition of Hewson & Howson Chartered Accts https://blog.shorts.uk.com/shorts-announce-acquisition-of-hewson-howson?
• Shaw Gibbs Gibbs?rebrand Dove Naish
• Sumer acquires DPC Chartered Accountants https://www.accountancytoday.co.uk/2024/07/17/sumer-acquires-dpc-chartered-accountants/
• Menzies LLP merge with Rollings Butt https://www.accountancytoday.co.uk/2024/07/09/menzies-merges-with-rollings-butt/
• AAB bringing firms like Sagars under it's main brand & trebled in size since 2021....?https://www.accountancydaily.co/aab-revamps-brand-nears-ps100m-turnover
• Movers and shakers for the last month here https://www.accountancydaily.co/people-news-bishop-fleming-pkf-francis-clark ( Bishop Fleming Chartered Accountants , PKF-Francis Clark Chartered accountants & business advisers and others) & more here https://www.accountancydaily.co/people-news-bdo-carpenter-box-hurst
• Wealth giant Evelyn Partners up for sale as Permira seeks exit for ￡1.5bn https://www.thetimes.com/article/740e0e48-64ea-4b48-97c3-da4da40c3865?shareToken=c84a7b8f4e8a4207c1f6ee0c67eeb832
• Bishop Fleming Chartered Accountants revenues hit ￡43m in FY24 https://www.accountancytoday.co.uk/2024/07/23/bishop-fleming-revenues-hit-43m-in-fy24/?

Software

• German fintech Taxfix snaps up TaxScouts: https://www.accountancydaily.co/german-fintech-taxfix-snaps-taxscouts
• Airwallex integrates with Intuit QuickBooks
• Pixie founder?steps down as the sale is formalised.
• Intuit making huge staffing changes as impact of AI hits https://fortune.com/2024/07/10/intuit-layoffs-email-hiring-ai-transformation/
• Cone (YC S22) ?launches practice proposal and billing tools
• Dext to roll three products into one?platform, add new features

Reports & Whitepapers

• Nearly half of accountants use spreadsheets for some of their financial accounting work, while 19% use Excel as their sole way to process invoices https://www.accountancydaily.co/one-five-still-use-excel-process-invoices

Finance & Banking

• SMB lender? TRIVER ?raised ￡2.5m from existing investors.
• Neobank Revolut ?has?announced?2023 results including $2.2bn in revenue, $545m profit and finally achieved a UK banking license
• Lloyds Banking Group is?cutting?another 60 branches in 2024 and 2025.
• Starling Bank Bank?co-founder Anne Boden has?quit?the board of the bank to pursue a new AI venture.?
• Lloyds?has?terminated?its contract with invoice financing company Satago ?two years into its five year contract.
• SMB lender Funding Circle UK ?is?selling?its US operations for ￡33m.

Other

• Accounting Excellence Awards Nominees for 2024 announced! Well done Kreston Reeves , Infinity Partnership and Bishop Fleming Chartered Accountants leading the way in nominations. Full list: https://www.accountingweb.co.uk/practice/general-practice/accounting-excellence-2024-finalists-revealed
• The?FCA?has?found?that gamification by trading apps increases risk taking among users which could mean an incoming crackdown.

I'll be back next month for more news and updates!

#Accountants #Bookkeepers #accountech #fintech #technology #banking #finance #accounting #Mergersandacquisitions #M&A

Sources include: BBC AccountingWEB.co.uk Croner-i FinTech Insider Accountech Forum