Introducing CoPilot

We’ve recently carried out some research here at FreeAgent to uncover how our small business customers have found the experience of choosing an accountant. We found that nearly one in 10 respondents (9%) said they had spent more than two months searching for their accountant - potentially equating to hours worth of lost earnings.

The results of this survey show that small business owners require a much easier and faster method of finding an accountant. We believe that the process could be made more intuitive by harnessing and analysing their business’s financial data to match them with an expert.

Our CEO and co-founder, Ed Molyneux, said:

"The results show just how long (and sometimes unsuccessful) a process it can be for many small business customers - with around a third of respondents saying they've spent anywhere from a week to many months searching for their accountant, while half had either changed accountants or said they had plans to do so in the future.

"On the other side of the coin, we know that it can also be challenging and costly for accountancy practices to find the perfect clients. So, as FreeAgent works closely with both small businesses and accountants across the UK, we wondered whether there was a better way to connect these two groups.

"We’ve been doing some early testing to see how FreeAgent can use financial data to identify small business customers who potentially need an accountant and then match them up to a FreeAgent practice partner with the right kind of expertise to meet these requirements.

"Rather than having to spend money on things like advertising and marketing to attract new customers, accountancy practices can let data bring prospective clients to them directly instead.

We’re calling this new offering CoPilot - a name that we hope reflects the kind of relationship modern practices want to have with their clients, and which technology can enable.

"We’re still only at a very early stage, testing the service with a small number of customers and practices, but our ultimate goal is to create a revolutionary new way of working together for business owners and accountants - where the whole lifespan of their relationship is entirely experienced and managed through FreeAgent.

"We know that new technology already enables accountants and clients to work together virtually without the need to ever meet in person, so we see this as the next logical step for the profession. Rather than communicating through emails and video calls, we want to evolve FreeAgent to allow accountants and clients to chat and have the best possible method of working together - all from within the software itself.

"It’s an exciting opportunity to help our practice partners grow, while also helping small businesses find a trusted advisor who can support them as their business finances become more complex. We look forward to sharing more details with you in the near future."