Accountants told not to spend on IT systems

Date: 22nd August 2008

Accountants have been advised not to spend more money on their IT systems during the current economic slowdown.

In an interview with Accountancy Age, Pete Turner, the technical director for Ulysses, stressed that his firm was advising accountants not to spend their money on new IT systems if they could possibly help it.

Instead, he suggested it would be more sensible for accountants to save their cash in case of future problems.

"This is not the time to be spending capital on new computers unless they are absolutely needed as replacement equipment," Mr Turner told the publication.

"We normally recommend clients invest in IT infrastructure in the good times, so they can reduce costs at times like these. Accountants should save their money until the economy picks up again."

Recently, the Edinburgh Evening News reported that some Scottish accountants were actually looking to take on more staff, ahead of a predicted rise in the number of business insolvencies in the coming months.