The role of accountants is being redefined, as UK businesses demand advanced financial guidance rather than just traditional bookkeeping. According to new research launched today from embedded payment leader, Modulr, investment and business strategy advice (75%), forecasting (73%) and accounts payable/receivable (66%), are now top priorities – signalling a dramatic evolution in client expectations.Yet rising expectations are being undermined by persistent inefficiencies in business payments, consuming valuable time and resources within businesses and accounting practices. These inefficiencies not only limit productivity but also hinder businesses’ ability to adapt to increasing regulatory complexity and the demands of globalised economy.A staggering 46% of respondents report spending over three hours each week on tasks like reconciling accounts and tracking compliance with regulatory requirements. Additionally, nearly half are burdened by manual data entry (45%), client communications about payment statuses (46%), and managing payments to HMRC (46%). This reliance on manual processes and fragmented systems creates avoidable delays, errors, and compliance risks, putting accountants’ at reputational risk.Jakub Zmuda, Director of Strategy at Modulr, comments; “It’s clear that the role of the accountant has, and still is, undergoing a transformation. What clients are asking for now is a far cry from their needs ten years ago

LemFi recently expanded into Europe through a partnership with Modulr and plans to secure an Irish license to further scale operations

Modulr, a leading digital payment services provider, is today announcing a significant new contract with His Majesty’s Revenue and Customs (HMRC) for the provision of Confirmation of Payee (CoP) services.Under the agreement, Modulr will continue to protect the security of HMRC’s payments to individuals and businesses through its CoP service, which helps prevent fraud by validating bank account details in real-time with receiving banks and payment institutions.“This landmark contract demonstrates how modern payment technology can build on public sector services,” says Myles Stephenson, CEO of Modulr. “As the new supplier contracted under the Open Banking DPS framework for CoP services, we’re committed to enhancing payment security and ease for public sector transactions.”This agreement is a new supplier contract awarded under the Open Banking (Data, Digital Payments & Confirmation of Payee Services) Dynamic Purchasing System (DPS) RM6301 for provision of CoP services, managed by the Crown Commercial Service (CCS). The DPS, available to all UK central government departments, charities, public bodies and organisations, provides a streamlined procurement process with preset contract terms and a range of services that buyers can filter to meet their needs.In addition to CoP, Modulr has a comprehensive strategy tailored to payments in the public sector. For government agencies, Modulr offers innovative solutions for payroll and accounts payable, combining the use of outbound payments, inbound payments, Open Banking and CoP through its API-first platform. For Local Authorities, Modulr’s solution for social care and benefit disbursements integrates cards, accounts, direct debit and Open Banking – aligning to its ongoing mission of supporting the unbanked and vulnerable populations through accessible payment solutions