Weathering the Storm: How Scotland’s Commerce & Industry Sector Is Evolving in 2025/2026
25th Nov 2025
It was always going to be a relatively slow start to 2025 with Industry businesses ‘Weathering the Storm’ of the changes to employers' NI and the minimum wage that had been set in the previous year’s budget.
Organisations who in Q4 had been planning to recruit for growth in Q1 were now struggling to manage their new swollen cost base for their staff.
A lot of the conversations I had with MD’s/FD and CFOs were largely similar. We need to hire; we’re stretched, but our profit lines have been eroded and we’re going to have to make do for now, or even potentially make some cuts.
I am always regularly surprised and impressed by the general resilience of businesses I work with. Their ingenuity to adapt to economic change, ride out the initial storm whilst adjusting their approach to market, their service lines, their geographical footprint in order to survive and ‘Go Again’. It takes a strength of character, nerve, belief, strategic integrity, and let’s be honest… experience. It feels like we've been here a number of times since 2009 with numerous economic hurdles being planted in the form of Brexit, Independence Campaigns, Covid, Cost of Living Crisis and Presidential Politics.
There’s definitely been a marked improvement in the sectors as we’ve moved into H2 of the year across Scotland’s manufacturing belt, especially in Central Scotland, Fife, Perth and up towards Dundee.
There’s a real energy in the sector again. Businesses are investing, adapting and thinking differently about how finance supports operations.
While some parts of the market have slowed a touch, manufacturing and engineering have been managing to hold their own.
From family-owned manufacturers in Fife to renewables-linked firms in Perthshire, the demand for strong finance people hasn’t dropped off, if anything, it’s become more focused.
Here’s what I see is driving that:
- Finance is getting closer to the action. Teams are spending more time on the factory floor, helping link production data to decision-making.
- Visibility is everything. Businesses are using better financial insight to plan investment and keep costs under control.
- The skill mix is changing. There’s growing demand for people who can move between the numbers and the narrative, joining the dots between finance, operations and strategy.
- Locally based decision-making. Regional businesses are agile; they move quickly and value commercial finance input.
- Broader roles. Finance teams are small but mighty - they get visibility across everything from supply chain to strategy.
- Innovation and impact. Finance is becoming more involved in investment and sustainability projects, it’s exciting to see.
One of my takeaways from above is that it’s clear to me that the role of an accountant is shifting to a much more strategic, analytical, and technology-enabled skill set.
It is shifting from historically transactional to strategic, analytical, tech-enabled, and influential. Those who embrace technology, commercial thinking, and communication skills will thrive in the 2025–2030 finance environment.
Software, AI, and integrated finance systems are automating or simplifying activities that once dominated accounting roles:
- Bookkeeping
- Bank reconciliation
- Invoice processing
- Payroll
- Basic management accounts
- Standard journal entries
- Tax computation preparation
This doesn’t remove accountants - it frees them to move into higher-value work!!
What are accountants increasingly expected to do?
a. Business partnering
Accountants are expected to work closely with non-finance teams:
- Providing commercial insights
- Translating financial data for operational managers
b. Data analysis and interpretation
Finance teams are becoming:
- Data-driven, using BI tools (Power BI, Tableau)
- Expected to explain trends, drivers, risks, and opportunities
- Responsible for scenario modelling (especially in uncertain economic periods like 2025–2026)
c. Technology enablement
Modern accountants need to be comfortable with:
- Cloud accounting (Xero, NetSuite, SAP, Oracle)
- Automation workflows (Power Automate, RPA)
- Data integration
- AI-enabled forecasting and analytics
- Digital tax platforms (MTD requirements)
Digital literacy is now a fundamental competency.
d. Regulatory and reporting complexity is increasing
Even as automation reduces manual work, regulatory pressure is rising:
- Sustainability and ESG disclosures
- Increased audit and assurance expectations
- More granular tax and digital reporting rules
- Tighter internal controls and governance standards
Finance professionals are taking on more risk management, controls, and compliance responsibilities.
One of the things I note from the interactions I’m having with my client base in the regions I focus on is that we’re definitely embracing this change. I can see it in the role titles, job descriptions, now focusing more on;
- Commercial awareness
- Data analytics & dashboarding
- Strategic thinking
- Process improvement & automation
- Communication & influencing
- ESG knowledge
- Business modelling
For employers:
- Finance functions need people who can interpret, not just record.
- Training, digital adoption, and change management become essential.
- Recruitment now focuses more on potential and adaptability than on narrow technical experience.
Moving forward into 2026…
It does seem like there is a more positive outlook as we move into 2026, despite persistent headwinds like concerns around cybersecurity, tax rises, energy costs, and increased regulation.
According to a survey by accounting firm MHA, nearly 75% of Scottish manufacturing businesses expect to grow by 3–10% over the next 12 months.
On the spend side, many manufacturers plan to increase investment in R&D: 74.6% of those surveyed expect R&D to grow by 3–10% compared to the prior year.
So, where can we see the opportunities for Accountants & Finance Professionals in Commerce & Industry as we move into 2026?
- Advisory Services
- Growth Financing: Help manufacturing SMEs raise capital (debt/equity), especially for R&D or capex.
- Tax Planning & Credits: Many industrial companies invest in R&D, meaning potential for R&D tax relief or credits — accountants can advise here.
- Sustainability & ESG Reporting: As manufacturers invest in sustainability (renewables, recycling, energy efficiency), there is room for ESG advisory tied to financing and reporting.
- Operational Efficiency: Finance teams can lead efforts to improve cost control, forecasting, and investment modelling.
- Digital Finance Transformation
- Implement or upgrade ERP / financial systems to support real-time data, stronger controls, and integration with production / operations.
- Use AI / data analytics to improve forecasting, predictive maintenance, and budgeting.
- Build resilient finance-IT risk frameworks to mitigate cyber risk.
- Talent Development
- Upskill finance teams in data analytics, AI, and cybersecurity.
- Develop finance professionals as trusted business partners for C-suites, helping shape capex and operational decisions.
- Strategic Partnerships
- Work with external advisors, banks, or public bodies to facilitate industrial firms’ access to funding.
- Collaborate with R&D agencies or innovation hubs — for example, helping companies apply for grants, innovation funding, or R&D partnerships.
The consensus is that the near-term outlook into 2026 is cautious. Clearly, we’re also very sensitive to the impending UK Autumn Budget / Scottish Budget decisions. Most likely, we’re expecting to seea modest pick-up in consumption and some re-acceleration of activity later in 2026, but overall growth remains subdued (many forecasters keep 2026 near 0.5–1.0% GVA growth for Scotland). Recovery depends on consumer spending and export momentum, as well as our ability to continually adapt.
I do truly believe that the role of finance within Commerce & Industry has never been more important in helping guide businesses through these testing times. We’ve been here before, but the narrative is constantly changing!
👉 Curious what others are seeing in Scotland’s Commerce & Industry space? Who else feels the role of an accountant has significantly changed?
Graeme Bruce
Associate Director – Qualified Accountancy & Finance