Prime Blog

October 2011

a week in the life of an accountant

No drawings on this week's blog as I am too tired from a manic week. Instead a photo of Ruth our tax director explaining a tax strategy to clients showing how six figure sums can be withdrawn from their company at a cost of 11%. Needless to say they didn't doze off during that one and signed on the dotted line.

This week I have had meetings with prospective clients who are currently with 4 different competitor firms of accountants. Interestingly, price wasn't the issue in any of the meetings ..... it was the perceived lack of service. I say perceived as I know from my own experience it is easy to fall into the trap of looking after clients behind the scenes but forgetting to feedback what you are doing.

However I think in these cases, the perception was correct. At least 2 businesses should be limited companies but aren't - they would have saved thousands in tax and national insurance. Others were using bookkeeping systems they had developed without any guidance from their accountant and so were spending ages doing things without producing any relevant management information; keeping records purely for compliance reasons, VAT returns etc. We showed how they could do things more quickly, accurately and get useful information out just by using up to date systems and technology. Another business just doesn't feel comfortable with his accountant; every phone call or meeting is followed by an invoice. Looking forward to sending our proposals out to those businesses next week.

We learned that we are one of the top 3 firms in the Medium Firm of the Year category in the Accountingweb Practice Excellence awards. That is exciting. The winner is annunced in London on 18th November, when I will be in Cape Town. We will be ably represented by Kevin, Jamie and Morgan though.

I have also been setting up our Virtual Accounts Office service for a client ready to start on Monday, the beginning of a new accounting year for him. When it was obvious that he needed to recruit another member for his accounts department, we worked out with him that we could provide the service required for the same price but with extra benefits so we are looking forward to getting stuck into that on Monday.

So, another busy but very interesting week was had by all!

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