Running a practice is somewhat like managing a conveyor belt of information that never gets turned off. Clients need up-to-date financial information on a timely basis. There is no point realising a business is losing money a year after the fact. My top priority with every client is to ensure the numbers are always right.
Carand Accountants formally opened in March 2024 but had been in the making for over a decade. At the moment, I am a sole practitioner with a wide-ranging client base, from small companies to non-resident landlords.
I find that producing monthly management accounts really helps clients to manage their own businesses, especially among start-ups. I love to see systems develop and become operational. When clients take note of what accountants actually do and they themselves learn from it, you know you’re doing a good job.
I am a firm believer in focusing on my current clients before looking for new ones
I always try to speak with clients directly where possible – a two-minute phone call can save 100 emails. Most of the time, clients just want to know that their work is in progress and that they haven’t been forgotten. When a new client comes to me, I always ask what happened with the previous accountant. The most common answer is that ‘they wouldn’t return my calls’.
I am a firm believer in keeping all the work under one roof. This way, the knowledge and learning is kept in-house. I am also a firm believer in consolidation – focusing on the needs of my current clients before looking for new ones. Are AML/RBO, returns and fees up to date for each client? Is it time to review fees? Once this has been answered satisfactorily, then I can look to taking on more clients.
Staying independent and recruiting quality team members is a continuous challenge
Making the leap from a sole practitioner to a larger operation is something I look forward to in due course. As smaller practices are being swallowed up by larger firms, staying independent and recruiting quality team members is a continuous challenge.
I would be concerned about a ‘race to the bottom’ developing. Clients are moving to different agents because they can get a reduced fee, without first weighing up the implications. Everything is fine until it’s not. It is only when things are not fine that most clients actually realise what accountants get paid for.
Starting out as a sole practitioner is a seven-days-a-week job and downtime is rare. The upside is the freedom and flexibility to do things during the week when time allows; you are not tied to an office schedule. When I do get away from it all, I like to go to the gym and listen to an audiobook or podcast. I’ve also discovered that golf courses are less busy during the week.
No matter how smart you are, or think you are, without hard work you’ll never come close to achieving your goals. Hard work is not just spending 12 hours a day in front of a screen; it’s about putting time into your own personal development and building resilience. When you hit a few bumps on the road, you need to be able to deal with that and, when you overcome these obstacles, you will take a lot of positives from it.
I am also guided by the belief that whatever it is you do, always keep trying to be better at it. Be good at your craft and you will never need to advertise. A final piece of advice: only issue an invoice when the work is done.
