When I started my own practice five years ago, I didn’t know what I didn’t know. But I finally feel like I’m there. I have realised that throughout my career the one consistent and important thing for me was feeling inspired by the people I work with. Do you pass my coffee/beer test?
I set up my own firm because I wanted more time with my family after my first daughter was born. I had previously worked in finance roles in the TV industry and in property development, and many of my clients now are people I met when I was in TV who have become freelancers or set up their own companies.
It’s a really lovely time to be in accountancy at the moment
With creatives, the key is enabling them to understand their finances at the level they need. They want it at a high level, but they also want peace of mind that they’re being looked after. My strength is being able to explain their finances in a way that makes sense to them without taking up too much of their time. The same applies to my clients in the property sector.
TV is going through such a tough time at the moment. Many of my clients have done development pieces – effectively a taster for a potential programme – but then the TV company decides it doesn’t want to proceed and pulls the contract. It’s harder and harder to get commissions from TV companies now because they aren’t taking any chances.
It’s a really lovely time to be in accountancy at the moment. I’m mentored by an ACCA accountancy firm founder, Will Farnell, and it’s been a game changer. He has been instrumental in building the foundations of my company. I’m also part of an informal group of other practice owners at a similar stage of the journey and we meet regularly. Everyone is so willing to share their experiences and help each other.
We’re here to add value to businesses by looking at the big picture
Accounting software companies have created the perception that business owners can run their own accounts. That sends out a dangerous message that bookkeepers and accountants aren’t needed or are only there to tick boxes. The value of good accounting is that it shows the client where they are, so they base decisions on up-to-date information rather than going with a gut feeling. We’re here to add value to businesses by looking at the big picture rather than the traditional model of looking at a client’s information only at year-end to prepare accounts.
AI is having a significant impact on accountancy and has been for a while. We need to adjust and focus on what we provide to our clients. It is really important that we spend the time explaining to them what the accounts mean, the patterns and opportunities. AI provides a huge opportunity, but we need to take it.
We’ve got a job to communicate to business owners the value of the work we do
Accountancy is changing. Smaller companies don’t necessarily need an accounts team the way they did 10 years ago. They can instead use a practice that outsources a full accounting team to them – I think that’s where accounting is heading. Business owners will need to change with the times and understand the value of the work we do as accountants, but we’ve got a job to communicate those benefits to owners.
Away from work, I used to like skiing, cycling and watching live sport and music. Now, though, my interests tend to revolve around chasing my young children all over soft-play centres and playgrounds. I’m also a keen non-fiction reader.
