I did and this is where I am now.
It’s difficult when a company is growing to see any immediate benefit, often you’re just setting yourself up for higher and higher tax bills, chasing that elusive future success.
Love Management Accounts have been growing steadily for 8 years and this was the reason why we decided to go through a rebranding exercise, change the name, and intentionally, the direction and positioning of the business. It was an opportunity finally for us to see the wood for the trees.
2019 has been an interesting year so far, with our recent recruitment of our fourth team member, and launch of the new website, but it has also caused me to reflect on how we arrived at this point, and what it all means.
It’s vitally important that we all file our accounts and tax returns accurately and on time, but let’s be honest, that’s not the reason any of us are in business.
I’ve worked for some excellent accounting firms over the last 14 years, I’ve also worked in some that churn out the same advice day in day out, every client becoming a faceless number on a conveyor belt, where the only advice given was a few simple tricks to reduce a tax bill. It was mind numbing.
I broke away from that cycle and set out on my own, because running a business can and should be about so much more. It’s about building something for your family and your future. It’s about doing something you’re good at, and being proud of what you’ve achieved. It can also just be about making money and lots of it, but what it shouldn’t be about is just filing tax returns.
We each have our own internal motivations and external pressures, and they’re as personal to us as our own identities, so why should the advice we receive be anything less than unique?
I genuinely believe we are a different type of accountancy firm, not just for the sake of being different, or wearing silly socks on a Friday, but because we want to work with other businesses and individuals who feel the same way, who expect more from their accountants than to just meet to sign documents once a year.
I had always intended for our focus to be on Management Accounts. For the uninitiated this just means regular accounts throughout the year, reported on a monthly or quarterly basis.
The logic is that this informs your decisions in as close to real-time as we can get, and as a business owner you can reflect, amend and steer the business as you go, rather than waiting until after the year end to receive any feedback, and find out with crossed fingers what your tax bills will be.
It’s a service that tends to be provided by bookkeepers, who may not have the accounting knowledge or experience. Certainly when we first set out with the name Love Bookkeeping Ltd it was with this in mind, we could deliver Management Accounts as a service without having to explain what that actually meant.
The downside of this was we were turning away pure bookkeeping work as it wasn’t a service we ultimately wanted to focus on, despite it being in our name. It was a confusing time for all involved.
Hence Love Management Accounts was born.
The business has now developed to the point where almost 70% of what we do is based around Management Accounts and business advice, the remaining 30% being tax, accounts, payroll and compliance services.
I’m also a registered member in practice of the Chartered Institute of Management Accountants (CIMA) which whilst not unique in itself, is certainly not the traditional route for a practice accountant.
In short? Saying that we are different to other accountants isn’t just paying lip service to a marketing gimmick, it is in the delivery of the service we provide, our culture and the very nature of who we are and what we aspire to be.
If any of this rings true with your own business, and you’re not receiving the service you deserve from your current accountant, why not pick up the phone and call me on 01295 521050, or drop an email to firstname.lastname@example.org.
If it helps make up your mind I will gladly put on the silly socks.