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PEA14: Medium Firm of the Year nominees

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3rd Oct 2014
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The medium firm category of the Practice Excellence Awards featured a strong selection of the country’s most dynamic and forward-thinking practices.

Practice management guru Mark Lloydbottom led the judging process alongside Morad Molavi of SAP partner Codestone and AccountingWEB deputy editor Robert Lovell.

It was a particularly tight field this year and overall submissions for medium practice of the year achieved record high marks, with almost all scoring more than 60% from the judges.

Lloydbottom commented that the top three performers went the extra mile when it came to client care and services: "The practices that really stood out not only presented strong financials, but put forward case studies demonstrating client value and real innovation. I’d love to meet some of these firms,” he said.

The top three medium firms below demonstrated these qualities and the judges were unanimous in their deliberation.

Hallidays

Hallidays put forward an uncontrived, true and real statement of the service they provide clients.

“To be the business partner that supports our clients to grow and achieve their ambitions,” it simply stated as their vision. It added its growth ambitions to help clients grow, help colleagues grow as individuals and as a business.

When it came to client care Hallidays made a strong connection between its values and that vision.

With innovations like its one page plans and a client contact commitment, the firm achieved an annual client happiness score of 94% and its overall proactivity survey score increased to 86%.

On the financial side, steady growth was outlined, with turnover up 12.5% and fees from A and B clients up by an impressive 81%.

Its financials are keenly managed, with one judge remarking that it was probably a tough but exciting place to work.

When it came to process improvements, Hallidays really shined. Some of the great things going on included debrief sheets, holistic reviews and team awards. This firm really knows what it’s doing, from innovation, strategy and leading edge.

“This is accountancy as a business and they are turning it into an art form,” another judge said of the firm.

Seymour Taylor

Seymour Taylor impressed the judges with its mission statement and financials, but also provided some real "under the bonnet" level of detail.

Client retention during the last year was 95.5% and the number of referrals increased by 52%, which must tell a story of sorts. The firm showed a good commitment to client management with regular meetings to help clients identify KPIs to use when reviewing business performance.

With a case study to back up some of the assertions made, this is clearly a well-respected and serious firm in terms of brand and reputation.

On the financials, its 2013 client gains target was the highest ever set and they over achieved it by nearly £50,000. Good cash management was clearly on display.

Following a recent acquisition the firm took on 750 new clients and the signs are they are integrating well so far.

In addition to using social media for marketing and boosting the brand, it finds this presents a very useful tool for communicating with clients. It can be easily tailored, is more personal and truly interactive, the firm said.

Along with new technology, it is also investing in staff development with a professional skills development programme for senior accountants as well as psychometric testing across the organisation.

Lamont Pridmore

Lamont Pridmore impressed the judges with some excellent statistics including the fact that it has taken on a new client every working day for the past five years.

Once it has these clients on board it goes the extra mile to ensure they fulfil their potential. “We start where many firms finish,” it boldly stated. It also quantifies the value clients receive, which in 2013/14 was 3.3 times the fees they charge.

Financially, Lamont Pridmore wowed all three judges with honest, positive attention to detail. Its 2015 projection predicts decent net profit growth of 25% and fee income growth of 20%.

When it came to growth initiatives, the firm had launched six new services this year alone. Presenting a compelling case study, Lamont Pridmore cover everything from R&D tax claims through to a cost reduction service and its growing outsourced finance director service launched back in 2011. The latter now accounts for nearly half a million pounds in annual fees.

The practice also quantifies efficiency levels, which are up from 73% to 95% through using coaching and performance related pay, among other initiatives.

It also undertakes weekly client satisfaction surveys to make sure it maintains top marks for overall client service levels.

Find out who will win by attending the Practice Excellence Conference in London on 6 November. Get your tickets here.

SAPThe 2014 Practice Excellence Awards are sponsored by SAP: “We know exactly how important accountants are to helping businesses grow and we want to do all we can to support that. That’s our business too and we’re focussed on developing technology innovations that not only help businesses run like never before, but also improve the lives of people everywhere.”

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