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My Day - 13 April to 16 April

13th Apr 2015
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Thursday 16 April

An exhausting day. Time just flies.

In addition to routine work, I spoke to the digital marketing company that I found through the Growth Voucher Scheme approved supplier listing. They sound very good. Their fee is £1,500 per month. This is just for either SEO or Pay Per Click. It would another £1500 per month for both the options.

The Growth Voucher value is £2000 that extends to £4k through my match funding. I have asked the marketing company to email me a detailed quotation. I am not sure I will pay such a high monthly figure. I will now look at other suppliers and see how much they quote. I will then compare and decide.

I found a matching Dell monitor to make up a pair of dual monitors. It is in good working order. I have placed the order. 

Wednesday 15 April 

I was tempted to put on my shorts today. Then I thought better of it. I did NOT want the people working with me subject to my tanned, but short, fat and hairy legs. I hope the good weather continues over the weekend. London is at it’s best when the sun is in full swing.

I was in a good mood again and I was productive. It must be the great weather combined with our new bigger and far better office. That was a very good move on my part.

I did get a fair amount of routine work completed. This includes posting our weekly blog. Chasing a one-off client for our fees, TBH I lost it with him. I left a bad tempered voice mail for him. It worked, he not only paid but also called and apologised for the delay. I was embarrassed. Why did my courteous reminders not work?

I started looking at Growth Vouchers service providers. I was looking for a provider that only deals with digital marketing and nothing else. They were many providers offering a range of marketing service. I am looking for a specialist in digital marketing. I am waiting to hear from them.

Thank you to those who sent me PMs and also commented on my blogs. Just to let you know, I tend to deal with all matters AW at the end of the day/evening. Just do want people to think I cannot be bothered to respond. 

Tuesday 14 April

It was one of my better days. I was productive and in a good mood. It must be the great weather. Longer days are brilliant! With the sun out, early morning cycling is heaven.

LinkedIn reminded me today that I have been in practice for 7 years. 7 years ago, I left employment as a Director. For some reason, I thought it was a lot longer. I have not done too bad. A pat on the back for me. Though I could have done a lot better.

I wish I went on my own 20 years ago. Then I would have been a typical cautious accountant. I would not have done a MBA. I would have done CIOT. CIOT would have given me technical tax knowledge (I can buy this). I think CIOT is excellent. I don't think I have the mind to do CIOT. MBA has given me a well rounded business education.

I had a good telephone discussion with one of the practice brokers. As you may know, organic is just too slow for me. I am looking into buying block fees. As you also know the demand for block fees far exceeds supply. 

One of the options I am looking into is the practice broker actively marketing us as potential block fee buyers. Of course, there is a cost attached to this. It is just over £1000. Further, there are no guaranteed results. I will reflect.

Our increase in client numbers, has resulted in an increase in client queries. I know there are more than a few accountants who work on their own with a client fee level of up to £100k. That can’t be easy!

I am pleased I have the staff and an intern. I do not think, I would be able to work on my own. I would have given up and taken up a job. On that note, who would employ me now! 

Monday 13 April 

It was a day that I handled the tasks that I have been putting off for some time. That is informing some clients that if they do not set-up their DD by tomorrow, we will not do any further work for them.

Most of them did set up their DD today. I had enough of emailing them polite reminders. They are only 2 left now. I am sure they will set up their DD by the end of the week.

I planned my work life and personal on the new Wunderlist. I like the subtasks function. I have been using Wunderlist for some time. It is just too good. It ticks the style and function boxes in a big way. The functionality that I want is in the free version. I do not need the premium version.

I received a quotation from the marketing consultant who I met a couple weeks ago. I did not understand his costing. I am not sure what is included in the total cost. I will call or email him for clarification.

I passed the wording of our brochure to the branding consultant. If you remember, our copywriter vastly improved my poor effort on the wording I came up with. I think the brochure should be ready within the next three weeks. Of course, I will receive draft versions to approve/comment.

Xero marketing team have agreed to cast an eye on the brochure. It helps to get another perspective.

I was pleased to hear from our Xero account manager. They will provide some financial marketing support on the brochure. I think Xero has been fair. 

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Replies (2)

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Steve Edwards
By stevo5678
14th Apr 2015 22:05

Hi FT,

I am a late bloomer in terms of reading your blogs and have found them very interesting to go back from the start as I am a sole practitioner with one apprentice and can relate to so much of your practice issues.

I am growing quite fast and plan to be able to have more time to work on the business itself but working in the business is obviously fundamental part. Finding the balance when the practice is growing is difficult. For more stagnant/mature practices working on the business does not appear to take up as much of their time.

I don't want to do too much too soon but am keen to create systems. I currently use Taxcalc for accounts, tax and PM and would not change this as it offers me pretty much the same thing I got from Iris for 10 years as an employee but at a far lower cost (great value). The PM side is a little bit in it's infancy but the rate of development is impressive.

I use Xero for my own books which is fantastic, it has made my books so easy. Due to this (a year ago) I realised that Xero would be a good option for clients who wanted a cloud solution so recommended it and now have around 9 clients on my account. I didn't do too much research on cost at the time as I loved Xero so much it was not a major factor but understand their fees for some of the packages can be expensive.

I have been contemplating on moving more of my bookkeeping intensive clients (where we do a lot of it for them - all 'small' businesses) onto Xero many because of the bank feed and in my opinion Xero's ease of use. I have tried out the likes of clearbooks and kashflow and have found them far more cumbersom to use than Xero. This is just my opinion but I find Xero's bank rec facility and layout far more natural. I've not explored working papers that much yet but am concerned that it is a bit overkill for a small, typical client. Xero obviously want to tie in firms as I am a little concerned with this.

Anyway, I can see that you have fretted for some time on your software packages and was interested to know how you use Xero in your practice for clients and if it has increased efficiency and been worth the value compared to say a more traditional spreadsheet system?

I save all of my clients docs and my own WP's in explorer A-Z and under sub folders such as tax, accounts etc (and then the year) but am keen to look at filecenter to see what it can offer.

I use outlook tasks of my to do list and one note as I use office 365 (many due to being able to use outlook and have my emails hosted by them) which has it's perks but may explore wanderlust.

I back everything up in dropbox automatically as my folders are all saves locally in the dropbox folder and use echosign for approvals (fantastic purchase).

As I've read so much about your practice, felt like sharing this!

Thanks

Steve

 

 

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FT
By FirstTab
15th Apr 2015 17:17

Systems

Hello Steve

Thanks for your kind comments and reading my blogs. It is good to hear you are doing well. Further, it was good to read about your practice and your approach.

You raised key points around systems. Good systems, as you know, are important for efficiency in an increasingly competitive environment.

I think Xero or any other cloud-based software is vital to work efficiently. All new clients we take on go on Xero. So far, it is working.

We train clients on Xero remotely using joinme. It works well. Clients are encouraged to contact us with any queries they have about using Xero. Again we connect with clients remotely and explain on their computer how to deal with problems they are having.

Xero has substantially cut down our time on dealing with each client affairs. It is (or any other cloud based bookkeeping software) is a no brainer. 

It would be good to hear how you get on with your practice. 

 

 

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