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Are there actually clients (sorry, data beacons) out there who are unaware:
A) if their cash flow sucks, and
B) when their payroll is
In direct contrast
To yesterday's latest tax news "making tax digital, the known unknowns" where the consensus was that the chances are accountants will have to get back to basics and re do much of what has already been input by the client, but today, accountants are going to be left behind by a new generation of technical whizz kids. I know which one I think most likely!
This is all fine and dandy providing..
That both parties are on the same page/spreadsheet regarding what is expected and what it costs.
The payroll/cashflow example is interesting. To make that call, the accountant would need access to reliable data in real time. Is this provided by Mr Millennial, or is the accountant acting as the regular bookkeeper?
The problem is if you go down the 'value billing' route the client is unlikely to attach much value to the 'nannying' element and the accountant ends up doing more low value work for fewer clients.
Don't get me wrong, I favour the more work for fewer clients model, but on the basis that it is all billable at the same rate.
It is funny that some weeks we are being told that "compliance is dead", and we must 'add value'. Then the following week here we are back in the bookkeeper's shoes.
I think that the answer is that the Millennials are not fundamentally different to previous generations of entrepreneurs. I don't think that the Richard Bransons and Alan Sugars were/are anything but impatient and aggressive. If you are keen on your business and see it as your life's work, then you expect everyone to be equally enthusiastic, t'was always thus.
Compliance is dead, long live compliance!
Next week, or in 3 months?
After almost 30 years in practice, working with small business owners, I can assure Mr Lark that all of them would know that next week was payday. And 99% would know if they were going to have enough cash.
Now, knowing they might have a problem with payroll in 3 months time, that's different.