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Growing accountancy practice?

Didn't find your answer?

I am an ACCA finalist looking to take over the family practice with circa 100 clients and turnover of around £90,000 and 2 staff.

Im looking for ideas/sugesstions on how is the best way to grow an accounatancy practice and become successfull

 

any help is much appreciated

 

thanks

J

Replies (19)

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Out of my mind
By runningmate
14th Dec 2016 16:48

Your first step must be to check on ACCA rules about getting a practicing certificate. Then you need to think about what role you can have in the practice without a PC & who is going to run it.
RM

Thanks (2)
By Tim Vane
14th Dec 2016 16:52

1. Get more clients.
2. Perform the services as engaged.
3. Bill the clients.
4. Repeat from 1 until practice is at desired size.

Thanks (1)
By stratty
14th Dec 2016 17:57

I think the best way of growing an accountancy practice has to be putting an anonymous post on a forum.

Thanks (3)
Routemaster image
By tom123
14th Dec 2016 18:35

How do your parents feel about you taking on the business before you are qualified - are they happy about the reduction in service their longstanding clients may end up with?

I would finish qualification as a bare minimum before even thinking about the next step.

Further - what do the two staff think about possibly having the bosses son/daughter as their new boss - are they likely to stick around?

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Red Leader
By Red Leader
14th Dec 2016 18:43

Before growing the practice, I'd look to make the existing one more profitable.

£90k fees with two staff (plus partners?) sounds low profit.

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By feelingthestrain
14th Dec 2016 18:54

Become totally comfortable with Making Tax Digital and cloud software.

Learn to love it as if it were your own as you will know no different.

Learn how to teach clients how to use the software and go out and reap the rewards (and feel free to include me in your communications if you get to that stage and if you're good enough then a fellow ACCA member with a larger practice may be interested in a chat!!)

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By Manchester_man
14th Dec 2016 20:59

I find that an advert in the Yellow Pages is best. It's not the cheapest option but you 'pay less you pay twice'.

I mean the analogue type that you used to be able to open at the desired thickness and wedge the door open with.

Failing that, bogoff. "We do this years' accounts and you get next years' free".

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Melchett
By thestudyman
15th Dec 2016 08:33

I think first you ought to qualify! The practice certificate (or lack of one) will be an issue without the shiny letters.

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By crazyfrogg123
15th Dec 2016 09:10

wow! whats with all the smart arses here?

When did i say i was going to take over without qualifying? i was merely stating that at this point i am not qualified, i never said i would take over before being qualified..

You ask for help and people shoot you down, if you have nothing helpful to say dont say it.

Another common case where people "dont read the question" im sure thats why alot of you may have failed exams in the past.

Again the question was merely "how do i grow my practice?"

The rest was simply additional information :)

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Replying to crazyfrogg123:
Out of my mind
By runningmate
15th Dec 2016 10:13

Quote:

When did i say i was going to take over without qualifying? i was merely stating that at this point i am not qualified, i never said i would take over before being qualified..


Are you thinking that you can get a PC when you are qualified? You need to check the ACCA requirements for a PC.
RM
Thanks (0)
Replying to crazyfrogg123:
paddle steamer
By DJKL
15th Dec 2016 10:52

So, I presume you have at least two years from now to prepare:

"When can I do my practical experience and how should I record it?

You will need to do three years’ practical experience to acquire an ACCA practising certificate or an ACCA practising certificate and audit qualification.

Up to one year’s experience from before you became an ACCA member can count towards the certificates.

For an ACCA practising certificate, you should ensure that this previous experience:

is recorded in the online My Experience recording tool
is in line with the practical experience requirements
has been confirmed by your Principal.
and was included in your application for admission to ACCA membership.

However, for a practising certificate and audit qualification, any pre-membership experience must also be documented in a Practising Certificate Training Record.

You can do your two or three years’ post-membership training at any time after becoming a member and should record it in a Practising Certificate Training Record.

http://www.accaglobal.com/uk/en/member/sectors/smp/practising-info/faqs....?

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By Duhamel
15th Dec 2016 11:55

Simple idea - become more profitable by reducing staff, i.e. sack one family member. Might make Christmas lunch awkward though.

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Replying to Duhamel:
paddle steamer
By DJKL
15th Dec 2016 12:12

Quote:

Simple idea - become more profitable by reducing staff, i.e. sack one family member. Might make Christmas lunch awkward though.

Even better, choose which one goes based on the present they each give you on Christmas day; winner keeps their job and it helps bring a little more tension to the festivities, far more fun than charades, more Cluedo; just make sure the sacked individual is not the one doing the carving!!

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Replying to Duhamel:
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By crazyfrogg123
15th Dec 2016 12:12

There is me, the practice owner and one other staff who works 3 days a week.

Are you suggesting that one staff is not required?

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Replying to crazyfrogg123:
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By Duhamel
15th Dec 2016 12:32

Purely based on turnover, I'd say that it's overstaffed. DJKL has an excellent suggestion above on how to figure out who should go, after you take over.

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Replying to crazyfrogg123:
Red Leader
By Red Leader
15th Dec 2016 12:54

So that's £35k fees per staff member. Go figure!

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By MBK
15th Dec 2016 13:40

Seriously. You are lucky to have a head's start. So the best way to grow the practice (by far) is to do a top quality job for the clients you already have, ask them if they think you've done well and (assuming they say yes) ask them to recommend their contact to you.

Way more productive than any other form of stimulating growth.

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By Sam Beckett
15th Dec 2016 14:55

I have grown my practice by networking, and now get frequent referrals from both clients and networking contacts. You could also perhaps look at an incentive system for existing clients to refer to you.

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By andybailey
16th Dec 2016 11:02

Practicing certificate is well covered here so I won't mention that again!

The two key factors to growing your - or any - practice are sales and efficiency. Keep your sales pipeline feed by networking, advertising, and doing a great job for your existing clients - referrals will get you the cheapest and highest quality leads.

To become more efficient review your procedures and if you haven't already sign up to a cloud accounting application. With your client and the software doing the basics you can focus on value added advisory work, or maintaining a greater number of clients. Which of these you do depends on which business model you are operating under.

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