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Starting a Practice

What sort of tasks would I do

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I've worked as a head of finance for many years now. This has given me experience in both accounts production (management accounts, financial accounts and taxes) and also the higher level strategic planning of these companies. Whilst I enjoy the management accounts and stats production, tax, etc. I also like the variety and challenge of having the strategic planning and financial modelling aspects of these roles.

I'm thinking about setting up my own practice and wanted to get people's experiences of what sort of tasks they undertake in their practice. Is it possible to find the mix of the above in the practice world or do you find that when companies are big enough to need financial modelling, they generally have their own internal finance function? 

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By Maslins
22nd Aug 2019 09:20

Sounds like you want to be more of a "virtual FD" than running a typical small accountancy practice (ie doing lots of accounts/tax returns).

I believe there is a market for it, with growing companies not ready to have their own full time FD, but needing more than a bookkeeper and help with year end compliance.

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By paul.benny
22nd Aug 2019 10:36

There are number of umbrella businesses such as EFM that market 'FD on demand' services.

The challenge in this market can be about finding the clients that need that kind of service and are willing to pay for it. Many will only do so when they are pushed into it by lenders

By way of anecdote to illustrate - A couple of years ago, I worked with an £3-4m turnover acquisition target. Despite having a qualified accountant, they managed performance by looking at the bank balance and had no idea of the profitability or otherwise of products/ranges. An experienced FD could have probably enabled a 50% improvement in profits, which in turn would have added several hundred thousand to the sale price.

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