Hello folks. It is finally over. You know what I am talking about, of course, it is retailers equivalent of our Christmas season - JANUARY. Not a good one.
Reading Any Answers, it was the same for other accountants. Good to know I was not the only one who went through a tough month.
We are in the people business. It is human nature, for our clients, to leave unpleasant things to the very last minute. I cannot see tax returns season changing much in the future.
Please allow for a run of the mill My Week. Nothing exciting to report. Though important areas for FT Practice Ltd.
There is a fair amount of work that I need to address from this month.
We have the pleasure of a responding to a full enquiry tax investigation on a property income client. We received HMRC's letter early last month. My request for extension was granted by the inspector concerned. This will take priority from next week.
I will also be reviewing the status of the practice. As mentioned in my previous blog, we have lost some clients. I need to review the viability of the practice today and going forward. I have to put the past where it belongs and concentrate on the present and the future.
I intend to concentrate on how to improve the current fee level.
One way to improve financial viability is through efficiency. It is about getting the work out in the least possible time without impacting on the quality.
So much of what we do is repetitive. I will look into ways we could make our internal processes more efficient. There is room for improvement.
Low Fee Clients
Despite losing clients, I intend to increase the fees of some clients. Their fees are just too low. There is a high risk they will leave. I accept this risk. There is no point in keeping clients who do not add value to the practice.
On the Mend
I am relieved to say, I am back to working on the practice. Going to the gym regularly and raising my serotonin level has made feel much better. There is also the passing of time. With this, the brain accepts the new reality and learns to work with it.
I am not yet to good old days level. That will come in time.