Managing Director Avery Martin Limited
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So far so good.

11th Feb 2017
Managing Director Avery Martin Limited
Columnist
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Well Mr Romance thought it would be a good idea to have a pre Valentines romantic weekend away with the Mrs in Northumberland. We have manged to get away both child and dog free, to find the snow and rain coming in sideways and its bast**d freezing.

Whilst Mrs Glennzy cuddles the fire for warmth I thought I would knock out a quick blog, before heading out to my favourite pub, The Jolly Fisherman in Craster for lunch, "I may be gone some time" springs to mind.

Well I started 2017 in positive mood now that the groundwork I had put in place in the first 2 tough years was finally starting to pay dividends. I was pretty much tax return free in Janaury, this allowed me set up the new clients I had taken on before Christmas, I also signed up 5 new clients in January which were not tax return related. As I had capacity I thought I might get a few last minute enquiries where I could charge good fees to sort out but didn't really happen, apart from a few nutters who want it done on 29th Jan for next to nothing, I turned maybe 5 last minute returns away.

I have a lot more work now when looking forward and referrals are fast and furious, this month I thought would be flat, but I actually sent a lot of marketing out in January to push a few buttons with those that still only get engagement with their accountant once per year. I have had a decent return on it. This week I have signed up 3 clients, and have a further 2 with proposals out which  were fairly positive. I have 3 meetings in for next week so if early results are anything to gauge things by 2017 should be a year I make some progress, with me finally running the business and not the business running me.

As a sole trader its hard to advise yourself, the toughest thing for me was learning when to pass things on. In the early days I would do everything one day bookkeeping the next high value tax inquiry work. This just dilutes your hourly rate down but hard to see when your so close. I have 2 part timers now and a virtual PA who do all the low value work and have been a god send. Thats why I am looking for a really good PM solution that will control all this, as my system of spreadsheets, post it notes and back of envelopes is starting to creek. I must say I have been looking at the new cloud solutions for PM and when compared to the intergrated suites they are head, shoulders and probably waist above them, and will be the most important tool in the small practioners arsenal going forward, if he is wanting to avoid becoming swamped come 2018. I intend to pick the one that suits me best then get it fully set up in March for the new tax and my financial year in April.

Onwards and upwards.

Whole blog without the metion of M*D

 

 

 

Replies (6)

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By tom123
12th Feb 2017 18:55

Good luck with the PM stuff.

It is surprising how much admin even small businesses generate. In this house, we have my day job - but also a graphic design businesses and two factories rented out.

The day job is easy - I just turn up / get paid (as Bubble used to say on Absolutely Fabulous) - but the rest - fiddly.

We use cloud where possible, then we don't need to worry about whose laptop all the stuff is on.

PS: I reckon MTD will end up watered down and similar to completing an online VAT return in the end - just don't tell the software guys..

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Glenn Martin
By Glenn Martin
13th Feb 2017 10:28

Hi Tom
I think your right around MTD it seems to be descending into a (bigger) farce if thats possible.

If I am honest I would prefer a hard MTD, at least that way you will know how to proceed and can put systems in place to make it happen.

What we have now is spreadsheets were no good, now they may be OK. You needed a full data submission now a P & L is all that's needed.
The threshold maybe £10k but may not be in the end.

It seems to me all you need to do is divide previous years accounts by 4 submit the P & L each quarter and then file the actual accounts as we do now.

Will achieve nothing but cost a fortune for all those involved and give HMRC an opportunity to charge an additional 5 penalties per year.

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Man of Kent
By Kent accountant
13th Feb 2017 10:33

You old romantic, who would have thought...

Glad to hear its all falling into place.

With MTD (and most other things for that matter) its all about communication with clients. When we know what we're facing we can systemise how to communicate that to clients and how to get them to provide what we need.

This is one area where good PM software will be a godsend.

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Replying to Kent accountant:
Glenn Martin
By Glenn Martin
14th Feb 2017 13:59

Its the "when we know what we are facing" is the daunting part as total lack of clarity around the whole thing, with 12 months until it starts.

A good PM is going to be essential, like you say from what I have seen they are all better than we currently use.

So signing up to anyone of them will be an improvement.

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By JimLittle
16th Feb 2017 11:13

Really pleased how well things out for you. I can tell why you are successful as you plan ahead and are focused. Of course you seem to provide a very good service to your clients too.

You have been very helpful and available to other accountants (including me). I always believe good things happen to good people who help others. You totally deserve your success.

Good you remembered the Mrs too.

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RedFive
By RedFive
03rd Mar 2017 13:46

Nice one Glenn, sounding really positive for 2017.

I'm close to moving my multiple paper to do lists / excel / Capsule CRM approach to Senta.

My system works, but as you have identified will come under pressure as my business contues to grow.

If there any Senta users out there I would be interested in their feedback.

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