Paul Shrimpling MD of Remarkable Practice, which helps “do a few small things in a remarkable way so that their firm achieve remarkable results” chats to Ian Moss about his life and career.
The here and now…
How did you get into this business?
Long story but, after having bought accountancy services as a business owner, Steve Pipe and Mark Wickersham of AVN asked me to be marketing director and then managing director of AVN, starting 16 years ago. I then set up Remarkable Practice 11 years ago, with Kate, my wife, and have never looked back.
What have accountants got to learn about quarterly reporting?
Quarterly reporting is a great thing not a bad thing. In fact, quarterly reporting is a gift from the heavens above! MTD is going to force the profession from an annual accounts and annual tax return rhythm into a quarterly reporting rhythm. It’s a gift from on-high because it will force better relations between accountant and business owner for those firms who grasp this massive opportunity.
And what can you teach them?
Quarterly reporting is the best cross-selling opportunity the accountancy profession has ever seen. Yes, business owners won’t be excited about spending more on lower-value compliance services but they might appreciate more timely management information for better business decisions.
In fact some government research into over 15,000 businesses shows that about 5,000 (33 per cent) of them paid a median average of between £2,000 and £7,000 for advice. Quarterly reporting could push this amount higher, and also push up the number of businesses paying for advice.
My focus and passion is the strength of the relationship between accountant and business owner. Quarterly reporting creates a profound and valuable opportunity for strengthening the bond between accountant and business owner.
Because of what I’ve learned from working closely and exclusively with accountants over the last 16 years, I share the ways and means of strengthening the relationship between accountant and business owner and helping the accountants earn the right to greater fees and profits as a result.
Does the idea of information overload concern you?
No. The accountant’s job is a distiller, a filter. Help business owners see the wheat from the chaff, the woods from the trees and they’ll love you for it. Business owners want to growth their business. The government research mentioned earlier shows that the most popular subject of paid-for advice is business growth. And to grow business owners want and need to make better business decisions. To make better business decisions they need better information.
Accountants that provide filtered business intelligence using cloud accounting and the supporting apps set themselves up to be like the best of the worlds whisky and gin – they distil the overload of data and turn it into the information gems for the best of business decisions. If anything information overload is part of the opportunity that accountants must wrestle with to help their business clients see what matters and make the best of decisions.
What’s on the horizon for you and the sector?
Some tough decisions, I believe. Pricing quarterly reporting work in a Making Tax Digital world will determine future profits. Managing accounts production workflow for quarterly reporting will determine the capacity of every firm, and their ability to meet the quarterly requirements of their clients. This will lead to firms deciding who not to work for, and this is always hard to do.
As an influential voice, what impact do you want to have on the industry this year?
Accountants can make a massive and positive impact on their business owner clients – made easier in a quarterly reporting regime. I want to help accountants make the most of this wonderful opportunity.
EARLY DAYS…
Where did you grow up?
Born, learned to walk, run and ride a bike in Nelson, Lancashire. Learned to swim in Durham. Learned to play rugby in Derbyshire.
Were you any good at maths at school?
I was pretty good at Maths until I beat the head of maths at chess in the school chess club and he turned against me!
TRIVIA/MISCELLANY
What’s your favourite film? (you’re allowed more than one)
It’s a Wonderful Life; Up; Toy Story; Blade Runner.
What’s your favourite book? (you’re allowed more than one)
Anything by John Le Carre or Robert Harris and I loved Cloud Atlas by David Mitchell.
What’s your favourite type of music?
Jazz – especially when my three boys play it.
What’s your ideal day out?
If I’m in the mountains (or hills) I’m happy walking, mountaineering or skiing.
What’s your ideal holiday?
Mountaineering, or surfing, with my family.
Is money the root of all evil?
No, it’s a source of freedom and the ability to help others.
Do you support a football team?
It’s a game with too many primadonnas. Let me watch any rugby match instead. Even better let me referee it – my new passion!
Do you have a heroine or hero?
Every person who takes the leap of faith and starts their own business – they’re real superheroes.