How accountants can help to smooth out a business sale
When a client announces that they are selling their business, many accountants feel pressed to get the accounts up to date quickly or perhaps feel the need to prepare management accounts and projections ASAP.
There's nothing wrong with that as such... but therein also lies the problem.
They can be so focused on these jobs that they fail to grasp how important their role has finally become.
No longer are they compliance clerks who churn out annual accounts and prepare the tax return... now is their chance to shine as the lead actor!
Tales of woe
Confused? Let me share some tales of woe with you - problems that could have been avoided or at least dealt with better had the company’s accountant taken a more proactive role in the run up to their client putting themselves up for sale.
Remember that usually the accountant is the first to know of their client’s intentions, but sometimes can be one of the last. This tells you all you need to know about their client relationship!
Interested buyers who are serious and keen to do deals walk away in the following common scenarios, which with advance planning by the accountant could be nipped in the bud or mitigated. In other words, you need to be first at the party before your client approaches a business broker. You need to be the first professional responder once the idea of selling is floated.
Lucrative earnings opportunity
Not only is it a matter of giving your client the best service you can, you are also missing out on a lucrative earnings opportunity, one which your client will really appreciate, unlike your annual accounts bill. Here are five scenarios that illustrate what to look out for...
- Excess stock – the buyer noted the very high stock figure, amounting to four months worth of sales. As a competitor she knew that there was no way this level of stockholding was necessary. It made her have serious doubts over the efficiency of the operation and she walked away, but not before making a derisory offer. Word spread quickly and other likely buyers all gave the firm a wide berth.
- Obsolete stock – the seller just couldn’t bring themselves to make the necessary stock write-downs over a period of 20 years and needless to say the accountant just accepted whatever they were told. Crunch time came during due diligence by a buyer, who subsequently slashed what had been a good offer.
- Debt collection – the balance sheet was showing six months of sales tied up in debtors. The buyer asked if we were selling a bank or a manufacturer! Upon closer inspection it transpired that 75 per cent of the debtors were not recoverable. The buyers said they would sit it out until the seller went bust and mop up the customers themselves.
- Margin variations – this is probably the most common problem. In the year prior to selling, out of the blue the gross margin improves noticeably. Amazing isn’t it? No amount of explaining will persuade a buyer that something funny hasn’t gone on.
- Excess margins – everybody makes 43 per cent gross margin but your client is consistently making 51 per cent . Buyers scratch their heads and when advised that the firm’s director has been sourcing very keenly and is a crack negotiator, they start to wonder how they will manage once your client retires and the buying wizard has performed her last act. Once again interest slowly evaporates.
These five scenarios, and others besides, should be on the radar of the accountant.
And when you have the discussion about exiting, you need to get in your car and head straight down to your client’s operation, get a feel for it and look at it closely just like a buyer would.
Let your clients benefit from your professional expertise and experience in dealing with a variety of businesses.
Work hand in hand with them to groom the business for sale and extol the virtues of the exercise.
Don’t forget your headspace!
We live in an exciting world where we can extract information instantly, communicate to anyone, anywhere, and go everywhere.
With the pace of life accelerating rapidly and our to-do list forever growing, I want to bring your attention to the one important thing most of us are forgetting - time for you!
I’m not talking about the brunch you had on Saturday or the trip to Italy you made this summer, I’m talking about allocated time for headspace.
Switching off
Switching off from social media and being at one with your thoughts! No, I’m not a wellbeing guru, but I have learnt a lesson or two!
I have always been a social butterfly packing out my weeks with loads of plans, seeing family and friends, endless trips, dinners, always having something to do or organise while progressing a career I love. And this is exactly how I reached burn-out.
Side effects of burning out are insomnia, depression, anxiety, and a range of other health problems.
My top tips
So what can you do to give yourself headspace?
There are number of ways you can make time for you. So here are my top tips:
- Find a class you love - yoga and meditation are fantastic ways to de-stress (I would highly recommend yoga)
- Discover the art of doing nothing - saying no to plans and having free evenings.
- Read a book - this is a great way to let your mind wander.
- Enjoy social-media-free days - you will be surprised just how much extra time this gives you for yourself.
- Try the Headspace meditation app - I have only used this once but I have friends that use it regularly and love it.
As well as the above, make sure you have support when you need it. There is no harm in asking for a deadline to be moved, sharing the workload or off-loading problems to a family member or friend.
Has this made you question how much time you allocate for your headspace?
Have you got any other tips you can share?
Please comment below!
Managing employee payroll records and the art of ballet
Payroll entry is a collaboration between accountants and their clients. It’s like an intricate dance, each relying on the other’s poise and grace.
The problem is the client only did one ballet lesson back when they were seven, and they are stepping on your toes.
The current back and forth system is clumsy and time consuming.
Clients keep track of their employees’ hours on timesheets (*shudders*), spreadsheets, word documents or sometimes even a napkin.
Then they send it to the payroll bureau who is then required to input the same data manually into their own system and no matter how perfect accountants are, they are mere humans and also make mistakes. So the margin for error is maximised by this manual duplication of data entry.
Not only that, but it takes for ever and let’s face it it’s boring. Those ballet classes are starting to look appealing. Hours are spent on this menial task of inputting payroll information into payroll systems.
More often than not there’s at LEAST one thing that needs to be redone because Dean forgot to tell you that one of his employees died three years ago and that Niamh (who’s 37) should have been paying student contributions all this time but this is of course all your fault because you are the bureau, how could you have let this happen?! How dare you!
The problem is that you are normally drip fed this information and it can get so bad you have to hunt your client down, kick in their door in the middle of the night while pointing a shotgun in their face and screaming “WHAT WAS ABDULLAH’S OFFICIAL START DATE” to get any information around here!
Well you can finally put that gun down because I have some good news for you! Brightpay have designed a new bit of kit as part of their BrightPay Connect Bureau Feature and it is a game-changer.
This new feature - called Client Payroll Entry - is precisely what it sounds like; a feature that gives payroll bureau the ability to send payroll requests to their clients. The client, (yes the CLIENT) then enters hours worked, additions, deductions and can even add new starters and all their details into BrightPay Connect through their online employer dashboard. The information entered by the client will then seamlessly flow through the portal and sync with the payroll software on the bureau's end! So this means:
- No more manual data duplication.
- Hours saved of administrative time (which could be spent down the pub or catching up on reruns of Four In A Bed).
- Increased transparency - no more being blamed for errors made by the clients as they now have control over their own data entry.
- No more having to ‘chase’ information and risk being jailed for life in the process.
- Automation will eliminate the email document exchange (woohoo!) and provide a more secure and accurate reading of timesheets.
- Potentially more ballet lessons?
So there you have it. Your payroll entry nightmare is now a seamless collaboration between you and your dance partner who is now as graceful as a gazelle and prancing around the place on their tiptoes while the crowds roar and throw roses at your feet.
Book your free demo today at HERE
Change the question to get a different answer
It’s frustrating when you want to help a client improve their business but they just won’t take your advice.
The explanations I hear range from “they don’t want to pay for it” to “they’re just not interested” but, while I accept that some clients aren’t really business people at all but simply workers doing a job, I don’t accept that the majority of a typical client base fall into this category.
We see business as important and so we see the advice that we give clients to improve their businesses as very important. However, clients don’t necessarily see it the same way.
To many, their business is not a priority in itself but more a means to an end.
Other dreams
They work hard at their businesses in order to fulfil other dreams. Typically these will be related to their family and to creating a better world for them but could equally be for a collectable car, a sick relative, a change of lifestyle.
Giving the client things to do within their business has little impact if their goals lie elsewhere. Indeed, they can be seen counter-productive to the client, taking up more time and money that they want to spend instead on other personal things.
To get a more positive response, you need to link your advise to what really matters to them so that they can see where the true benefits end up.
Business goals
For example, rather than asking a client about their business goals, ask instead what matters to them more than anything else in the world. Get them talking about their lives and sharing their personal goals. Then, by understanding those, you can introduce their business into the conversation but within the context of their personal world.
Advice to improve their cash flow becomes more about the money they can spend on the family holiday. The strategies for effective management become more about spending time with the kids.
The most effective strategy we ever used for ‘converting’ clients to a more business advisory mindset was to show them how to manage their resources in order to get a family holiday the following year. When advice equals tangible, meaningful benefits then clients will pay and come back for more.
Get to know their personal world, not just the business one.
Accountants search for an intelligent solution
We are experiencing a digital transformation that means in accounting, as with many areas in life, it's standard practice to order many services online.
It's so easy to "Google" information and quickly compare reviews and competencies for accounting firms.
In addition, today's customers often need more than "just numbers" - they want business advice based on their financial data.
Business intelligence solution
Therefore, it is important to ask the following question: “Can we/you offer a complete digital business intelligence solution for our customers?”
Time is usually considered to be one of the most valuable assets for accountants.
A good BI solution will reduce manual tasks so that you can free up time to become your customer's No 1 financial adviser.
Key figures
With a good BI solution, you should be able to present reports and key figures to your clients at any time, so they always have access to fresh data. A complete online solution makes this possible.
A flexible BI solution that provides great opportunities for creating customised reports is also essential to meeting your client demands.
Sound basis
Customised reports give clients better financial control and a sound basis for decision-making.
They also help to emphasise factors that are particularly important to your customer's success.
Often, a lot of time is spent on daily operational tasks that make it easy to forget the overall goals.
Personalised dashboard
With a personalised dashboard that displays updated figures, the client can easily locate, for example, outstanding claims, balance year-to-date, actual to budget, which customers are most profitable.
A powerful BI solution enables the accounting firm to meet today's customer preferences and create added value for both the customer and the accounting firm.
OneStop Reporting will be exhibiting at Accountex on May 1-2 2019 at ExCeL, London... Stand 526.
Client errors and SARs: an update
The Anti Money Laundering Compliance Company will be issuing a comprehensive review of suspicious activity reporting.
Here's an extract from the guide, which considers guidance and experience on dealing with client errors.
Suspicious Activity Reports (SARs) lead to a lot of discussion whenever I’m delivering a talk. A key area of debate is correcting client errors. Such errors will pretty much be exclusively to do with tax.
Let’s consider where a client has made an error on a VAT return that is about to be submitted. You spot the error and let the client know that you will correct it or ask them to correct it; it’s then corrected. This is an error that has been corrected before any submission to HMRC, so is no longer an error.
Tax evasion
Reconsider this scenario, when the client refuses to correct the error. Then what? You have seen your client undertake tax evasion, haven’t you? This requires a SAR as there is criminal intent and a proceed of crime.
Perhaps a little more difficult is where a client wishes to correct a historical error. I recently attended an excellent AML training day put on by one of our partners; one of the speakers was a solicitor. From the discussion it was clear that for a criminal offence to occur there must be intent.
In my mind this is a very important point. What if you are considering the intent of a client who has made a historical and often repeated error, such as: “I forgot to declare the income from a rental property”. If we are mindful of our reporting duty and have a suspicion or grounds for suspicion, it must be for us to determine if a non-disclosure was intended or not. In this situation, how can we ever say with certainty that there was no intent?
Sector guidance
This seems like a good point to see what the sector guidance says.
AMLGAS (Anti-Money Laundering Guidance for the Accountancy Sector) explains the following: “6.1.14 – An innocent error or mistake would not normally give rise to criminal proceeds (unless a strict liability offence). If a client is known or believed to have acted in error, they should have the situation explained to them.
"They must then promptly bring their conduct within the law to avoid committing a money laundering offence. Where there is uncertainty because certain legal issues lie outside the competence of the practitioner, the client should be referred to an appropriate specialist or legal professional.”
Innocent mistake
So, if the client makes an innocent error or mistake, then this would not normally give rise to criminal proceedings; this is a useful statement, but we need to delve a bit deeper.
It’s important here to consider whether you have any suspicion or grounds for suspicion that there was an element of intent in the matter discovered.
If you have suspicion that the matter was not an innocent error or mistake, then further thought must be given to a SAR. There would have to be no element of suspicion, or grounds for suspicion of intent for a SAR to not need to be considered, hence the reference in AMLGAS to “known or believed to have acted in error”.
AMLGAS does not seek to distinguish between new and historical errors. For me, the fact that an error has led to an incorrect filing or a filing not taking place that should have been has a risk that that error was intentional. You must decide if it is an innocent mistake (namely was there intent?) and whether proceeds of crime already exist because of the intent.
Money laundering
If proceeds of crime exist then it’s likely that money laundering has already taken place and so reliance on the AMLGAS comments about avoid committing a money laundering offence are not relevant.
My personal view is to consider using a two SAR structure. The first SAR ensures that the matter is reported and that your Porceeds of Crime Act obligations are satisfied. Within the SAR it can be made clear that HMRC are being/or have been informed of the matter and that the client intends to settle any unpaid taxes. A mention that a second report will follow once the matter has been resolved should also be included.
This way, you are doing all that you can to help your client while protecting yourself at the same time.
Once resolved
The matter can then be dealt with in the normal fashion and once resolved a further report is made to confirm that the matter is concluded and that a previous SAR was made along with the first SARs reference number.
You may feel that this reporting of matters, which are to be resolved seems worthless and the National Crime Agency may not wish for these reports, but if you fall into a habit of not making SARs when you are obliged to who’s taking the risk? Your client? No, it’s you!
Our sector has been heavily criticised for not making enough SAR reports and so please don’t let yourself be the scapegoat for the sector.
The final thought on this is that the work that our sector does in correcting errors and mistakes before they are submitted to HMRC are overlooked. You will know how many times in a year you prevent the filing of incorrect figures to HMRC. We should at least get some good press for this.
- This blog is also on the ICPA website. You can find us at HERE.
Float to team up with progressive accounting firms
Float, the cash flow forecasting software for Xero, QuickBooks Online and FreeAgent, is launching a revamped accountancy partnership programme.
It enables firms to provide clients with more insightful advisory services via Float’s real-time cash flow forecasts.
Partners can also access features such as scenario planning to help clients prepare for the future using their financial data.
Business situations
'What if’ scenarios can include a range of possible business situations such as new hires/wages, a lost customer or changes to VAT/tax – this helps Float users plan and budget and make more informed, data-driven decisions for their business
The partner programme is aimed at progressive firms and early adopters of accounting cloud software, which are now looking for new ways to enhance and differentiate their advisory services amid making tax digital.
Float partners will be able to leverage Float as a value-added service to help with day-to-day client services, as well as client acquisition and retention.
Existing users
Float Platinum partners will also be featured on the Float website as a recommended partner, with Float’s existing users increasingly seeking recommendations when searching for cloud-savvy financial advisers.
“MTD will level the playing field for everyone and make digital accounting the new normal” says Colin Hewitt, Float CEO and founder.
“Firms that want to thrive in this environment need to take that extra step and prove they offer better advisory services and can use the latest technologies to solve the most complex challenges facing clients.
Ticks a lot of boxes
"Using only essential cloud accounting platforms is no longer enough - Float instantly ticks a lot of boxes for accountants who want to get noticed by the right kinds of prospective clients.”
“Having spoken with firms to understand their priorities and challenges, we think they will love our partnership programme and the prospect of offering their clients more accurate and less time-consuming cash flow forecasts and scenario planning. After all, what business leader isn’t kept awake at some point by their cash flow challenges?”
“Float is a powerful tool for cash flow forecasting and this programme means we can roll it out to our entire client base hassle free," says Hilary Dyson, cloud accounting senior manager at Anderson Anderson Brown (AAB), one of the first firms to sign up to the Platinum tier of the partnership programme. "
A cash flow forecast should be at the heart of every business report. Giving businesses tools like Float and Xero in addition to ReceiptBank gives our clients’ a real time view of their finances and helps them to make the best decisions.”
As well as discounted licenses (prices start from £7 per client per month) joining the Float partner programme provides firms with:
- 10 Float users per client company
- Unlimited staff logins
- Priority online and telephone support
- 10 ‘what if’ scenarios per client company
- Training sessions for firms to ensure key staff get the most value from Float
- Training webinars and onboarding direct with clients
- Marketing strategy and support
BTCSoftware launches MTD information hub
Tax software specialists BTCSoftware have launched an MTD information hub - available to all accounting practitioners and bookkeepers.
The hub will have detailed information about the following:
- BTCSoftware MTD for VAT Solutions - BTCHub
- HMRC Announcements – Keeping you updated on the latest developments on MTD for VAT
- Simple to follow guides on signing up your clients/business to the MTD for VAT public pilot
- Guidance on setting up the new Agent Services Account and completing steps involved before you start using software to file MTD VAT returns
In addition to the above, any other information you need to learn about MTD for VAT can be found on our information hub, click here to see more.
“The information hub will give people the opportunity to follow and read more about MTD which is relevant to them and help our customers and support them effectively with their plans,” says Paul Oldridge, business development director of BTCSoftware.
“This new information portal will help people looking at all aspects of Making Tax Digital; it is designed to empower the customer with more direct information about MTD”. Customer focus and innovation in products and service are indeed at the heart of our business model.
MTD public Beta goes live
The launch of the MTD information Hub follows the published announcement by HMRC on MTD private beta going live.
“We are excited as this is significant and relevant to our customers. We have been speaking to them and receiving extremely positive feedback about the way the information we provide to them. BTCSoftware will be announcing further plans in 2019 regarding the BTCHub,” Oldridge concludes.
BTCHub – MTD for VAT made easy software solutions
BTCHub is BTCSoftware’s MTD for VAT solution. For the past two years, the BTCSoftware Team has been working in close partnership with HMRC to ensure Making Tax Digital for VAT (MTD for VAT) is as smooth as possible for its customers. BTCSoftware is delighted to collaborate with HMRC to make MTD for VAT software a reality. The Award-winning software company believes in the importance of working with HMRC find practical solutions to the technical challenges MTD presents.
Following on from its work road-testing the MTD technology, BTCSoftware was delighted to be featured in HMRC’s list of approved MTD for VAT software developers back in July 2018. This recognises that it has satisfactorily;
- tested its products in HMRC’s test environment
- already demonstrated a prototype of its software to HMRC
- proved its software complied with HMRC’s rules and guidelines
For more information
To talk to one of the BTCSoftware team about its MTD for VAT solutions or to book a demo, call 0345 241 5030 or email [email protected] or visit www.btcsoftware.co.uk
Payroll records: keeping your ducks in a row!
You may have heard about the director of a payroll processing company who got into hot water back in September 2018.
Here's a court case that illustrates the importance of getting your ducks in a row when it comes to payroll.
John Hanbury was appointed as director of Crownsbury Ltd. But within six months the company went into administration. The Insolvency Service found that he had failed to ensure the group maintained and delivered adequate payroll and accounting records.
What's the big deal?
There may be some of you out there who are scratching their heads and wondering what the big deal is.
Well, let me explain. Investigators found receipts totalling £7,849 that they were unable to substantiate.
They also found a number of unexplained payments going out of the company account including a receipt of £520,000 on 15 April 2016 that went undetermined.
Also, the receipts totalling £7,849 came from a company of which Hanbury was also a director.
Disqualified for seven years
He was disqualified for seven years. He is :
- unable to act as a director of a company,
- be a recipient of company property, or
- take part, directly or indirectly, in the promotion, formation or management of a limited liability partnership.
This story shows just how important it is to keep proper records and to always practice your business affairs with complete transparency.
Being organised and efficient is not everyone’s forte, and that’s why we at BrightPay have technology that eases the burden for you. Check it out HERE.
I'm newly qualified... should I stay or should I go?
As a specialist recruiter with over 11 years’ experience of working with accountants, we have had many a conversation with accounting professionals at all levels and across different disciplines about their careers and plans for the future.
During this time, we have always found that biggest crossroad tends to be when people are approaching becoming a newly qualified chartered accountant.
Having entered the profession as graduates, trainee accountants tend to be on a pretty straightforward path for the first 3-4 years of their career.
Straightforward path
Within the larger firms, they tend to specialise within a specific discipline such as audit and as the years progress and they pass further exams, and the level of responsibility they take on increases.
We have found that during this time there is a real split in how people approach and think about their future careers.
While some have very set plans beyond qualification, the majority tend to focus on what they are doing now as the workload and exam pressure can become quite consuming.
Once they have a chance to lift their head and look to the future, the natural tendency when thinking about career progression and change is to move away from what they are currently doing.
It is key for us to understand not just what skills they have obtained but to dig deeper and try to gain a better understanding of their personality, what motivates them and where they would like to progress in their career.
This then allows us to offer advice and assist them to plan effectively to achieve their short, medium and long term objectives.
“I want to be more commercial!”
Most conversations and meetings we have with potential candidates normally start with:
Candidate: “I want to get out of audit” or “I’m not sure what I want to do but it needs to be something more commercial.”
Levitate Recruitment: “OK, why do you feel you need to move away from audit and what would you class as more commercial?”
At this point, we normally receive a blank stare before a few job titles are thrown at us such as, corporate finance executive or working in industry as an analyst or a Financial accountant.
Great answers
When asked why they feel those areas would be more commercial? We have received some great answers but, more than often, an answer that hasn’t been considered and one that has no real evidence of why it would be the right move for them in seeking out something ‘more commercial’
We can see why people may initially believe these disciplines are more commercial, they are certainly different to audit but it’s fundamental that people research both areas to gain knowledge of the different types of opportunities that are available, what the day to day duties will be and how the move will improve their CV and develop their skill set further.
Once you have done this then you will have a better idea if it really is more commercial than a progressive audit role and if it is in fact the right move for you.
Improve your chances
It is also important to understand if a certain move is available at this stage of your career and, if not, what do you need to do to improve your chances.
This is one of the many reasons why experienced consultants that have worked in accountancy recruitment can be invaluable when people are looking to make the next step.
Many newly qualified accountants choose to apply for lots of roles directly and whilst this can be a good way to secure a new role, there is no harm in at least having a conversation with an experienced recruiter that understands the current market. This can not only provide useful insight but remove the risk of you applying for roles that you will not be considered for at this stage.
If it turns out that the move isn’t possible just now then they will be able to assist you in working towards this move within your current role or providing a stepping stone move that will get you closer.
'I made a mistake!'
While many jump ship into industry to get an extra few thousand pounds and a move out of audit, we regularly receive calls from the same people six months later to state that the move wasn’t all they thought it would be and whilst they are working for an industry company, the role is anything but commercial.
Some will move as analysts and find themselves looking at spreadsheets with no real communication with business leaders and some will move as management or financial accountants and find themselves working on the same accounts every month in a role that has very little impact on business strategy.
Key factor
Another key factor for people coming back to us to reconsider a career in practice is that they miss the client interaction they were once accustomed to and they often miss the opportunity to work across different sectors and with a whole range of different business sizes that operate in a totally different way.
We frequently hear: “I didn’t think that working in audit was that commercial or interesting, but I now realise that I learned so much more about different businesses when I was working on-site and interacting with my clients”
This is of course not the same for everyone and many people do make immediate moves into industry that work for them. Below we have provided a few points to consider that may assist you to make the decision to further your career within practice first.
Legacy and time invested within your current firm
You have worked long hours and developed good will within your current firm ...Try to take advantage of this and sit down with your managers and directors to discuss a career plan that will take you further.
They will more likely be open to investing in you than a new person joining and as someone that is more senior, they can hopefully educate on the different options that will also work for the firm.
One of the hardest parts of running a successful business is to attract and retain good staff that are motivated to assist the business to move forward.
Why not try to utilise your commitment and loyalty as a strength to either push on within your current specialism or move across to another area of the business to gain further skills?
Change specialism
There is the obvious choice to push on within your current specialism but if this is something you really don’t wish to do then why not ask about other areas of the firm that you can work in.
It is important to do your research first. This should include looking at all areas of the business and taking the opportunity to speak with people in these departments to understand what they do and what they enjoy about their roles. Once you have done this then ask the question!
If it isn’t available then perhaps another great accountancy practice down the road can make it available?
Further training and a structured career path
It is well known that the accountancy firms can offer further training and a structured career path.
This is not often the case when moving into industry as many firms do not embrace or feel there is a need for further training.
Dependant on the size of the firm, there may only also be a few steps up that you can take and you therefore see yourself sat in the same role for quite a long time which means you then need to make another move to push forward.
Accountancy departments are just one part of their business and as a cost to the business, rather than revenue generator, it is often the area that receives less investment in training and development.
We also find that there can be a big gap between the newly qualified roles and FC/FD roles which normally means they recruit someone more experienced into the business above you.
Same firm, new opportunity
Working as a newly qualified accountant within practice also means that you have now dropped the exam pressure that was hanging over your head.
You are most likely about to receive a promotion and pay rise where your role will gradually begin to change and your responsibilities will give you more feeling of importance and value to the firm.
Try to embrace this chance as a new start in the business where you can build on your knowledge and focus on the next step.
Objectives for promotion
Setting timelines and objectives for promotion are certainly more manageable within a practice structure and most firms will provide two-year programmes for you to take the next step up.
You can make slightly more money stepping into industry at newly qualified level but the rise in salary and opportunity to push to manager will generally happen quicker in a practice firm due to the structure and two yearly promotion cycle.
Once this does happen, you will see the salary level jump up much quicker each time. We also find that those that have had further training and decide to move into industry at manager level are more than likely going in at a higher level than their peers that may have left at NQ level.
We'll be posting more advice from Levitate in the new year!
Career decisions are some of the most important life changes you will ever make. Let us help.For advice about your career options, speak to Scott Lowes at Levitate Recruitment, specialists in placing practice-trained accountants.