'Push harder, demand equality and be ambitious'
Jennifer Warawa has been Executive Vice President of Partners, Accountants & Alliances at Sage since June 2017. Here she talks to Accounting Insight Editor Ian Moss about her life and times...
The here and now….
What are your favourite early career memories, Jennifer?
I came from a family of entrepreneurs, with both my Mom and Step-Dad owning their own businesses which I was involved in as early back as high school and right through when they sold those businesses when I was in my 30s. During those years, I learned a lot about entrepreneurship, what it takes to run a business, sales and the many hats business owners have to wear. These really are some of my favourite early career memories and played a significant role in who I am today and built a foundation of skills I still use every day.
How did you get into this business?
I grew up in an entrepreneurial home (my parents were business owners) and as a result I have a very ‘entrepreneurial spirit’. When my step-dad lost the bookkeeper/accountant for his business, which happened to be at the same time that I was studying accounting at college, it seemed like a perfect opportunity to immediately apply what I was learning in the classroom in a practical way. I learned that behind every successful business is someone who understands the numbers and once I realised the numbers tell the story of the business, and that accounting is so much more than just the numbers, you could say I fell in love with it.
What can accountants and finance professionals learn from Sage, in a nutshell!?
A company of more than 30 years standing, we are built from, and of, accountants, which means that we understand the evolving nature of this profession. This stands us in good stead for providing the right guidance, technology and insights into helping the accounting profession grow and succeed.
We have been privileged to help them though periods of great change such as auto enrolment and, GDPR, and Sage is committed to ensuring it provides customers with software products and services that are ready for GDPR. Sage is a champion of business builders, and it is committed to arming them with the information they need to learn more about GDPR for their business.
Sage is also helping businesses access artificial intelligence (AI) through our technology, breaking it down for them, making it realistic, and then assisting them use it to operate more efficiently. In 2016 we introduced Pegg, a smart assistant, to help businesses manage everything from money to people by texting requirements through a familiar style messaging platform on their phone, tablet or laptop. In 2017 we introduced the Pegg framework, a smart AI platform to help our customers manage everything from money to people across the Sage product portfolio.
Does the idea of information overload concern you?
I think it’s all about understanding and deciphering the right information and the task in hand. As consumers we deal with information overload daily, be it via Twitter, news channels, Facebook, LinkedIn etc. From a professional standpoint, I receive information from our accounting partners, my team, senior management, and third parties ,several times a day. I would rather be over-communicated to, than not at all. I think this does, however, put a lot more pressure on communications and making sure you’re sending the right information at the right time and not contributing to the ‘information overload’. If your messages don’t stand out, they will simply disappear in to the mix.
What’s on the horizon for you and the sector?
My focus is to continue supporting our almost 100,000 accounting firms who do business with us (in addition to our 40,000+ partners and strategic alliances). One of the ways we have been supporting them is by developing the Sage Practice Growth Plan. We heard from accountants that they wanted more materials, resources and training to support them in changing their business model, and so this program will provide accountants with a roadmap to help them on their transformational journey and support the evolution of accounting practices through strategic insights gained from practicing accountants, thought leaders and industry experts. The model helps accountants learn new skills, anticipate the future and reorient their thinking to put their firm ahead, and we are committed to supporting accountants to adapt and stay relevant by embracing new technology and ways of working.
For the accounting profession there is more pressure than ever to stay competitive, and to strive to meet expectations of increasingly demanding clients. Accountants are expanding far past their traditional roles -- becoming more holistic business advisers to their clients and strategic partners with an ever-increasing list of demands on their time. Technological advances have brought significant benefits and are redefining how accountants work and even their purpose. It falls to the accountants to grasp these opportunities and to become a modern day super-accountant. To truly succeed in this new world, today’s accountant must fulfill their half of the deal and follow through with better interactions with clients, and improved service offerings
As an influential voice, what impact do you want to have on the industry this year and in the long run?
I would like to be a catalyst for change in the accounting profession, closing the gap between accounting and technology for fellow practitioners around the world. My roots are in accounting and I am passionate about it and this has afforded me a unique perspective in business, when talking to our accounting partners, so if I can continue in the same vein, I will be very happy. The same applies to something else I am passionate about - mentoring women across the accounting industry, looking to provide them with guidance and encourage more females to join the accounting profession.
Do you feel women are fairly represented in the profession?
I don’t think that the accounting profession is quite there yet with equal female to male ratio, however the opportunities for women are available and endless, but you need to go after them. Push harder, demand equality and be ambitious. I’ve said already how passionate I am about guiding women and investing in the next generation of technologists and business owners, and so will do all I can professionally and personally to support women in accounting.
Early Days
Where did you grow up?
I was born and raised in Kelowna, British Columbia Canada. It’s a town of about 100,000 people but is like a close “community” (as an example, the doctor that delivered me was still my doctor when I moved to the US in 2010).
Were you any good at maths at school?
I was not good at math, but I was good at accounting (go figure!). When math tells a story, I enjoy it and in turn, am good at it.
Trivia/Miscellany
What’s your favourite film? (you’re allowed more than one)
I actually am not much of a movie person, so when I do watch a movie it’s because kids rope me in to it. With that, one of the movies I saw recently that I enjoyed was Moana (I bet no one else has that answer 😊).
What’s your favourite book? (you’re allowed more than one)
One of the books that has had the greatest influence on me recently is ‘Breaking the Habit of Being Yourself’ by Dr. Joe Dispenza. It clearly lays out the science of what it takes to drive lasting change in yourself and uncover limitless possibilities for what you can achieve and become.
What’s your favourite type of music?
I listen to anything and everything and the type of music depends on the activity. Working out: dance music. Poolside: Reggae or Latin American music. Relaxing: Instrumental. Holidays: Christmas! One of my favourite bands of all time is the Eagles (I’ve seen them live three times) so they are a regular on my play list.
What’s your ideal day out?
My ideal day out is spent outside, preferably by water. Beaches, pools, lakes and sunshine – the best!
What’s your ideal holiday?
A mountain retreat, or on the beach where I could relax and get away from it all. Just unwind and unplug.
Is money the root of all evil?
I would have to say no, not when used wisely and for good causes.
Do you support a football team?
Of course! I assume you mean UK football, but I will refer to American football because I am an Atlanta Falcons NFL fan.
Do you have a heroine or hero?
One of my heroines and greatest inspirations was my mother, who I lost in a car accident in 2005 when she was just 50 years old. Throughout my life, my Mom taught me, both by example and by what she said, that nothing is impossible. In her eyes, there was never a limit to what I could be or what I could become, and it opened-up possibilities that would have otherwise seemed impossible. As a single parent for much of my childhood, my Mum showed me what innovation was before innovation was even a thing, reinventing herself as many times as she needed to provide for my sister and I. Even though I no longer have her physically in my life, the lessons she taught me and the way she inspired me continues to be part of my DNA.
'We want to take away the pain of data mining, and empower accountants'
Dominic Allon, vice president and managing director, Intuit Europe, talks to Accounting Insight News Editor Ian Moss about his career and ambitions for QuickBooks
The here and now...
What are your favourite early career memories, Dominic?
Joining a start-up straight out of university! We had a great team and built a really successful business publishing local city guides for students across the UK.
How did you get into this business?
After the start-up, I did an MBA and then moved on to work for The Economist. My next role was at Google UK, managing media agency partnerships. I also did a lot of work with the government and advertising trade bodies to expand self-regulation to digital advertising. After seven years in the UK business, I moved to Google Hong Kong as managing director.
I joined Intuit because I saw fantastic opportunities to serve small businesses, and enable their success. QuickBooks gives them more confidence and helps them better understand their business. It’s a real privilege to serve the small business community and support start-ups in Britain.
Alongside the small business community, and just as important, we also work closely with accountants. We help them navigate the digitisation of their firms to better serve their clients.
What can accountants and finance professionals learn from Intuit QuickBooks, in a nutshell!?
First, we aim to help them keep up with the pace of change in technology, and make it easy for them to harness the power of new ways of working. Secondly, we place small businesses and accountants right at the heart of our business. We want to develop products that help them make smarter financial decisions, and enable accountants to continue to grow their practice.
Does the idea of information overload concern you?
Many of us need to navigate large volumes of data. This is a critical skill in today’s world. The key is having the right tools in place to collect and analyse data, and turn that data into actionable insights. In the digital age, not everyone should need a computer science degree to understand the data presented to them. We want to take away the pain of data mining, and empower accountants to use real-time customer insights to make smarter decisions, and in turn, become their trusted advisers.
What’s on the horizon for you and the sector?
As the UK continues to see a significant upturn in self-employment, with self-employed workers now accounting for 15 per cent of all people in work, accountants are taking on more self-employed clients than ever before. This next generation of entrepreneurs has grown up with technology playing a natural part of their lives. We will continue to innovate and invest in R&D to help empower our customers and enable them to turn insights into action, to drive long-term growth.
As an influential voice, what impact do you want to have on the industry this year and in the long run?
We want QuickBooks to be the ‘smarter’ way to do business. Accountants are critical partners in our ecosystem, both enabling self-employed and small business success. 89% of small businesses we talk to say that they are more successful when working with an accountant. Our ecosystem is stronger with a robust accountant network, and we will build applications and services to help them thrive and connect with our self-employed and small business customers.
Two of the key challenges accountants face are finding new clients to grow their business and managing their practice efficiently through a variety of applications. Long-term, we’re striving to solve both pain points with a simple vision: QuickBooks will be the one place for accountants to grow and manage their entire practice.
We are committed to continued innovation to help our accountant customers prepare for the rise of a new wave of workers.
What are your expectations for Accountex 2018?
We always look forward to Accountex. It’s a great way for us to meet ambitious and thriving accountants as well as get together with our accountant customers to catch up on their priorities, whether it’s about on-boarding new customers, or the ways technology is helping them become a trusted adviser. We can’t wait to see what this year has in store!
'It’s all about creating choices that work for accountants in practice'
Author and speaker Shane Lukas has worked with over 1,000 accountancy practices over 20 years. Here, he talks to Accounting Insight Editor Ian Moss about his career, his life and his ambitions.
The here and now….
How did you get into this business?
I had been in partnership with my good friend Mark Wickersham who had at the time had a separate accountancy practice. Mark had recently attended an AVN event, hosted by Steve Pipe, Mark’s practice joined AVN and soon the three of us pooled our respective experience, talents and resources in to AVN enhancing its offering and ability to transform the lives of accountants by improving the way their practice operates. Twenty years later I am still helping accountants transform their lives, it’s what drives me every day.
What can accountants learn from you?
How to overcome many of the problems they face right now in their practice. Whether it’s how to differentiate in a sea of sameness, how to attract much better quality clients, how earn significantly better fees and be much more appreciated by clients through to developing a team of people who are as passionate about growing your accountancy practice as you are and how to deliver true business growth advisory in a highly paid, highly valued fashion whilst all the time, working less hours, earning more income and getting much greater sense of fulfilment and enjoyment from running the practice. It’s all about creating choices that work for the accountants in practice.
Does the idea of information overload concern you?
No.. OK, that’s the short answer. Information is king but it has to be the right information, that truly adds value to a practice. You also need to use the opportunity of technology to see through the vast amount of information and be able to see trends that allow you to make good decisions, rather than just being caught up in the data. You can easily be a busy fool. The future holds more information, better tools and those that can use them effectively will be the winners.
What’s on the horizon for you and the sector?
In my book - What’s Next For Accountants; How to make the biggest threat facing the profession your biggest opportunity - I describe how the multitude of accountancy and bookkeeping packages are improving every day and with a seemingly infinite number of bolt-on packages available too each in competition with each other, each striving to automate more and each ultimately aiming for 1 click solutions in their software are the threat to compliance accountants. The forward thinking accountant is the one who isn’t competing with the software but using the output from the software to have better quality conversations with their clients. Business owners don’t want to pay big fees for compliance accounts or reports with fancy graphs and charts... what they really want is to have meaningful conversations with their accountant about how to improve their business so that those reports look better going forward and they will gladly pay premium fees for this.
As an influential voice, what impact do you want to have on the industry this year and in the long run?
Every accountant that I’ve met has demonstrated a desire to make much more of a difference but they don’t always believe in themselves or have the skills to make the difference they want to make. Our strap-line is "Inspiring Accountants"... we inspire accountants to be inspiring accountants to their clients and make more of a difference in the world. By inspiring accountants to believe they can change lives, by sharing strategies that work and by handholding them through a transition of change in their practice I’d like to think I’ve played a small part in helping the hundreds of thousands of business owners and the millions of lives that have been impacted on by those accountants.
Early Days
Where did you grow up?
I have always lived in Chesterfield, right at the very heart of England. For a short time I lived in a caravan with a coal fire on a plot of land while my dad was building our house. I spent many of my weekends helping my dad on weekend jobs where I would be involved in building and renovating. This is something I have carried forward with my children as it was a great way to grow up and I am eternally grateful to him.
Were you any good at maths at school?
I was always great at calculating the number of minutes remaining until home time! Algebra was a complete mystery to me until I realised I was already doing it in my hobby that was computer programming. and then it just clicked. I realised then and continue to be mindful that often, it’s about how we’re taught that helps us learn and we have to be adaptable in our approach when teaching others.
Trivia/Miscellany
What’s your favourite film? (you’re allowed more than one)
Mary Poppins, The Wizard of Oz Chitty Chitty Bang Bang
In my childhood we’d all sit together and watch these films every Christmas. I often talk about creating grooves as memories with our children. Also, each film has an underlying and much deeper meaning aimed at the adult sitting with the children. And the Albert Finney version of Scrooge. I like all versions of Scrooge but Albert Finney just tops it, the obvious moral to the story being that it’s never too late to make a change for the better.
What’s your favourite book? (you’re allowed more than one)
I read lots of books business/personal development and novels but I don’t have a favourite. Although Dan Brown novels in general are amazing.
What’s your favourite type of music?
Classical, I find it great for concentrating and giving me focus whether I am running, cyclng, in the car or working.
What’s your ideal day out?
Unplanned, sporadic day at the beach or theme park with family. Where you can take advantage of the opportunities that come along, rather than having to stick to a plan.
What’s your ideal holiday?
Cruises because every day you are in a new place and you get the chance to visit and explore. Seeing the sights, culture and being immersed in the experience. And not having to live out of the suitcase during that travel.
Is money the root of all evil?
No, favouring the things that money can buy at the expense of people is. A great quote from Dalai Lama that I often think of is: ‘People were created to be loved, things were created to be used. The reason why the world is in chaos is because things are being loved and people are being used.’ One of the great things you can do with money is help others less fortunate that you, I am big advocate of B1G1 and a charity called Head First for those with brain damage, which is very personal to me and my family.
Do you support a football team?
Nope, I only watch European or world cup level if and when England have reached quarter final stage. Only then do I scream at the TV. Despite this, I do understand the off-side rule though :-)
Do you have a heroine or hero?
Arnold Schwarzenegger. Since being a child he’s set crystal clear goals and put in whatever effort was required to achieving them be it. Those goals include - Mr Universe, A multi-millionaire businessman, A film star, A governor and president - the only one he hasn’t (yet) achieved. He has worked hard and achieved his aspirations.
Shane will be speaking at Accountex on May 23 at 10.15am in the How To theatre.
'The accountancy and finance profession is now about much more than numbers'
Simon Gray, founder & CEO of Career Codex , who'll be speaking at Accountex 2018, talks to Accounting Insight News Editor Ian Moss about his life, work and ambitions
The here and now…
What are your favourite early career memories?
My favourite career memory is landing my first proper job, a training contract with KPMG in Nottingham. The starting salary was £12k plus a £1k signing on bonus – this was more money than I’d ever seen, and I thought I’d made it!
How did you get into this business?
I studied economics at the University of Nottingham because I had an interest in business. As part of this course I’d taken a module in accountancy, but dropped it as I found it too difficult. I left my decision on a career path until the last minute, and ultimately fell into accountancy because it allowed me to pick an office (I wanted to stay in Nottingham) and gave me another three years, while getting a valuable qualification, to decide what I really wanted to do.
What can accountants and finance professionals learn from you?
I started out my career in accountancy and am still actively involved with ICAEW (I sit on the Regional Strategy Board for the East Midlands and Business Committee in London) and understand the sector. Having spent the last 15 years of my life helping finance professionals make career moves I know how the job market in this sector works and how to stand out to get hired.
I’ve completely changed career twice and started a business two weeks before the financial crisis hit. I’ve seen some tough times, but have realised along the way that it’s your beliefs and mindset that determine your results.
Does the idea of information overload concern you?
Not really, it’s something we all face nowadays. Our ancestors made decisions on limited and often incomplete information. We now have a very different problem and a key skill is being able to discern what’s really important over what is just irrelevant noise.
What’s on the horizon for you and the sector?
My background is in financial recruitment and now through Career Codex Limited I coach senior executives from across the world on how to take proactive control of their executive job searches to define, find and secure the position they really want. Many of my clients are CFOs or FDs who are at a level where a high proportion of opportunities are never advertised and exist in the place I call the ‘hidden market’. I’ve just revamped my website (careercodex.com) and also launched a group-coaching programme. I’ve written three books and another one is on the horizon. Super Secrets of Successful Executive Job Search has done very well on Amazon and I think it’s now time for More Super Secrets.
As an influential voice, what impact do you want to have on the industry this year and in the long run?
I’m fairly disruptive in what I have to say about executive job search. It’s no longer about the CV/resume or applying for jobs you’ve seen advertised. My online programme contains over 30 hours of content and less than one hour is devoted to these topics. Successful executive job search is now about something completely different altogether.
The system I’ve developed takes three steps back to consider environment (how the job market really works), psychology and planning, before ever getting to process, which is what you’d normally recognise as being important when it comes to successful job search. I want to get my message out to those who need it most and am working hard on my digital / online presence to make this happen.
A little while back I recorded a series of podcasts in conjunction with ICAEW, entitled: The ICAEW guide to successful job search). I’d like to create more specific content for accountancy and finance professionals.
I’ve also written a programme for school / university leavers to inspire young people and help them make informed career choices early on. While employability is a major talking point it’s been a challenge to get my message out there – in my experience (and opinion) there is still too much focus on academic achievement and not enough on developing essential life skills.
What are your expectations of Accountex, from what you’ve read and heard?
I know it’s going to be a great event and I’m very much looking forward to it. I love attending and presenting at live events, as you meet so many new and interesting people.
Early days…
Where did you grow up?
I grew up in Stafford, West Midlands.
Were you any good at maths at school?
No, I was terrible – ironically, I’m now a qualified accountant. It goes to show that the accountancy and finance profession is now about much more than numbers.
Trivia / miscellany…
What’s your favourite film?
That’s an easy one – Gladiator starring Russell Crowe. I love it so much that my youngest son is named Maximus after the lead character.
What’s your favourite book?
That’s a more difficult question – I read lots and there are so many great works out there. Reminiscences of a Stock Operator by Edwin Lefevre is a classic and gives an interesting (and true) perspective on how financial markets operated over 100 years ago. I enjoy reading books that were written during and about a different age and time – it makes you realise that the world may look very different now, but people haven’t really changed.
What’s your favourite type of music?
This might shock you, but I love rap music.
What’s your ideal day out?
This would be with my wife and children. We often visit a stately home (something I did as a child) and stop off for dinner somewhere on the way back. If the weather’s nice, then even better!
What’s your ideal holiday?
I travelled extensively in my younger days and lived in Japan and Australia for a time. Although the weather might be better overseas you can’t beat some of the beautiful coastal towns we have in this country. I also love Gran Canaria where we’ve had some very happy family holidays in recent years and made some great memories.
Is money the root of all evil?
No, not at all. Having said that my advice is always to follow your passion and not the money – if you enjoy what you’re doing the rewards will come. Contribution is something I’m focused on this year and if you have money you’re in a far better position to help others. On an aeroplane if the oxygen level drops you’re instructed to put your own mask on first – I think it’s a similar thing with money (help yourself in order to help others).
Do you support a football team?
No, I’ve never really liked football. My passion is martial arts, which has taken me all over the world and given me the opportunity to discover different cultures and meet some fantastic people. I spent two years in Japan and trained in Aikido with the Tokyo Riot Police for 11 months. I’ve studied Muay Thai for over 25 years and more recently started Krav Maga and Brazilian Jiu Jitsu.
Do you have a heroine or hero?
That’s a difficult one – there’s probably no one individual, but people who have influenced my life along the way. Most of these are not in the public eye, but I hope they know who they are and the difference they’ve made in my life. I think we all have the power to influence others, but we sometimes forget this. As a parent this is something I’m very conscious of – I’m (along with everyone else) shaping the lives of the next generation, which is an enormous responsibility.
Simon will be speaking at Accountex on 23 May at 1pm in the FD Forum on "LinkedIn for finance professionals – what you need to know and why it matters".
We need more diverse role models in accounting
Author, speaker and business coach Heather Townsend, an expert in what it takes to move from senior fee earner to partner, talks to Accounting Insight News Editor Ian Moss about her life, career and ambitions.
The here and now….
How did you get into this business?
I started working for BDO in 2004 with a brief to help individual business units within the practice help grow through their people. Since then I’ve added a few strings to my bow, but have always been helping accountants grow a profitable practice.
What’s the Accountants’ Millionaire’s Club all about?
It’s about helping owners of accountancy practices grow a profitable and sustainable one million pound practice while working fewer hours with less stress. Interestingly 20 per cent of our members are from firms who are bigger than £1m turnover, but need to sort out the profitability of their firm in order to effectively stimulate growth. Something else that has surprised me is the amount of members who are their firm’s succession plan. I.e. they are using the club to build their knowledge about how to manage and lead a practice.
What have accountants got to learn about survival and thriving?
Accountants are brilliant at managing the here and now. Unfortunately this type of behaviour may get the tax returns done on time but its going to cripple practices which are not looking ahead and adjusting now. Technology has already enabled accountants to do some compliance tasks in minutes which would have previously taken hours or days. This pace of change and disruption is not going to go away. To survive and thrive, accountants needs to be taking decisions now to allow them to create a real time accounting service which will serve as a solid foundation for advisory services.
And what can you help them?
There are many reasons why people join the club, and these are just a handful, such as:
- How to win bigger and better clients.
- How to sell advisory services to clients.
- How to kick-start or control the pace of their growth.
- How to get the right people and structure around them.
- How to improve their cash flow by doing a fee increase and moving to billing monthly by direct debit.
- How to future-proof their practice so moving to a real-time cloud based accounting service using the right technology to improve the client experience.
Does the idea of information overload concern you?
Not really. That’s just the reality of now.
What’s on the horizon for you and the sector?
For me personally, it’s about expanding the Accountants Millionaires’ Club. We have had a promising start in the UK with demand coming from Holland, Australia and New Zealand to start the club up there. The sector is crying out for a trusted source of up-to-date information to help accountants grow their business.
There are still too many ‘so-called’ experts handing around in the industry regurgitating advice which was correct 10 years ago, but now very much out of date.
Do you think women are well-represented in the industry?
Traditionally the visible face of accountancy firms owners in the UK has been predominantly pale, male and now increasingly stale. I think the industry does have a problem with diversity and inclusion. We need more diverse role models. and by this I mean not just more high profile females but also non-whites. Whenever I have worked with large or small firms or spoken at institute events, there is always a really diverse mix in the audience. And I mean really diverse. But when you look at the conference platforms for accountants there isn’t much deviation from the same white, male faces trotting out the same-old-same-old.
As an influential voice, what impact do you want to have on the profession this year?
Through The Accountants Millionaires’ Club I want to shine a light on how to make - for some people - the impossible possible. Which means showing accountants a simple way of growing a profitable, sustainable practice which is ready for the future. Whatever that may bring!
Early Days
Where did you grow up?
The Weald of Kent. I’m an outdoor, country living kind of person.
Were you any good at maths at school?
Even though I decided not to qualify as an accountant, I did get the maths prize at GCSE, As for double maths at A-level and then went on to do engineering at Oxford University.
Trivia/Miscellany
What’s your favourite film? (you’re allowed more than one)
I’m not sure I have a favourite film. But I’m a big fan of Casablanca and Strictly Ballroom.
What’s your favourite book? (you’re allowed more than one)
As I’m probably not allowed to pick any of the 5 books I’ve written, I have read Neville Shute’s A Town Like Alice many, many, many times.
What’s your favourite type of music?
I’m happy to listen to the whole spectrum from classical to pop to jazz. Just as long as it has a decent tune.
What’s your ideal day out?
A off road cycle ride on a cloudless day followed up by a nice pub lunch then a lovely relaxing massage.
What’s your ideal holiday?
Something that is active and by the coast and warm.
Is money the root of all evil?
No.
Do you support a football team?
Not really. But my husband is an Everton fan. I’m a rugby fan, and enjoy going to see Saracen’s play.
Do you have a heroine or hero?
No. Just not that kind of person.
Heather will be at Accountex 2018, hosting a hot-topic roundtable discussion, 'Succession Planning – Developing your successor while maximising the value of your firm on exit' at 2pm on 23 May, and taking part in a panel discusion, 'The future is now: the role of real-time in advisory' on 24 May at 3pm.
"I’m happy in the hills, walking, mountaineering or skiing"
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.
'Business only happens where there is trust'
Lyn Bromley and Donna Whitbrook head up First Impressions consultancy, pointing accounting and finance professionals in the right direction with their people skills. "We continue to help our clients to manage their personal impact ensuring it is appropriate, consistent and memorable," says Lyn.
"We’re a training company that specialises in people. We help them to build outstanding client relationships and deliver world-class service to your clients. Businesses benefit by increased sales, better customer service levels and improved client satisfaction."
Here Lyn and Donna, who have co-written a book, Trusted, about building client relationships, talk to Accounting Insight News Editor Ian Moss about their business lives... and what they do with their time off.
The here and now….
How did you get into this business?
Lyn: When I was an accountant and subsequently a senior professional services manager in the software industry I realised that the most successful consultants or project managers were the ones who had excellent technical skills and excellent behavioural and relationship building skills. I started to learn how I could coach my team members who lacked these skills and that took me on a journey of training with First Impressions and eventually loving is so much, I bought the company in 2010!
Donna: Throughout my professional career, it has always been apparent that a business can have a great products and great processes, however the differentiator is how they stand out in the market - through having great people in their teams. I trained with First Impressions three years ago and joined the corporate associate team.
What’s the deal with trust?
Business only happens where there is trust. Trust is a feeling, not a behaviour and it needs to be built internally through the culture, values and standards of behaviour within an organisation. This feeling of trust and the trustworthy behaviour will then be felt by prospects and clients, leading to deep and long-standing business relationships.
What have accountants got to learn about personal branding?
All of the recent reports and research looking into the future of auditing and accountancy report that, amongst other things, accountancy professionals need to increase their empathy, soft skills and understanding of culture and behaviour in order to continue to succeed. Personal brand, quite simply, is what people say about you when you are not in the room. Your brand is therefore built upon a number of factors which we cover in our ÓT-Spot model: mindset, communication, interaction, behaviour and professional image.
And what can you teach them?
We can teach accountants how to improve their communication skills, how to build better relationships internally and how to engage with clients to build trust and long and prosperous relationships. We enable them to identify behaviours that could be damaging their credibility and reducing the organisation’s profits and to implement new behaviours that will improve their credibility, their relationships and their profits. The way we do this, is by implementing the elements of our unique ÓT-Spot Model.
Does the idea of information overload concern you?
We are very adept at processing large amounts of information and data, especially in the digitised world we live in. We help people to manage their mindsets, so if they do experience a feeling of overwhelm, our techniques will help them to manage those feelings before they escalate to become a problem.
What’s on the horizon for you and the sector?
We are really excited to continue to work with our long established clients and to engage with new clients who have a head for business and a heart for their people. We are regional partners with University College Birmingham and we are determined to make a difference by passing on our skills to graduates and future business leaders to ensure that they are adept at bringing the human approach to building outstanding client relationships in a digitised world.
Do you think women are well-represented in the industry?
Women are represented reasonably well in accountancy. Typically, there are fewer women in senior positions, so we would like to see a change to that in future to provide gender parity.
As an influential voice, what impact do you want to have on the profession this year?
We believe that in a world of increasingly digitised interactions, connecting on a human level is more valuable than ever. The technological advances have enabled us to connect with people all over the world and our virtual presence has increased. This has negatively impacted our ability to connect in person and build strong relationships. Technology needs to assist relationship building and the delivery of excellent client service, not to hinder it.
Early Days
Where did you grow up?
Lyn: I grew up in Tamworth, in Staffordshire
Donna: I grew up in Staffordshire, near the beautiful cathedral city of Lichfield.
Were you any good at maths at school?
Lyn: Pretty good, I didn’t enjoy it though and was amazed to pass my O Level!
Donna: Yes, I’ve always loved numbers and number crunching. This helped me in my banking career.
Trivia/Miscellany
What’s your favourite film? (you’re allowed more than one)
Lyn: It’s a Wonderful Life.
Donna: The Green Mile.
What’s your favourite book? (you’re allowed more than one)
Lyn: For fiction I love a good thriller and Erin Kelly, He Said/She Said is my current favourite as I have just read it. My favourite business book is The Big Leap by Gay Hendricks.
Donna: Jane Austen’s Pride and Prejudice, Simon Sinek’s Leaders Eat Last.
What’s your favourite type of music?
Lyn: I have an eclectic taste in music. I enjoy pop, jazz, classical and opera.
Donna: R & B
What’s your ideal day out?
Lyn: I love driving round Europe exploring in the sunshine, stopping for good food and good wine with my family.
Donna: A day out in London with friends – a visit to the V&A museum, lunch and people watching in Covent Garden, a trip to the theatre followed by dinner at the Wolsey.
What’s your ideal holiday?
Lyn: Total relaxation in the sun with my family or an action-packed exploring holiday depending upon the time of year.
Donna: The beautiful city of Verona in Italy’s Veneto region. Famous for being the setting of Shakespeare’s Romeo and Juliet, its artistic heritage, Roman ruins and Veronese food. A trip to the open-air amphitheatre to be swept away by a spectacular operatic performance is essential.
Is money the root of all evil?
Lyn: Absolutely not, money, if treated right, can buy you freedom.
Donna: No. The pursuit of material wealth and greed can drive some people to behave in despicable ways. Money doesn’t change people, it reveals who they are. Money can achieve great things, fundamentally it can save lives.
Do you support a football team?
No, neither of us can stand it!
Do you have a heroine or hero?
Lyn: Maya Angelou and Professor Stephen Hawking for their brilliant minds, their strength in adversity and their pursuit of something greater than themselves.
Donna: Professor Stephen Hawking – He not only transformed our view of the universe, he taught the universe that no-one needs to lose hope.
Lyn and Donna will be speaking at Acccountex London 2018 in the Future and Development theatre at noon on Thursday 24 May.
'Never before has technological change been so fast'
Elaine Clark questions...
CheapAccounting MD Elaine Clark talks to Accounting Insight News Editor Ian Moss about the highs and lows of her career and what she likes to do in her spare time...
The here and now…
How did you get into this business?
It’s a typical “mid life crisis” story. Just over 11 years ago I was sitting in yet another mind-numbingly boring meeting and just thought I can’t do this any more. I quit, went on holiday to New Zealand to clear my head of corporate nonsense ... and there the idea for CheapAccounting.co.uk was born. The rest, as they say, is history. I certainly have never looked back and do not miss the corporate world one bit.
What’s the deal with CheapAccounting.co.uk?
It’s quite simple, really, and it does exactly what it says on the tin. We offer competitive fees for those with straightforward accounting needs by using technology to assist in the compliance process. It’s not rocket science. The business is built around a network of independent fully-qualified sole-practitioner accountants working under the CheapAccounting.co.uk brand; a franchise for want of any other word.
What have accountants got to learn about survival?
Like any business, you have to constantly change and evolve; it’s not enough to rely on the fact that you’ve always done it that way. Never before has the speed of technological change been so fast. It’s exciting and exhausting but it’s the way of the world in all sectors, not just accounting.
And what can you teach them?
Well you can only ever teach someone if they are willing to listen and learn. Not everyone wants to learn from others.
All I can do is show what works for the CheapAccounting.co.uk network of franchisee accountants, what we do and why we do it that way based upon experience. Of course, our model doesn’t suit everyone. Like most things, there are not any right and wrong answers, just differences, but I am a great believer in looking at what works for others,. Not just in the accounting profession, and, more importantly, looking at things that don’t work and avoiding them at all costs!
Does the idea of information overload concern you?
To a certain extent, especially as there’s not much room left in my brain to fill it up with more “stuff”. I find that I am selective about what I look at, read and retain. I can’t possibly know everything. The key is to have the ability to research something if and when the need arises.
What’s on the horizon for you and the sector?
For the profession there’s a lot of technological and legislative change hitting at fast speed if the last few year are anything to go by. For me personal my role constantly evolves with it now moving into that of a writer, coach, mentor and speaker mix in the Sole Practitioner and Women in Accountancy space; all skills which I have acquired as part of CheapAccounting.co.uk and helping circa thirty Sole Practitioners set up successful accountancy firms.
Do you think women are well-represented in the industry?
At entry level, yes, but at senior managerial and board level, definitely not. You’ve only to look at the partner pages at some of the larger accountancy firms to see that women are not well represented. In particular there are parts of the accountancy profession still dominated by old-school misogynistic-type chaps. The good news is that they will retire at some point.
As an influential voice, what impact do you want to have on the profession this year?
Goodness that’s a tough one. I’m not sure that I’m influential enough to have any impact whatsoever. All I can do is to keep beating the drum for high standard in the profession and to further equality. And, of course, to out HMRC when they cock up, which they seem to do on many an occasion!
Early Days
Where did you grow up?
In Essex and Suffolk.
Were you any good at maths at school?
Not especially good, but then I wasn’t very good at most things in school and left at the age of 16.
Tivia/Miscellany
What’s your favourite film?
Mamma Mia for a jolly good sing-a-long and The Way We Were with Robert Redford phwoah.
What’s your favourite book?
It’s a set of books, which is what you’d expect from an accountant tee hee .... anything by Peter James and his Roy James detective books.
What’s your favourite type of music?
Mainly ‘80s stuff; it’s my era but I must admit to loving Ed Sheeran and Rag ‘n’ Bone Man.
What’s your ideal day out?
A walk in the hills followed by a pint at the end.
What’s your ideal holiday?
Sailing in the Caribbean, away from all technology.
Is money the root of all evil?
No ... a lot of good things can be done with money. It makes the world go around but, in the wrong hands, it can be destructive.
Do you support a football team?
No ... much prefer rugby.
Do you have a heroine or hero?
Not especially and not one person. I like straight talking, selfmade people who take the bull by the horns and just get on with things without moaning or blaming the world for things.
Progress report from a millennial accountant
Accounting Insight Editor Ian Moss enjoyed a round-table discussion by sole practitioners at Accountex Summit North. Afterwards, he asked one of its participants - a young accountant from Manchester - if he'd like to share a few of his thoughts. And here they are...
So, I was asked to write a guest blog to note my ideas and how I ended up setting up my own accountancy practice. My ego said yes and I thought how hard could this be?
Thirty minutes staring at blank screen with a zero word count and now I am starting to regret my “say yes and figure out how later” mantra!
Hi, my name is Sam Kellali and, two-and-half-years ago at the ripe old age of 32, I set up "yourFD" (www.imyourfd.co.uk). I did an economics degree at Loughborough university, enjoyed the accountancy modules and, upon graduation, went to work with a large practice back home in Manchester to gain those lovely ACA letters after my name!!
Started to acquire some great clients
Once qualified, I moved to a smaller firm in Bolton. Here I was tasked with going out to win my own clients. Sounded easy, but, wow, it took me a long time to work out how to do this properly! After a while, I got the hang of it and started to acquire some great clients.
They tended to be relatively young business owners who had fast growing start-ups. Their lack of experience in running a business led me to getting more involved and in hindsight this was where the idea for yourFD came from.
We are all aware technology has and will continue to cause a massive disruption to the accountancy industry. However, it is this same technological advancement that has allowed many new businesses to grow at an alarming rate.
New type of business owner
I had one client who had an online men’s fashion brand. His sales were at £500k in year 2 and that was without any prior experience in the industry! This type of business would have been virtually impossible to create 15-20 years ago. This led to a new type of business owner, a business owner who wanted/required a new type of relationship with their accountant.
yourFD was created to take advantage of such technological advancements and, more importantly, the need of business owners who require more from the traditional ‘once a year accountant’ yet are not at a stage where they can justify the £70k a year salary of an in-house FD.
I also still have lots to learn and have made plenty of mistakes along the way. However, the business itself has grown significantly since formation. Here a few things that have helped along the way…
Treat your business as No1 client!
- Treat your business as your number one client. There is no point goal setting and profit forecasting with your clients if you have no plan for your own. How many clients do you want? What will the average fee be? Practice what you preach!
- It is OK to say no. For every four prospects I may only take on one. I know this can be difficult in the early days (There were a few that slipped through the net) but please be disciplined on only working with your ideal client.
- Get all clients on fixed fees and direct debit. The hourly rate model only encourages inefficiency!
- Regularly ask for client feedback. My business must complete a minimum three client surveys a month. There are two reasons for this. 1) We genuinely are interested in what clients think of us and their suggestions on how our service can be improved. 2) It is a systematic way of asking for referrals and in turn growing our business. (We always ask for three referrals rather than one! If you ask for one people may say no but ask for three and they are more likely to provide one!).
There will be a panel discussion by millennial accountants at Accountex 2018 on 23-24 May at ExCel in London.
Who's in the Accountex 2018 speakers stellar line-up?
Accountex, the UK’s premier event for the accountancy and finance profession, is unveiling a stellar speaker line-up for 2018.
Industry leaders who'll be sharing their expertise in the main keynote theatre on 23-24 May at London's ExCeL are:
- Theresa Middleton, director of the HMRC's Making Tax Digital for Business programme;
- Dominic Allon, VP Europe at Intuit QuickBooks;
- Jennifer Warawa, Sage’s executive VP of partners, accountants and alliances;
- Alan Laing, MD of Sage UK & Ireland;
- Damon Anderson, Xero’s director, partner.
Changing face of accountancy
Returning speakers include:
- Justin Urquhart Stewart, of Seven Investment Management (7IM), on how to "afford a thoroughly disgraceful retirement";
- Ed Molyneux, of FreeAgent, on ‘Fintech buzzwords’ and how to cut through the jargon;
- Steve Checkley, of TaxCalc, updating practitioners on the latest MTD news;
- Glenn Collins, of ACCA, who'll lead a panel debate on the changing face of the accountancy practice and technology.
And among the new names for 2018 is Rebecca Benneyworth, chair of the Digital Advisory Group advising HMRC on MTD. She will be discussing ‘Making Tax Digital work for you’, including how to start converting clients to digital records, plans for the VAT implementation in 2019 and the income tax pilot (2pm, 24 May).
Must-be-at event of the year
“If there’s one ‘must-be-at’ event, surely Accountex is it,” says philanthropist Paul Dunn, chairman of B1G1: Business for Good. He’ll be providing "major pointers" on how to make a real impact on the lives of clients in his show debut on 24 May.
“In this time of amazing shifts occurring at breakneck speed, here is everything in the one place for you to gain the information and insights you need to create the kind of firm you’ve always wanted – one that’s highly profitable and irresistible from a client perspective,” he says.
Opportunity that should not be missed
And Compleat Software’s CEO Neil Robertson agrees: “Accountex will make you aware of what is now possible and ensure that neither you, nor your business, starts to suffer because you fall too far behind your competitors. It is an opportunity that should not be missed. Because you will learn a great deal in a short period of time. What you do with that information is up to you!”
Compleat will host two sessions in the Keynote Theatre as sponsors. The first will explore how the transformation of the accounts payable role can have a positive impact on businesses. The second will outline best practices for CFOs looking to delegate their budget and project financial management.
So for further details, please visit Accountex . The 2018 event has more than 180 CPD-accredited Keynotes, seminars and workshops. Full line-ups are now available for six of the show’s 16 theatres.
And further seminar speakers are set to be announced soon.