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8 minute read
Oh what a night! 2023 Xero Awards UK & Ireland
THE ANNUAL XERO AWARDS IS A PARTICULARLY SPECIAL NIGHT FOR US AT XERO.
IT’S A CHANCE FOR US TO SHOW OUR APPRECIATION AND ADMIRATION TO THE MANY INCREDIBLE ACCOUNTING, BOOKKEEPING, AND APP PARTNERS IN OUR COMMUNITY.
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This year’s awards evening, which took place at Ministry Venues, Elephant & Castle, showcased the achievements of the “rockstars” of the accounting world. From the bangers played by the live band, to the face painting and photo booths, we wanted to give our community a chance to escape the office and celebrate in style.
Supporting small businesses through uncertainty
Small businesses will be at the heart of economic recovery, and the role of accountants, bookkeepers and apps is more important than ever, as economic pressures affect small businesses’ ability to plan ahead and manage costs. They’re often the only professional advisor a small business owner may have – experts at understanding the issues and hurdles that their customers face.
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Many accountants and bookkeepers have been facing challenges of their own, such as attracting and retaining talent, and navigating regulatory change. With the support of a strong community, many firms have been able to turn these challenges into opportunities.
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Congratulations to our winners
There were 16 trophies up for grabs, including three new awards introduced this year – National Firm of the Year, Bookkeeping Partner of the Year and Innovative Partner of the Year.
The winners are:
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UK Partner Awards
Sole Practitioner of the Year – Adams O’Rourke Accountants
Small Firm of the Year –Tennick Accountants
Mid-size Firm of the Year – Sempar Accountancy and Tax
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Large Firm of the Year –Accounts and Legal
National Firm – Azets
Bookkeeping Partner of the Year – Fresh Financials
Total Xero Award – Thorne Widgery
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Community Impact Award – FD Works
Innovative Partner of the Year – LJM Bookkeeping Ltd
Most Valued Professional – Lauren Harvey, Full Stop Accounts & Georgi Rollings...
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By Michael Ford
ENTREPRENEURS ARE DRIVEN BY ‘THE ITCH’. IF YOU’VE FELT IT YOURSELF, YOU KNOW EXACTLY WHAT I MEAN. IT’S THAT INNATE GNAWING, DISCOMFORTING FEELING THAT COMES FROM A DEEP, AND OFTEN LIFELONG, CONVICTION THAT THERE HAS TO BE A BETTER WAY. THE ITCH IS NEVER FAR AWAY - IT LIVES IN YOUR HEAD, DISTRACTS YOUR THOUGHTS, NAGS AT YOU. I’M NO PSYCHOLOGIST, BUT TO ME THE ITCH IS AS DEEP AS DNA. IT’S NOT A LEARNED BEHAVIOUR, SO IT CAN’T BE ‘UNLEARNED’. THERE IS NO ESCAPE.
Entrepreneurs start businesses because the itch gets too much. They resist it, they damp it with logic, they try to ignore it, but it never goes away. As time goes on, it intensifies. Finally, they are compelled to do something about it.
The caricature view of the entrepreneur as a risk-taking, slick-talking hustler could not be further from the truth. The real entrepreneurs, the ones that you and I work with, are just people doing everything they can to scratch their itch. And no matter where they are in the world, no matter what industry their business serves, no matter what age, sex, creed or colour, the itch, the belief, the drive to find a better way is exactly the same.
They can see the path ahead. They can see the forks in the road, the options, the decision points. And they need help to work out which way to go.
At Castaway, every day we talk to entrepreneurs and to the accountants who look after them. Our customer base is split evenly, so we get a healthy range of views from both perspectives.
The Entrepreneurs tell us they see the services their accountants provide on 3 levels:
• They appreciate the compliance work that keeps their business on the right side of the law
• They value the work that supports and sustains the business (bank loans, grants and the like)
• They love the work that helps unlock the possibilities of the business (scratching the itch)
It should be no surprise that their level of ‘excite- ment’ about the fees they pay follows the same order.
The Accountants we talk to tend to fit into one of 3 categories:
• A few tell us “my clients just don’t need that sort of stuff”
• Some say they build budgets and forecasts when clients ask for them
• For others, forecasting is the backbone of their advisory practice. Clients love the work they do and happily pay their fees
To the first group… who knows, they may well be correct. But if there’s even one entrepreneur on the client list, I guarantee that firm is not asking the right questions.
When we dig deeper with the second group, their focus is generally the entrepreneur’s second level of satisfaction, the sustaining and supporting work like applying for bank loans and grants, churning out annual budgets and the like. Although the demand generation is reactive, this work is useful for clients and can be readily systemised and productised into a profitable service… definitely a winwin.
The third group are different. They work differently, they think differently, they talk differently. And they get different results for clients. By different, I mean better… much better. Of course, the question of “how” they are different has a hundred answers.
One thing stands out for me. The third group have gone beyond forecasting as a maths exercise focused on putting numbers on a page. They’ve evolved to embrace the idea of forecasting as a framework for exploring what is possible. This is a big step, in both mindset and methodology. They’ve found the holy grail - a way to help their entrepreneur clients scratch the itch, a way to help those entrepreneurs unlock the possibilities in their business.
It’s a simple idea, but it’s counter-intuitive, especially for firms with strong compliance-based business models, where efficiency and capacity utilisation are the traditional optimisation tools.
But it’s also entirely intuitive. Clients perceive the greatest value when you help solve their biggest, most annoying problems.
And for an entrepreneur, the ‘itch’ is the most significant long term problem there is. And forecasting, the process of looking ahead, considering scenarios, facing realities, game-planning responses, making decisions, is the best framework I know for unlocking possibilities, for finding solutions to the itch.
So how do the third group of accountants start the conversations with their clients? How do they build the interest? How do they get the clients to happily agree to engage them?
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Well, the good news is we’ve seen lots of different approaches… and they all work very well. It’s a matter of finding something that works for you. If you’re looking for somewhere to start, here’s a simple 3-step approach that involves zero selling, but is highly effective at unlocking possibilities for both you and your client.
1. Find the itch
Here’s an idea. Find a client. Take them to coffee, or to lunch, or just have a call. With genuine interest, ask 3 questions:
1. Why did you start this business?
2. What were your dreams for the business back then?
3. How have those dreams changed?
You’re looking for the itch. Given the chance, and an engaged audience, most entrepreneurs love talking about their business. Some will open up immediately, the ideas and stories will just start flowing. For others, the conversation might take some time to get rolling.
If you’ve been in business a while, the daily grind, decision fatigue, pandemics and other challenges can wear you down … its all too easy to forget (or suppress) the original dreams for the business. In this situation, be patient and nurture the conversation. The memories will start to come back, a trickle at first and then more. Keep at it and you’ll see the imagination spring to life and the ideas start to flow. That’s the itch firing up again … it never goes away.
2. Run a Possibilities session
Find out more
By Emily Ossington, NextMinute
WE LIKE TO THINK WE KNOW OUR CLIENTS PRETTY WELL, BUT YOU KNOW WHAT ‘THEY’ SAY ABOUT ASSUMING…
As a company, we want to make sure that our customers succeed, and that our product plays an important role in helping our customers achieve their goals.
One of our team values at NextMinute is to sit alongside our customers and partners.
We also have the value proposition that we “make life easier by managing pricing, planning, people and profits.”
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So, we recently put together a Customer Survey in order to get a better understanding of the needs and preferences of our customers, and to question are we delivering on what we promise?
‘They’ also say success is in the eye of the beholder, and our beholders are our customers - who are also your customers!
If you are a Trusted Advisor with clients in the Trade & Construction industry, here are some results from our Customer Survey that might help you understand the industry better.
Who are they?
Our average client is a 39 year old male builder, business owner, married with more than one child and has completed some form of tertiary education like trade school, college or university.
What do they need?
We asked our clients, on a scale of 1 to 10 how important are the below items to their business (answers in order based on the av erage response.)
1. Profit
2. Managing their team
3. Save time
4. Consistent work
5. Scheduling work
6. More clients
This re-confirms for us that our value proposition of pricing, planning, people and profits aligns with what our customers con sider important in their businesses.
What do they want?
We asked them to rank the importance of family time on a scale of 1 - 10. It was num ber one.
Other questions around ‘hobbies and free time’ had a variety of answers, all of which included outdoor activities such as fishing, board sports, or playing sports with their family & friends.
These responses indicate that our clients value and want more time to spend...
Find out more
By Danny Bateman, SeedLegals
Want to make your accountancy practice more attractive to new and existing clients? Add more services and become a one-stop shop for startups and small businesses.
But how do you do that without hiring specialist staff? By partnering with SeedLegals, you’ll be able to offer a more comprehensive, integrated service for startups and SMEs. You do the accountancy tasks; your client uses SeedLegals for extras. You can choose to add SeedLegals as white label software to your existing digital services, or give your clients discounts for SeedLegals and claim a referral fee.
Established in 2016, SeedLegals is an online platform which combines automated legal documents with friendly, personalised help from a team of experts. Since 2020, the company has worked alongside accountants to provide clients with a seamless, affordable service.
Over 50,000 companies have used SeedLegals to grow and scale faster. As well as straightforward business legals such as employment contracts, company policies and board management, the legal-tech service helps founders and business owners with the pivotal moments that matter:
• Secure S/EIS Advance Assurance
Do S/EIS compliance
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Two thirds of all SEIS and over half of all EIS Advance Assurance applications are
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• Set up option schemes
Get an EMI valuation
One quarter of all UK EMI schemes are designed and managed on SeedLegals
• Do a funding round
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Take an investment
SeedLegals is the UK’s number one closer of early-stage rounds in the UK with over £1 billion raised to date. The company pioneered ‘agile funding’ to help companies take one-off investments outside funding rounds.
Make clients happy - and boost profits
By partnering with SeedLegals, you have the reassurance of offering extra services via a market leader. And with a more extensive set of