4 minute read
Meet serviceshare: A support network for
@Cowgills
Ben Cowgill, Chartered Accountant and qualified Insolvency Practitioner, Cowgill Holloway LLP
A Chartered Accountant and qualified Insolvency Practitioner at Cowgill Holloway LLP, Ben Cowgill also heads up serviceshare, a dedicated support network for accountants. In his spare time, he is a keen socialiser and sports fanatic, spending much of his spare time (and admitting “too much) competing with his friends at Fantasy Football. Over the Summer, Ben plans on driving through Italy and exploring the Amalfi Coast.
The accountancy profession can often be somewhat lonely, especially for those without the support of a large firm behind them. If this sounds familiar, don’t worry - you are not alone! Ben Cowgill discusses the importance of having a trustworthy support network as he introduces serviceshare, a specialised resource that provides accountancy professionals/practices with the services they require to fully meet their client’s needs...
Overcoming the initial
tiresome ‘banter’ that occurs in every social situation, where you declare for the first time that you are an accountant, eventually becomes water off a duck’s back. A forced laugh in response to the “boring” comments is a perfected autopilot response. The answers to the questions that follow, however, aren’t always so easy to deliver.
After I qualified as a Chartered Accountant with a big firm in London, I recall visiting friends back in Manchester and the conversation would inevitably turn to tax, with the presumption that as an accountant I was also a specialist in tax (as well as every other aspect of accountancy). The reality was that whilst I was a qualified accountant on paper, I didn’t consider myself as a “proper accountant”. I had only experienced audit and some accounts preparation, with limited knowledge beyond this. Accountancy covers a vast array of areas, often with niche skillsets required within these, which inevitably results in an element of trepidation when being asked to advise on unfamiliar ground, because of the risk of giving inappropriate advice, missing an opportunity, or losing the client to a competitor.
In reality this is a common issue amongst accountancy professionals who simply can not be expected to know everything about everything. This is the premise behind serviceshare, whereby accountants can:
Obtain answers to technical queries from a specialist in that field Act as a conduit between your client and the serviceshare specialist to arrange formal engagement for work to be undertaken for your clients, without the risk of losing them (due to a non-poaching agreement) Tender for new work knowing that you have a full service offering in place
Those accountants who embrace and control the collaborative process are well equipped to get the best results for their clients, and in turn can benefit from quicker growth of their practice. Xero and its open API is a prime example of accountants shifting their mindset into one of collaboration, with the add-on community offering almost everything a business could ever need. It only takes one look at Xerocon to understand the change in both perception and mindset of accountants – a conference for accountants which people genuinely enjoy sharing their experiences, utilising add-ons to bolster their service offering to solve a client’s issues.
Whilst some firms that are part of the serviceshare network utilise it as an “additional offering”
mechanism, some use it as a defence. In one particular instance, a firm had started to tire of clients moving to larger accountancy firms, simply because the bank had indicated this preference (or simply demanded it). To counter this, they opted to use serviceshare’s audit offering, for dealing with larger clients. They fully embraced the network and now allude to the additional offerings in prospective meetings, winning clients that they may have previously been perceived as “too small” to win.
Of course, some accountancy firms are wary of the fact that serviceshare is operated using another firm of accountants, and understandably so. Aside from the fact that serviceshare would soon go out of business if clients were poached from the accountants using the network, serviceshare has always been about protecting the accountants and helping them, of a non-poaching agreement and our intelligent back-office system
which alerts the serviceshare team to any potential cross-over. Trust is something that cannot be compromised.
While talking with accountants previously outside the network, we found that historically they had experienced varying degrees of involvement once they had outsourced a particular piece of work, for example, the sale of a client’s business through an external specialist Corporate Finance team. In some instances, they would remain involved with the protection in place by way
throughout the process, but in others they would lose all associated work (more often the latter). When it comes to a business sale, owners are typically emotionally involved - we recognise that the retention of current advisors, combined with the expertise of specialist service providers, often results in the optimal outcome for all.
With many accountants losing clients to competitors with particular specialisms or a full service offering, it made sense for serviceshare to step in and agree an arrangement which allowed the accountant to retain their regular engagement, with the serviceshare team filling the gaps when necessary.
In accountancy, as with many other professions, we are seeing a move towards a more collaborative approach, with more firms choosing to operate almost exclusively within their niche. With the rapid progression of technology, such as Xero, accountants have experienced an enhanced ability to offer everything their clients may need, often beyond their traditional role (e.g. HR technology, timesheet software, even automated marketing).
We find that each accountant has varying approaches, styles, and objectives. Ultimately, it’s about the network working for you, in a manner that you are comfortable with.
