A north-west practitioner wanted to focus his energies on providing deep, sector-focused, advice. That meant calling in Advancetrack to take on the weight of his practice’s tax and accounts production.
Describe your practice to us
We are an accounting & advisory practice based in the north-west of England, with a niche offering for health operators, of which I’m the sole owner. Having a sector focus means I can provide in-depth, focused, services and advice.
I had started my career in a big firm, working with a gamut of clients. But I always had in mind that being niche would give me the chance to delve into a sector and understand its idiosyncrasies – and advise them better.
When I began my own firm it was a general practice, but I soon built contacts in health and went from there. There aren’t many practices focused on the sector I serve, and I get to go on roadshows to raise my profile. When I speak to health operators I can do it in their language.
What was the issue you were initially looking to solve?
Even though my practice has been successful, I’d seen that it was becoming more and more difficult (and expensive) to get the right staff. It meant my time was being eaten up in crunching through the compliance work rather than providing valuable business advice.
How did you find out about Advancetrack?
I’m part of an accountancy consulting group, and during discussions about the issue I was facing it was put to me that outsourcing might be a solution. Advancetrack MD Vipul Sheth then entered stage right!
How did the working relationship progress?
I undertook a test. I had two accounts files to complete – one of which was ‘easy’, and the other one a really difficult job for my team in the past. Both jobs were completed by Advancetrack on time. I then reviewed the work and found it to be of the standard I required, with only a couple of basic queries attached for me to deal with. I was very happy with them.
I’ve always said to my clients that I’m not here to prepare their accounts and tax in January – I want to know their financial position ‘now’ and then plan and work with them. With the extra resource available with Advancetrack I was in a much better position to review work and plan with my clients in good time. I have quarterly meetings with all my clients and go through all the relevant data points and KPIs, looking for left-field issues where they may need help and advice – I’m their FD.
Most accountants are ‘running around’ in January. I’m in my Spanish home relaxing, with all the work already done. That gives me an opportunity to do more business development and seek out new clients too.
I kept all my staff – though as they have retired or moved on, I’ve given more work to Advancetrack. I look at Vipul’s business as an extension of my team.
What does the future look like?
There are other parts of my practice that could be a consideration for outsourcing or offshoring going forward.
The interesting thing for me is my own exit strategy – I’m running a lean, efficient and profitable practice. If someone want to buy my business, will they run it as well as I have; if it’s a merger, will their business run as well as mine?
