Articles

Due to the extremely competitive nature of the accounting profession in the UK, many UK accountancy firms have had to add additional services to their repertoire to compete effectively with other firms. In any industry glutted with competing companies, the only three choices left for businesses in that industry are: Offer more services Become more […]

We Run Your Practice has just been just shortlisted for the Accounting Excellence Digital and Innovative Firm of the Year Award! We share this prestigious position with five other accounting firms. As announced on Accounting Web, it has been a trying time for accountancy firms — all businesses, in fact. The COVID-19 pandemic has shaken […]

Accountants in the UK are, too often, looked upon as staid old fogies who can’t learn new tricks. Sadly, I have found this to be true of many older accounting practices. But even some of the newer practices fall prey to this. They look at veteran accountants, or perhaps even to the Big Four, and […]

HR turnover is one of the most frustrating banes of an accountancy owner’s life. In a field where a high premium is placed on training, experience and expertise, one’s best efforts at trying to build an effective and cohesive team can be quickly smashed to nothing by a single headhunter who poaches your best staff. […]

Many are the accountants who almost feel personally insulted when they discover that their decades of hard work and excellent client service are worth nothing more than 0.8 – 1.2 times their Gross Recurring Fee. That’s what accountancy practices are usually valuated at, at the time of sale: 80 per cent to 120 per cent […]

The stresses of being an accountant are well-documented and known. Accountancy owners have it even harder. In addition to facing the day-to-day pressures of everyday work, stress can skyrocket during times of HMRC deadlines: VAT returns, company accounts, corporation tax returns. Added to that are HR pressures and all the usual stresses of running a […]

Accounting is a tight-margin industry. New laws and tighter regulations quickly reduce a firm’s profitability. To increase profitability in our industry, one must either: Drastically improve efficiencyOR Reduce costs How to improve efficiency in an accounting firm could easily fill a book. In this article, we will give you an overview of how to cut costs in both respects. […]

A quick search for how accountants should use social media brings up post after post of how accountants should leverage LinkedIn to gain more business. But what about the other social media platforms? LinkedIn might be great for leads, but Twitter wins the battle hands-down for social engagement. And social engagement means increased brand awareness. 1. Define your social media goals A study by Sprout Social […]

With the UK racing “towards its fastest and deepest recession for more than a century”, according to the Bank of England, probably the idea of selling your accountancy practice has crossed your mind. With many of your staff likely furloughed, and the end of the lockdown nowhere in sight, selling your practice might seem like the only option. […]