Accountancy – the full package
20th October, 2016
Preston has been identified as the “star performer” in the Lancashire economy by Preston City Council. Business is faring well despite the economic turbulence and uncertainty. To avoid complacency with such an encouraging position, businesses in Preston need to be continually evaluating their progress.
A by-product of this perpetual analysis is that Preston accountancy firms are being asked to take on more than the standard bean counting and reporting. Businesses are looking to their accountant to provide advice that stretches far beyond their remit of old. In response some Preston firms have incorporated extra services as part of their offering, and whilst it could be argued that firms that don’t will be left behind, it can also be said that there is room and a need for both.
By taking a holistic approach and offering all accountancy disciplines, tax advice, reporting, business advice, access to associates and regular meetings – all with a large helping of compliance – Preston firms offering a one-stop-shop are opening their doors to clients that may never have seen their worth before. On the other hand some Preston businesses prefer to cover the extra elements over and above number crunching in-house, so don’t feel the need for business support. For them, the accountant who focusses on compliance and simply processes information and produces reports might be all they need.
The key element in this widening divide between types of accountant, is that a firm must be just as careful in choosing their clients as their clients are in choosing them. A poor fit between accountant and client will only lead to difficulties, leaving the client either overwhelmed or feeling short-changed. From the offset the accountant must be clear about what is on offer and the client must be clear about what is required. Initial meetings are crucial to determine whether a consultancy service is of benefit, and if a firm has the skilled consultants available to glean vital information they can make that crucial judgement of whether the client is a good fit for the firm and vice versa.
As with all industries the financial sector needs to keep abreast of market trends, and whilst it’s important to keep up with developments in technology, client empathy and engagement are often more tricky to adapt to. By providing a rounded service where the client’s business and its needs are king, accountants can have a far bigger role to play.
Here at Red Dot Accountants in Ashton-on-Ribble, Preston, our experience through years of working with small, medium and large businesses gives us a competitive edge over other Preston based accountants. The service we provide is tailored to suit so whether this is purely to cover compliance or for a more hands on financial consultancy role, we can offer it all.