As we celebrate with the winners of the Accounting Excellence Awards 2024, Vipul Sheth outlines some of the key characteristics that these firms exhibit.
It’s been another great year for accounting practices that we work with, in terms of representation at the Accounting Excellence Awards.
Not only did we have tons of our partner firms in the shortlist, a significant proportion picked up trophies on the night.
When we start working with practices they often come to us with a problem that needs ‘solving’… and that is usually around resourcing. However, for those that go the next step, our offering becomes more than just a defensive move – instead we become integral in driving these practices forward.
And this is what you see among the award-winning practices every year at events such as the Accounting Excellence Awards.
The science of compliance
There is much operationally that firms have to do to drive excellence, but everything starts with an ethos, which leads into strategy and (hopefully) culture. This will be about identifying their ideal clients, and offering them the best service possible to thrive and grow.
‘Compliance’ is a bit of a loaded term in accounting, as it can imply low value and low-margin work. However, we all know that the preparation and production of tax and accounts is generally the foundation upon which all other services are offered. However, it’s impossible to drive value-added services without really getting a handle on compliance – it needs to be undertaken as efficiently, quickly and accurately as possible.
This is where processes, workflow and tech come into this. If compliance work is done well, and transactions are captured smoothly and in a timely fashion, then practices have a springboard from which to support their clients to grow and be sustainable.
This is easier said than done… but the practices we work with, and those representing at these awards, are testament that it can be done.
Sustainable clients, sustainable practice
Supporting clients through their business cycle is not only high-margin work, it’s rewarding for your people. Your practice becomes more attractive to new recruits, while existing team members will stick around for longer. If all else is equal, your journey will be supported by thriving clients. It can be a win-win.
Committing your practice to process improvement and optimising your operations isn’t the be all and end-all - and it doesn’t necessarily guarantee that you’ll win awards - but making your firm ‘better’ has to start somewhere, and we’ve seen it work for our partner firms.
Vipul Sheth is founder and MD of Advancetrack
If you’d like to talk to Advancetrack about driving improvement in your practice, then drop us a line.
