It was great last week to have a real reminder of why Best Accountancy was set up. It is easy to forget where you came from and what prompted you to start your own business.
There are the usual reasons, the flexibility of being your own boss, calling the shots. Ultimately hoping you can earn a little bit more than if you remained in that employed position. However, I guess for most people, they wanted to make a difference and do things their own way.
This was certainly the case for Angela and I when we started. We enjoyed many years working for a large firm of accountants and happily it is where in fact we first met. We received excellent training and support to to gain our qualifications and experience.
When we made the leap of faith to open our own practice, we did so with a specific client type in mind. Our background was for small owner managed businesses and startups. I had experienced for many years, helping new business get set up only to lose the relationship with the clients because they needed to find a chapter accounting practice to service their needs, as they were not yet ready for the prestigious firms fee structure.
We wanted then a business which could offer help and advice in those early stages and deal with the new administration which comes with being self employed or a new company which could be budgeted for and that we could be along side these businesses as they grow .
As time has gone by and we are into our 14th year our client base is now well established and varied. It is easy to let your time and attention always be taken up with the larger of your cases.
I was sat last week with a taxi driver who had not realised or ever been advised by anyone what self employment requirements there are. Ultimately HMRC had eventually caught up with this person and there was both panic and fear. Having taken the case on we were able to establish the true income for the client and report the facts. We were also able to establish a working tax credit entitlement which would make a substantial difference to our client while they established their business.
Now the fees for this work in comparison to some of our other larger clients was small and we have written off costs in this case due to the clients circumstances and given them time to pay because long term, this client will remain with us and will remember the effort shown by our team to help.
Rewardingly, the client requested from me some business cards as they were so pleased they wanted to give out as many as they could so we could help others.
To my mind, if you do the right thing, the rewards will follow.