accountant

Christiane · Dec 8, 2010

My accountant is a one-man-band (he does have someone to cover for him when he's on hols) but still works full time for a firm. He once told me that he won't leave his current job until he gets 50 clients of his own. Now he's done a great job so far but this has gone slightly downhill in the last few months. Not getting replies to queries, bookkeeping taking longer,... I need some info this week but he's away so can't get back to me until the weekend.
I guess my question is: Is this ''50 clients target'' a bit ambitious, as in feasible, if you already work full time.

talkinpeace · Dec 8, 2010

Do his firm know that he has 50 "homers" ?
My old firm to a VERY dim view of it.
We were only allowed homers with the clearance of the senior partner.
VAT, JMU, insurance, god knows what implications otherwise.

But TBH, 50 clients that are simple annual tax returns is no great shakes.
50 Clients that are VAT, payroll, CIS, monthly manaccs - he's insane to be working full time as well.

Vicarious · Dec 8, 2010

Dont know how he manages that. Surely doing it on the side, his PI insurance alone would wipe him out

50 clients - surely that is going to give or take 50 days a year

Accounting Marketer · Dec 8, 2010

Christiane said:
I guess my question is: Is this ''50 clients target'' a bit ambitious, as in feasible, if you already work full time.

Hi

It depends...

If your accountant has mainly clients who just require simple accounts and a tax return then 50 'clients' should be easy for him.

If the majority of his clients need a more involved service - bookkeeping, statutory accounts, monthly management accounts, tax planning etc.. then this will take up a lot more of his time.

I expect he'll already have a heavy work load at the firm where he is working.

From your post it appears that he may be getting too busy, as you suspect, or he may be losing interest! After all, if he really wants go it alone should he not be trying to offer an exceptional service to his existing clients, as well as trying to find new ones?

Also do you know if he has professional indemnity insurance? I would double check as this is important if anything goes wrong.

Hope this helps

Warmly

Jan

MyAccountantOnline · Dec 8, 2010

Christiane said:
I guess my question is: Is this ''50 clients target'' a bit ambitious, as in feasible, if you already work full time.

Personally I think it's madness to expect to be able to look after 50 clients properly when you work full-time.

I do know what it's like to build a practice from scratch - years ago I did do both but realised that it wasn't viable or fair on my employers or clients after just a few weeks, and that was with about 5 clients!

Christiane · Dec 8, 2010

He does the full lot for me, I am VAT reg, have employees, etc. And I started a new company for which he does basic stuff, so I suspect he has a bit of a mix of clients.

He'll go it alone eventually but it does seem greedy to wait to have so many clients.

I'll ask if he's near his target, because I can only see his service drop, it seems to be sliding already...

Not sure about indemnity and TBH I think it's a question that never crossed my mind.

MyAccountantOnline · Dec 8, 2010

Christiane said:
He does the full lot for me, I am VAT reg, have employees, etc. And I started a new company for which he does basic stuff, so I suspect he has a bit of a mix of clients.

He'll go it alone eventually but it does seem greedy to wait to have so many clients.

I'll ask if he's near his target, because I can only see his service drop, it seems to be sliding already...

Not sure about indemnity and TBH I think it's a question that never crossed my mind.

If you have a good relationship with him perhaps it's time to have a word with him and explain what you've said here - it might just be the eye-opener he needs.

If he's a professionally qualified accountant his terms should make reference to his PI cover. I use the standard terms issued by my professional body the ACCA which must show reference to our PI cover - if it helps they are on my website if you want to take a quick look here - clause 24.

mr. mischief · Dec 9, 2010

It's understandable why this guy is doing this in these hard times, but from your point of view:

1. If his current firm finds out, depending on his contract terms, there could be a big bust up. This could be positive for you if he leaves them but definitely not if he stays.

2. 50 clients should not take more than about a year if you're offering really exceptional service levels and have good marketing skills - so if he's been doing this a year his time is up.

You must be a decent sized client to him. Tell him he needs to jump in the next 6 weeks if he wants to have you as a client in February! That should focus his mind a bit.

elaine@cheapaccounting · Dec 9, 2010

Can I check - you say he has no cover whilst ill / on hols etc.

Qualified accountants in Practice (and members of professional bodies) need to have PII, a Practice Certificate, cover for holidays, follow money laundering regs etc

However if your chap is doing a good job then that it great - nothing to worry about is there.

But if there was nothing to worry about why are you posting :|

Christiane · Dec 9, 2010

elainec100@cheapaccounting said:
But if there was nothing to worry about why are you posting :|

exactly... I'll have to have a word with him...

bettersales · Dec 10, 2010

you should to him when he come back and explain how his role is important in your business. just tell him frankly if he had time for you.he should kow his part.

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