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Staying alert to the metrics that really matter
Richard Brewin • Feb 19, 2024
Too much water of the wrong kind was the misfortune of the Ancient Mariner, quite literally the albatross hung around his neck, but, to paraphrase Samuel Taylor Coleridge’s rime about the cursed sailor, the modern day accountant will feel the frustration of ‘data, data everywhere nor any time to think’.
Historically, the challenge of our profession has been the time it has taken to produce meaningful data, either on a client’s business or on the accounting firm itself. Incomplete records and the difficulty of extracting information has always held back our decision-making and actions.
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Accountants don’t charge enough (usually!) When I look at the average fees per client in a ‘typical’ accounting firm then, all too often, two things become painfully obvious: 1. We don’t charge enough for the services that we already offer 2. We leave far too much money on the table when it comes to the services that we could/should offer but don’t. It’s very easy to get sucked in by the social media hype but the reality for smaller firms is an average annual fee per client (even excluding ‘tax return only’ clients) of less than £3,000 ex vat, considerably less in many cases.
I wonder if there are any other trades or professions that are as ‘glass half full or half empty’ as accountancy? I spend much of my time digesting the thoughts of people in and around the world of accountants and bookkeepers. I come across lots about what we are apparently getting wrong, less so about what we get right, and I see the decline of the profession forecast more often than the hopes of a rosy future. It feels different when I’m out in the field.
If I may steal a line from Take That: “We've come a long way But we're not too sure where we've been” In music terms, the digital pathway is clear. From the time it took to record your music onto a C90 cassette (ask your parents!) and then spend ages fast forwarding and rewinding to find the right track, to today’s instant download options from thousands of songs, the progress and time saving is tangible. Our music is available to us in an instant.
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Progress Barnwell Brewin Ltd
8 Plantagenet Way,
Ashby de la Zouch,
Leicestershire,
LE65 1LE
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