Valley accountancy staff have all worked in industry. Yes that is it and it may not sound like much but it is key when you think how little industry experience is at hand within practices across the UK. Let us explain….
The founder and senior accountant Andrew Dunn, had the idea for Valley Accountancy working directly for multi millionaire entrepreneurs. As the FD for all of their companies, it meant exposure to all the usual complexities of working in practice but with the hands on management and decision making of working in industry. It is this kind of experience that can sometime be hard to find within accountancy practices. After helping multi millionaires increase their wealth, Andrew realised there was a huge gap in practice offerings and it was time to create a practice that can help businesses, that either cant afford that in house experience full time or only need specific assistance but with all the credibility and technical ability found in an accountancy practice.
A lot of accountants start their career in an accountancy practice and progress, learning their trade before making the switch to industry, others just go straight into industry. There are many reasons for this but one which cannot be ignored is money. A recent survey by AccounancyAge showed this was on average 24% higher in industry than practice. Another is the lure to finally take the steering wheel rather than just advising a client.
What you often end up within industry is accountants who have always been there, plus practice accountants who have the technical knowledge that have moved from practice and are adding the industry relevant skills. Meanwhile back in practice where is the skills crossover to give clients (you) both the technical knowledge with that real hand on experience of running a business? Well the answer to that question is, we are right here and you wont find it in many other places.
The role of the accountant needs to change and is changing. How it needs to change is through direction, leadership and decision making. Companies with their own Finance Directors, should by now have already felt the power move as the “money man” isn’t just about numbers and steps up alongside the CEO’s and MD’s of the company to help shape and pave the path forward for their company.
The issue for companies without an FD is they do not often posses the financial leadership skills required to push it to its maximum potential. This means looking to your accountancy practice for advice. All to often this advice is ignored, not necessarily because its poor advice but business owners are often self confident and struggle to take the advice of an accountant who has never actually made direct decisions for a business let alone run one. That is where we come in, we have experience at the top, running businesses, have felt the same pain points you have and have had those same sleepless nights working out solutions.
AAT Licensed Accountant