Q&A: One lesson I’ve learnt – Andrew Coombs

Q: What motivated you to enter accounting as a profession?

I was quite good at maths from an early age and have always found statistics interesting, so I thought that accounting would be a suitable career choice.

I’ve always liked the idea of helping others, so the opportunity to support other businesses was a key motivation.

When I left school I initially took a job in financial services. I also did some part-time bookkeeping work for my dad, who owned an accounting firm, to see if accounting was something that I’d be interested in pursuing.

My entry into accounting developed from there. I officially took over my dad’s practice in March this year, but I’ve been running the practice for about two years now.

Q: There must’ve been a great deal of knowledge and experience about the business to inherit from your father. How did the two of you approach succession planning?

We did it slowly. I came into the business about five years ago and started at the very bottom. I learnt how the business worked, including bookkeeping, payroll VAT returns, and then gradually moved up the business to learn about processes, year-end accounts and corporation tax. I then started managing certain aspects such as payroll, VAT and bookkeeping before dealing directly with clients.

We took a very staggered approach whereby I had a responsibility for an area for a certain period and then we’d review the situation to see how competent and confident I was at dealing with that area. We got to the point where I had learnt all parts of the business and my dad was coming to me for advice!

I also created some step-by-step guides because I realised how much knowledge my dad had in his head that wasn’t written down anywhere. I wrote notes and made videos so I could refer back to them, but also so that anyone else can come in and follow those guides. It should now be feasible for them to get across 90 per cent of a topic just by looking at these processes.

Q: During the transition of the practice, what’s one key lesson you learnt about succession planning?

Meeting clients early on was really key, rather than my dad telling clients down the track that he was retiring and introducing me as the accountant taking over.

I ended up being the face of the business in the past couple of years. Any new inquiries went through me and I went to meetings either with my dad or on my own. I think that worked really well.

He took a step back from being the face of the business, so even though clients knew he was still working in the practice, they also became accustomed to dealing with me. I think that was the key to a smooth transition.

Q: What has given you the greatest sense of satisfaction as an accountant?

We’ve helped to turn businesses around from loss-making to profit-making, helped companies to sell their businesses, and freed up time for clients who were working 70 hours a week to spend more time with their families.

One of the most rewarding aspects has been getting involved with B1G1, a global business giving movement that helps us give to various global causes linked directly to the work we’ve completed. For every set of accounts, management accounts and payroll we run, we have a positive impact on somebody in the world. We’re not just helping clients themselves, but we’re helping others too, whether it’s by providing mosquito nets, water or bookkeeping training. I’ve found that really rewarding as we’ve been able to link our business to a bigger purpose.