Lessons in practice innovation

ERMAL KRUTANI, DIRECTOR, DEVONPORTS ACCOUNTANTS

Tell us about your practice

Devonports was established in December 1994 with only a handful of clients, and now employs more than 25 employees, including directors, in three different sites with approximately 2,000 clients.

How do you and your practice use technology?

We’ve always been at the forefront of technological advances. Where we have made use of new technology is to improve information flow within the firm, and streamline communication between our team and clients. We are of the opinion that there are a lot of software providers around the accountancy profession which provide great value – but you have to find the ones that adapt to your business model and suit you best. At present we have not found one solution that fits all our needs.

How has that changed in recent times, and what difference has it made to improve how you work?

In recent times, especially after the Covid-19 lockdown where most accountants were forced to work from home, we’ve embraced already-available tech like Zoom or Teams, as well as remote log-ins to the office from home, which enabled everyone to function. We’ve seen government schemes run fairly smoothly online, such as furloughing and SEISS. As we were forced to use the technology that was readily available this has allowed things such as online VOIP (voice-over internet protocol), which made it possible for accountants to do their job anywhere in the world. Normal bookkeeping and data entry are becoming a thing of the past and being dealt with more automatically by software without the accountant’s direct involvement. As accountants, we are now working more with live information and, as such, management reporting is being produced in a timelier manner and with greater accuracy. This will enable the profession to take more of an advisory role and inform the client based on more accurate and timely information.

Where do you see technology developing going forward, and how will that impact what you do?

These changes are impacting the job market, while existing team members push for more flexibility at work – this isn’t easy to manage, and recruitment is really difficult at the moment. Outsourcing and off shore accounting, as an alternative to recruitment, is becoming more prevalent in the UK – it seems to be on the increase, offering more flexibility.

KAY WIGHTMAN, DIRECTOR, ACCOUNTING FOR GOOD

Tell us about your practice

Accounting for Good is a practice aimed at serving community-interest organisations. We specialise in social enterprises and start-up businesses, and support third sector companies with mentoring, coaching, training, and general advice. We are specifically interested in offering business support for people with disabilities and long-term health conditions, and committed to providing information for disabled entrepreneurs through signposting to support, finance, and training. Our staff have more than 30 years of third sector experience. In our organisation, consultation comes as standard, rather than as an expensive added extra. In addition, we can provide coaching, advice, or mentoring – whatever it takes to get individuals and their teams to take that next step. Our client sector is SME and can range from one person up to 50 employees.

How do you and your practice use technology?

We use technology at every level – from engagement to approval of accounts. We also use it in our communications as our clients are spread out across many locations. Zoom and Microsoft Teams are our best friends!

How has that changed in recent times, and what difference has it made to improve how you work?

We have proven during the pandemic that, although local clients would have expected to come into the office or expected us to visit them, clients now accept that we can answer their queries remotely. We often complete all our training with our clients online and find that they are happy to avoid travelling to us. In addition to this, we have recently set up an online learning platform for teaching an accountancy course, which has massively helped those who previously could not access it due to the time and cost commitment that in-person courses incur. The learning platform is used as a stepping stone for people with disabilities who want to come into an accounting or bookkeeping profession.

Where do you see technology developing going forward, and how will that impact what you do?

We can see technology taking over some of the more mundane tasks – for example, some bookkeeping tasks becoming more automated. What we cannot see is it taking over entirely; there are so many grey areas in accounting that need that human element to make a decision. If bookkeeping is automated, it means getting this vital information will be much faster and therefore of greater assistance to our clients who are looking to monitor their sustainability. We are trialling this currently by working with our clients to do their own management reporting; however, it is still a work in progress as each client has their own set of rules for these reports given the nature of their businesses. We are seeing more tools that help with management reporting and can see this becoming a bigger area for us moving forward.

GORDIE SMYTH, MANAGING DIRECTOR, FLOWER ACCOUNTING

How do you and your practice use technology?

We provide an outsourced finance department to SMEs, delivered via a dedicated client partner. We work with growing businesses and support them in getting from A to B, with an emphasis on three freedoms: financial, time and mind. For us it’s about having a clearly defined plan and regular meetings.

How do you and your organisation use technology?

We have clients the length and breadth of the country and this is only possible because of technology. It enables us to collect and process data quickly and efficiently and then leverage it, which is where the client partner comes in and we’re able to add value. We view technology as an enabler to more powerful conversations, as opposed to it simply being a means of doing things faster. If you’ve got real-time data but you don’t understand it or you’re not doing anything with it, what’s the point?

How has that changed in recent times, and what difference has it made to improve how you work?

Historically you took a job in either practice or industry – but I think those lines are starting to blur. We work closely with a relatively small number of clients and we’re able to step into their business with them from anywhere in the world with an internet connection. This allows us to be so much more than a traditional end-of-year accountant. Businesses can have a robust finance function from day one because we can deliver it for a fraction of the cost of an in-house team. It’s about combining our expertise with the available technology so that we can all spend more time on what’s important.

Where do you see technology developing going forward, and how will that impact what you do?

The speed of technological change is crazy and it blows my mind to think where we’ll be in another five or ten years! However, our focus will always be on the client relationship and we won’t adopt anything unless it’s a means of adding more value. It’s a very exciting time to be an accountant and I hope to play a tiny part in changing the perception of us and what we do. It might sound over the top, but I believe a good accountant can change lives because too many sound businesses fail. The ability to make this kind of impact is what gets me out of bed in the morning. I love jumping onto a Teams meeting with a client who could be at the other end of the country, catching up and putting some numbers into context.