Bookkeeping
Value matters
How do bookkeeping service providers demonstrate their true worth/value to clients? Mark Williams reports
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Bookkeeping and its practitioners are grossly undervalued. In reality, bookkeeping provides a solid foundation for success and growth, while the unsung heroes who do it most often contribute far greater value than they get credit for.
Beatrix Szasz FMAAT is the founder of BSB Bookkeeping and Accountancy Ltd, based in Stonehouse in Gloucestershire. She says: “People have outdated ideas about what bookkeepers do. In the past, bookkeeping was basically data entry. But bookkeepers have long contributed far more value to their clients.”
Szasz sees herself and her colleagues as an extension of her clients’ team. “We can look at their figures in real time, share our insight and advise them, which is just one way that we demonstrate our actual value,” she says. “Some small businesses do their own bookkeeping but usually the value of this doesn’t compare to a professional bookkeeper, who can provide much greater value, as well as time and cost savings, compliance and many other benefits.”
Beatrix Szasz FMAAT
Supporting growth
Szasz and her team have unswerving commitment to growing their skills and knowledge, which also greatly benefits clients by enabling them to maximise their benefits from technology, make efficiency savings and comply with changing tax requirements.
“Our approach is very proactive,” she adds. “We reach out to clients all of the time – we don’t just wait for them to come to us. We provide the support they need when they need it, which varies.”
Early on in the process, when Szasz and her team meet new clients, they tell them about the value businesses can get from the full range of services on offer. She says: “We also do further reviews, perhaps after their business has grown, when we tell them how we can add more value.
“They may need more support or different types of support, which becomes clear when you speak to clients. They might need management accounts more regularly, or advice about investing in their premises or new equipment, or VAT reporting if they are approaching the threshold. Providing that support is a great way to demonstrate your value to your clients.”
We can look at their figures in real time, share our insight and advise them, which is just one way that we demonstrate our actual value.
Compliance rules
Donna Haslewood FMAAT is the founder of Artisan Accountant & Co, based in Gorleston-On-Sea in Norfolk. Ensuring compliance is key to demonstrating her value to clients. “Beyond filing accurate tax returns and accounts on time, our practice management software helps us to organise clients’ information, especially connecting to Companies House, to keep up to date with final deadlines,” she says. “It enables us to structure our workload to our clients’ needs.
“From the start, we recommend that our clients use accounting software to help them better understand what’s really going on in their business and discuss any serious concerns before it’s too late. This minimises errors and compliance risks.”
Haslewood is another great believer in the value of keeping her clients well informed. She says: “In addition to our monthly blogs and newsletters, we discuss key legislative changes with clients during calls or meetings.”
Unsurprisingly, she adds, Making Tax Digital for Income Tax has been a big talking point of late.
Donna Haslewood FMAAT
Making a difference
Haslewood’s practice also demonstrates its value by helping clients to claim their full range of allowable expenses. “It prevents headaches later on when you have to tell a client that an expense isn’t ‘wholly and exclusively’ for business,” she adds.
Enabling clients to streamline their bookkeeping processes, reduce errors and save time is another added value. Haslewood says: “For example, providing support with supplier payment runs means they can be completed in less than an hour, instead of the client losing many evenings, duplicating payments and getting in a muddle. Anything you can do to save your clients time and money is a great way to demonstrate your value.”
Haslewood says she prioritises highlighting the difference that bookkeepers make and how good bookkeeping supports business growth and compliance. “Many clients initially underestimate the value of good bookkeeping – and even what the difference actually is between a bookkeeper and an accountant,” she reveals. “So I educate them, helping to move bookkeeping from a ‘tick-box’ exercise to an integral part of their business. But there’s still a lot of business owners who don’t get what we do and how vital it really is.”
Reliability and understanding
Annabel Barnes is the founder and director of Bluebells Bookkeeping Ltd, located in East Grinstead, West Sussex. Making sure that clients have good systems and the right software is key, she explains. “Demonstrating true value comes down to building a good relationship, with the right level of support, which varies from client to client,” she says. “As part of our onboarding process we meet all new clients to discuss their software and processes. Many clients start off feeling incredibly overwhelmed, so knowing that we’re here to support them provides a lot of relief.”
Barnes says value is also demonstrated by transparency and having a welcoming approach to dealing with client queries and support requests. “We have a transparent pricing model and clients can contact us whenever necessary without extra charge,” she adds. “We let our clients know that no question is a silly question. We’re here to help take the stress away from maintaining their books and if sending a quick WhatsApp helps them, great.
“Reliability is one of our core values and our client testimonials prove this. Our clients know they can trust us to always take care of their needs and ensure that all their deadlines are met.”
Annabel Barnes
Numbers game
Showing that you truly understand your clients’ challenges and that you can help to overcome them is key to demonstrating your value, Barnes stresses. “So many business owners are overwhelmed – emotionally and physically – with their numbers,” she says. “Just having someone in their corner who understands and can help really does take the weight off their shoulders.
“Bookkeeping isn’t just about the numbers, though – well, not for us anyway. It’s about understanding what’s really going on in the business and with the person running it. I think that’s where the real value lies – not just in the bookkeeping, but the support and guidance around it, and how we can make that happen.”
Number crunching
Number of individuals working in the UK bookkeeping industry, rather than the broader number of accountants or businesses providing bookkeeping services.
Registered companies/businesses in the UK whose primary activity is bookkeeping.
Did you know?
AAT offers specific bookkeeping qualifications
There is a bookkeeping member status (AATQB) for those who complete Level 3 and want to become AAT Licensed Bookkeepers.
Image: iStock
