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“Accountancy can take you anywhere”

Andy Smith MAAT, AAT Licensed Member of the Year and owner of Abbeygate Accountancy, is a former group finance director with a wide range of experience in business and industry. He founded Abbeygate in 2013 and has worked in the automotive industry, media agencies, consultancy and construction

Words Marianne Curphey

Andy Smith MAAT, AAT Licensed Member of the Year and owner of Abbeygate Accountancy, is a former group finance director with a wide range of experience in business and industry. He founded Abbeygate in 2013, and has worked in the automotive industry, media agencies, consultancy and construction.

Words Marianne Curphey

AT A GLANCE

1

The best service

Always give your clients the best service you can – it will open other doors and create opportunities for new business

2

Reliable

Be reliable, communicate well and be professional – it counts for a lot in client relationships

3

Open minded

Stay open, committed and curious throughout your career, and cultivate a growth and problem-solving mindset

Andy Smith MAAT did not gain his accountancy experience in a traditional accounting firm, but by being deeply embedded in business over many years. It is this unusual route that he credits with bringing a fresh perspective to the way he runs his own practice and deals with clients.

“I originally entered accountancy after completing a degree in maths, physical education and sports science at Hull University,” he explains. “Although initially I decided I didn’t want to become an accountant, I actually discovered later that I enjoyed the problem-solving aspect of the work and the way accounting skills could be applied across many industries.”

In fact, Smith had decided before university that accountancy was not for him, having spent two weeks of work experience in an accountancy practice.

“I wasn’t massively academic,” he says. “I was always excellent at maths and I loved problem-solving, but there are no exams or qualifications in problem-solving. When I was at university, sports psychology was in its infancy and I remember being fascinated by how to apply science to sports performance.

“One of my university presentations was on the British Lions rugby team and how players in different positions prepared for their roles; how the forwards visualised going into battle, while their fellow team members had to be more relaxed and creative in order to improvise as the match progressed. I was interested in how some players performed well under pressure, while others bottled it.”

After graduating, Smith couldn’t find an appealing job in sport. He then started as a trainee accountant in a manufacturing firm, helping provide support with its management accounts.

“When I started work, I discovered that I liked being able to dig into the figures, finding the variance and spotting unusual patterns,” he explains. “I came to see that accountancy could take me anywhere; there is no ceiling to how far you could progress.”

Motoring ahead

He then went to work for Pendragon as an accountant, spending two and a half years helping run its motor franchises.

However, he left after becoming frustrated that accountants were not encouraged to be part of the strategic decision-making within the company, something he saw as an oversight and a weakness.

His next role was as a consultant, helping the managers and owners of motor dealerships run their businesses more effectively. It was a job that saw him advising boards and family business owners during the height of the 2008 financial crisis.

“I travelled around the UK fixing broken motor dealerships,” he recalls. “I was only in my 20s, but it was 2008 and the banks were looking to close motor dealerships because they regarded them as financially risky.

“I would turn up and there would be the whole family sitting around the table, almost in tears, saying the bank wanted to close them down. We would sit down and work out how to save the business.”

The work was challenging, with lots of travel and long hours, but very rewarding. Smith learned a lot about the pressure that businesses faced when borrowing and cash flow were mismatched.

A motor dealer in Bury St Edmunds, John Banks Group, was so impressed by his business acumen that it persuaded Smith to stay and become its finance director. That was 17 years ago and he still works with the firm today as an outsourced finance director, a role he provides for other companies as well.

John Banks Group is one of the UK’s top 200 motor dealer groups and Smith has supported its growth from £30m to more than £130m a year with 200 employees, including migration of software, while driving strategy, automation and outsourcing.

“I’d never really worked in an accountancy practice prior to setting up my own business, so I started it with a blank piece of paper.”

Accountancy start-up with a fresh perspective

At the same time, Smith decided he wanted to run his own business and set up his own accountancy practice without the legacy systems and procedures that he believed hampered other practices.

“I’d never really worked in an accountancy practice prior to setting up my own business, so I started it with a blank piece of paper,” he explains. “That’s why it’s very different from traditional practices.”

Abbeygate Accountancy focuses strongly on proactive advisory work rather than purely historical reporting, and leverages software to help clients really understand their business.

“Instead of concentrating mainly on past figures, we focus on what is happening now and what is likely to happen in the future, helping clients make forward-looking decisions,” Smith explains. “The future of the accountancy profession lies in problem-solving, strategic thinking and advisory skills rather than purely transactional work, much of which will increasingly be automated.”

A key part of Abbeygate’s approach is tailoring information to the person receiving it. Traditional accounting practices often send the same standard report to every client, but Smith knows not everyone will read a six-page file.

“Instead, we consider who the client is, how they operate and what matters most to them,” he adds. “If only three issues are critical to their business, we highlight those clearly, sometimes in a short email, so they can focus on what is most important. For clients who want detailed analysis, we provide full reports. The aim is always to communicate in the way that best suits the individual.”

Do your best every day

When working with apprentices and younger staff, Smith says reliability, communication and professional habits are important.

“I emphasise that nothing goes unnoticed – turning up early, providing excellent service or going the extra mile all build a professional reputation over time,” he says. “Our practice culture focuses on over-servicing clients because delivering more value than expected often leads to stronger relationships and additional opportunities for both the business and the individual.”

Smith says his AAT qualifications and community provided strong support when he established his practice and reinforced the importance of professional ethics, something he relies on regularly when balancing commercial pressures with the responsibility to make the right professional decisions.

“Alongside ethics, the technical fundamentals of bookkeeping remain essential,” he says, “because understanding the basics thoroughly allows you to identify issues quickly and provide higher-level advice with confidence.

“What I enjoy most about my role is making a tangible difference to businesses. I continue to learn every day and encourage the same mindset within my team.”

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Andy Smith FMAAT. He is a man in his 40s in good shape, wearing a black T-shirt. He is smiling slightly

"Accountancy can take you anywhere”