Working with MAP

4 common mistakes your accountant could still be making

By November 13, 2019 November 25th, 2019 No Comments

MAP was born out of a deep frustration.

Since opening our doors in 2013 and working with over 130 digital creative agencies in that time, we have discovered what a lot of accounting practices are doing wrong and what they could be doing better. This experience has allowed us to learn from these common mistakes and ensure we have everything in place to look after our clients better.

Even though you may be satisfied with your accountant at the moment, often, agencies just like yours don’t realise that their accountant could be doing more for them. 

So, let’s take a deeper look at the most common mistakes accountancy firms are making, and how we solve them here at MAP.

#1 Your accountant doesn’t understand your business

It’s common for a lot of accountancy firms to see their clients as just another number on their books meaning they don’t dedicate the time to properly understand you and what your business needs. 

Producing the accounts is one thing and there is no way an accountant can advise you properly on what to do with those numbers if they don’t properly understand you or your business.

You will know this is your accountant if…

  • They aren’t proactive and offer very little advice 
  • They make bare minimum contact 
  • They don’t have a service model that can be tailored to the needs of your company 

At MAP we devote our services to the creative industry meaning every day our team here at MAP are completely focused on the very industry you’re in, which means that we understand your business model inside out, the challenges you face, the opportunities you have and how to make the most of them. 

#2 They have a lack of resource and experience 

An issue some business owners face when dealing with their accountants is that there is normally only one point of contact if they have any issues or problems that need resolving. As a result of this, it can mean that the business owner is lacking the attention from their accountant at crucial times.

You will know this is your accountant if… 

  • They don’t have a strong portfolio of clients within the same industry as you
  • They have just one person working on your account 
  • They don’t have partnerships with other industry experts to better your business 

Here at MAP you are not getting just one accountant, but a full finance team that is made up of multiple people who each specialise in a different area of accounting. Allowing you to have multiple contacts who you can reach out to when needed to ensure that you receive the necessary attention when it matters. On top of this, it allows knowledge and experience to be shared to benefit you as the service you will receive from us is made up from the knowledge and experience of a team as a whole.

#3 Your accountant doesn’t provide the services you truly need 

Generally, accountants do not offer services beyond compliance services such as VAT returns and annual accounts. This can cause your relationship with the accountant to be one dimensional as the only business you have with them is obligatory – you don’t need a genius to tell you that this doesn’t add any value to your business. By not offering the added services you may require, your accountant can be indirectly increasing your workload without you even realising.

You will know this is your accountant if…

  • They keep you compliant, but don’t offer business support 
  • They are not proactive in identifying flaws within your finance function and the solutions to handle them 

At MAP we offer a wide range of services that all play a part in giving agency owners like you freedom and peace of mind. Naturally, reducing your workload and the worry that comes along with being a busy business owner. We believe in starting with you and your personal goals. All of the services we deliver at MAP is to benefit your personal goals as well as the business objectives so that you can achieve the life that you set out to achieve when you first set up.

#4 Your accountant is not up to date with the latest technology

It’s common for some accountants to be behind the times when it comes to technology as they often stick to what they know and become hesitant to try new technology which will affect the current processes. 

This could affect your business because the processes that your accountant uses on your account could be inefficient and could lead to inaccuracies in the service you receive. By not keeping up to date with new finance technology, your accountant is holding your business back. 

You will know this is your accountant if…

  • You find yourself recommending to them what software they could be using 
  • They are not using modern technology 

An accountant who uses the latest technology within the industry ensures you’re not left doing the mundane tasks that can be systemised and streamlined. Therefore lifting the heavy weight from your shoulders.

We recognise this when we first started and have developed over the years so we now have a dedicated member of the team who spends their time researching and trialling the latest software and technology to benefit agencies just like yours.

Next steps 

We understand that change isn’t easy. Change is even harder when there’s loyalty involved, your accountant could be doing everything in their power to keep you compliant and to keep your books up to date and you like them, they’re doing enough to keep you happy but they aren’t doing enough to enable you and your business to truly flourish.

If you’ve read this far, I can only assume that you are at least curious in exploring what working with MAP might look like for you and how we can be that firm to help you and your business to flourish.

The next step is to book a call with one of our FD’s here at MAP so we can find out a little more about your business, what the future looks like for you, and how we can work together to help you get there. Don’t worry, we’re not going to sell anything to you, it’s important that we first of all figure out if we’re going to be the right fit for each other. 

Book your call today and I look forward to speaking with you soon. 

Fin.