how many people are working for you now Mark? I remember when you first started out and being employed at the same time!
Currently have 2 full time employees (1 CA qualified and 1 ACCA trainee)
Have one part time admin person that comes in 20 hours per week to deal with filing, scanning, shredding, setting up new clients, social media and other admin stuff.
Then have one associate who are her own company and who is ACCA qualified but not yet post exam qualified to sign off her own clients accounts. She works on a batch of about 40 clients, I review and sign off the accounts and we split the fees in an agreed split.
Also have a CA trainee lined up to start next Aug/Sept.
Got about 200 clients now generating about £170k GRF and currently in talks with four potential big ones. They will amount to £8k, £6.5k, £4k and £3k in annual fees so be nice to get another circa £20k of new clients signed up for the turn off the new year then hopefully be well into £200k GRF come my year end in June next year.
Looking to sign up with AVN next year and provide additional proactive services to probably about 20 or so of my bigger clients. I have spoke to about 4 or 5 of them so far and they are all interested in us working with them to help grow their business. This alone plus added services to smaller clients will probably net about £100k in additional fees over the next 12-18 months.
It only seems like last year that you were doing a day job and also your own business. How time flies when your having fun!
You'll have to post on here the same time next year and see how big you have got then. You will be moving offices by then to accommodate all your staff!
Good luck with it all.
Hope you are enjoying the job just as much as ever.
It is getting to the stage where it is becoming more and more difficult to deal with everything at the right time.
When you have about 50 or so clients it is easy enough to keep on top of things.
I thought that I would maybe be able to handle about 400-500 clients but with where I am at the moment I think that maybe will max out at 300 then if take on any more sell on some of existing client base.
Signed up the £3k client mentioned above today, actually for £3,204 + VAT per annum. Also to quote them for setting everything up on Xero, posting on about a months worth of transactions then do probably 3 or 4 training sessions in 2 hour blocks. Will give them a choice of this plus either 3 months support or 6 support going forward. Signed up an existing client on similar deal with 3 months ongoing support for £1500 + VAT last week. Thought the client will get half of this back in training funding.
Also met the £4k potential client yesterday. They phoned me yesterday afternoon to say they have contacted their current accountant to tell them they were thinking of moving. They just need to sort out what they have paid to date against the work the work the accountant has done. They pay monthly and have paid Dec payment but their year end is Oct which the 2015 accounts havent been prepared for. Accountant seems to be playing hardball in that they will give them Nov and Dec payment back but nothing before even though they havent even done the Oct 2015 accounts which these payments relate too. Bit unethical if you ask me.
-- Edited by MarkS on Thursday 10th of December 2015 11:31:07 PM
Strange year really, the bulk of my work came in very early, then a month off for a knee replacement ( yes I know I stretched it out ) . The work then flowed very evenly. I don't think there will be many late nights.
Strange year really, the bulk of my work came in very early, then a month off for a knee replacement ( yes I know I stretched it out ) . Then work then flowed very evenly. I don't think there will be many late nights.
Jay
-- Edited by Jay on Friday 11th of December 2015 06:57:30 PM
I am certainly in a better position this year than most years.
In April/May I wrote to all my clients advising that it would be in all our benefits if Accounts and Returns can be completed within an agreed timescale.
At least 60% replied giving acceptable dates.
A number did suggest January without any reason other than it suited them. I telephoned them rather than emailing, and explained that January was fine but I could not give a guarantee that I would complete them in time.
Only one became a little irate, and he is one of the 6 that I am still awaiting on.
I think the fact that I phoned rather then emailing made the difference , and of course a lot of luck.
