In your opinion, what is the future for the accounting profession?
We live in an era of incredible change, both inside and outside the accounting profession. If the future is built by technology and shaped by people’s values, then as accountants we are well placed to take advantage of the changes that come – provided we can identify, adapt and capitalise on the opportunities quick enough!
The new technologies in automation, big data and artificial intelligence will become more sophisticated and mainstream, which will further erode the value of the traditional compliance services of the accountant. The phenomenal development in communications and social media, and the need for businesses to have a wider social responsibility, will impact on the demand for tax and other planning services.
However an accountant’s value was never in the compliance services or the short-term planning services anyway – Our value has always been in the trusted relationship that we build with our clients, and the strategic expert advice, that only we can provide from our broad and comprehensive business knowledge. It’s this combination of expertise from a trusted source, business advisory service, which is the accountants real value going forward – That’s why we’re excited about the future at Taylorcocks, as we believe as a firm we are very well placed to grow this business advisory service, with our clients and staff, whilst embracing the new technology to deliver the compliance services
What is your growth strategy?
By UK standards, Taylorcocks is a young firm and has grown quickly over the last ten years (growing at over 10% per annum). This growth has until fairly recent, all been generated organically, driven by a highly proficient marketing team via direct marketing methodologies. This took the firm from nothing to £6 million turnover back in 2015 and gave us the solid platform, from which we could change strategy and embark on a more expansive growth strategy.
Today, now £16 million our growth strategy, is one of strategic acquisitions. The UK accountancy market has a large number of firms with succession planning issues, which is a market we have developed an accountancy practice acquisition solution for. We therefore expect to grow much faster over the next few years
Where do you see your firm 5 years from now?
We are aiming to grow the firm through strategic acquisition and hence we expect the size of the firm to have doubled within 5 years. Currently Taylorcocks has offices in London and across the South of the UK, but through our acquisition strategy we expect to add additional offices in the Midlands and northwards
What is your biggest challenge?
Staff recruitment has always been our biggest challenge. Because of our strong growth we are always creating opportunities for our staff to grow their own skills and prospects within the firm, so our staff retention has historically been very good (“touch wood” – an old English expression!). Taylorcocks is full of highly driven staff who have rose through the ranks to partner/key manager, having started their careers at the firm. However, we have grown faster than we have been able to develop our own staff in some areas and hence the need for external staff recruitment – It’s competitive and challenging to recruit talented like-minded people who fit with our firms culture and ambition
What percentage of your work is international?
The world is becoming increasingly inter-connected and in the UK (especially since Brexit) clients are looking outwards far more than ever before. Although only circa 10% of our firms fees are directly related to international clients, our UK client base is predominately entrepreneurial owner-managed businesses who are increasingly raising concerns which have an international aspect, or need an international solution. Hence the importance for us to be able to access quality local advice from around the world in order for us to be able to provide our clients with the expert business advisory service we are striving for