Issue No 156 February 2006
Accountants add value
As an accountant I decided to find out what business people thought of their accountants what they liked and didn’t like. As part of this process we formed an advisory group from our client base.
We found common frustrations the timeliness of what accountants do, which clients didn’t understand. Infrequent contact and lack of tangible outcomes were other frustrations.
To help address these frustrations, we developed an innovative and cost effective monthly reporting system called Monitored Business Performance.
Clients receive a clear and simple profit and loss statement after each month’s trading, along with comparisons against budget and last year as well as relevant key performance indicators. The reports are based on the electronic capture of bank records, which make them very quick to compile.
Our reports provide valuable information each month and save business owners the time and cost of struggling to track the information themselves. When people know exactly what is happening in their business month by month they are much better able to make management decisions regarding their businesses.
Clients are able to receive their Monitored Business performance reports online with password access on the www.btp.co.nz website and they are also able to pay their once-annual accountant’s fee in 12 regular installments. We try and make everything much easier for the client.
I believe that if businesses have well-designed processes and systems it will raise the quality and consistency of output. Business people should get on doing what they do best, leaving us to do what we do best.
We have also piloted a business advisory service Monitored Business Development. Members meet on a monthly basis to discuss a business-building topic. It is a wonderful way for people to meet, network, pool ideas and experience and work on issues together.
Just as we want to succeed in our business, we want other businesses to succeed also.
Mark Pfeifer
Partner, Bishop Toomey & Pfeifer
