The Value Award – Successfully deliver exciting solutions at premium fees, including paid for Advisory work.
Quick read… It’s not often a firm scoops two awards in the same year. Yet this is exactly what CPT has achieved. Accountants can and should be so much more than compliance workers and box tickers. Our value award is all about the tangible impact that a firm has had on the businesses, and sometimes the personal lives, of their clients.
Let’s dive into three examples of how the businesses, and at times personal lives, of CPT clients have been transformed.
Making a successful IFA, even more successful
A successful IFA had been with CPT for many years.
“The records were always brought in last minute, with limited bookkeeping performed at the client’s end. We faced the significant challenge of preparing the accounts in time”.
The IFA’s business was growing rapidly, yet CPT were always working on out-of-date information. All CPT could do was provide a figure for taxes payable, which was always due in a matter of weeks. Then, they had a conversation – CPT explained how this way of working wasn’t helping anyone – least of all the client’s fast-growing business.
Using the Times-up tool, CPT presented 3-tiered service quotes – and the client signed on the dotted line for the top-tier – incorporating bookkeeping, quarterly account management, various tax scenarios and planning opportunities – both personally and for the company.
“The client has been able to make critical business decisions”.
Carrying on as they were previously would have led to risky business decisions; mere guesswork for potential tax savings and continuing with a Director’s loan and dividend approach, suffering large personal tax liabilities as a result.
“The client has potentially avoided incurring interest charges & reduced his risk of an HMRC investigation because of this”.
A local painter and decorator: From keeping him compliant to handing him his weekends back
A local painter and decorator had used CPT for compliance for many years – he was satisfied,
but CPT knew this simply wasn’t enough.
“We knew we would lose the client if we didn’t begin to offer the services he deserved & needed”.
CPT began by preparing timely Management Accounts, allowing CPT to meet with the client on a quarterly basis and identify his ‘why’. The answer? More time for his young family.
Now with a focused goal, CPT looked to AVN’s benchmarking reports to place their client next to his peers – illustrating where his client was excelling, and where ground could be gained. CPT’s advice? Delegate more. Charge more. Have confidence in tweaking the business model.
“He has now been able to stop working weekends and the free time gained through the working week means he is now heavily involved in local business clubs, allowing him to grow the business”.
Overhauling and modernising the accounting of an internationally-renowned client
Brian – a partner at CPT – has strong contacts in the industry, which lead a globally recognised client to their door. Their relationship began with a project to overhaul the bookkeeping system – one littered with aged balances and historic errors.
The CPT team set to work – sifting and tidying the data, with Brian creating a system for records and bookkeeping. Post-project, the client would never find themselves in the same position again.
“The client was so pleased with the work we performed, they invited us to quote for the Virtual FD role within the organisation – we were successful”.
With the client located some 100 miles away, the CPT team extolled the virtues of embracing technology, as is the CPT way. Switching across to the cloud connected all company trustees with insightful financial information, from anywhere; banks feeds were connected to their bookkeeping, eradicating over statements; finally, converging on Dropbox allowed CPT to collect invoices and documents left by the client’s team.
CPT now plays a key role in the quarterly Trustee meetings, where they discuss the management accounts and tackle pressing client queries, as well as ad-hoc meetings with key Trustees to sharpen business strategy. Regular reporting opened the door to accurate financial information – leading to the identification of a large deficient that loomed large on the horizon.
“The client was able to make cost cutting measures which saw a 40% decrease in the deficit the following year with the group breaking even – something which hadn’t happened for many years”.
With expenditure reviewed, CPT turned to income – a topic discussed over lunch, where
upping fees, alternative income streams and how to be smarter in selecting their target market. You could say it was productive, and these invaluable lunch meetings are now a regular occurrence. So influential have CPT been for this company, that the trustees assuredly told them they now sleep soundly at night.
CPT sure know about impact – and these three stories are just a few of many, with every CPT client receiving the same treatment. And that is why CPT are our Value winners, in addition to also picking up the AVN Clarity award.