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Addressing the #1 challenge for accountants as economic woes hit

Richard Brewin • June 17, 2020
With the impact of a global pandemic followed swiftly by significant recession, an accounting firm’s skills, expertise and resources should be in high demand with their clients.

I’ve said on many occasions that most accountants are in the profession to help, to make a positive difference, and so they will be all too willing to step into the breach.

All well and good up until this point but what about billing for the work and getting paid? This is where traditionally accountants have failed to grab the commercial opportunity, have even suffered financially themselves as a result.

Of course, we are here to help. That’s a fundamental value embedded in most of our firms’ cultures. We’re not going to turn our backs on clients in need. But, often we do compromise on our fees far too readily. Here’s some points to consider as the pressures on clients mount:
  • Not every client is in dire straits. Some will be flourishing and others will have some in reserve. A client being cautious is not a reason on its own to expect you to cut your fee.
  • You shouldn’t be the automatic soft option. Clients have different ways to turn for funding. Have they used them? Have they tried hard enough to pay for your valuable service?
  • You are fully entitled to have a conversation at the outset about how you are going to get paid. The later you leave it, the more your chances diminish.
  • You don’t have to offer everyone credit. Payment upfront is perfectly legitimate in troubled times.
  • The more flexible you can be, in your terms and methods of payment, the more likely you are to be able to maintain your fee level. You can trade-off between fee and credit terms, it’s a normal commercial conversation.
  • Check where they are spending their money. Are other suppliers etc being asked to cut their prices? Are they still taking their full remuneration? Don’t be the only victim here.
  • If you do decide to discount or give it away then let them know the reason and the value. Build up your credits.
  • It’s your firm and your client relationship. You can be as flexible or as firm as you want to be. There is nothing wrong with supporting a good client in genuine hardship, its why you do what you do, but there is a big difference between that and avoiding a tricky conversation. Be commercial, plan your strategy, be prepared to stand up for yourself. Every pound you give away costs you and your family….does the client sitting opposite you deserve that sacrifice?
We’re in for a bumpy ride over the coming months, give yourself a fighting chance.

“Accountants can’t or won’t sell”

By Richard Brewin • February 25, 2025
Accountants selling to their clients is a topic as old as the profession itself. I regularly hear criticism from those looking to monetise the accountants’ relationships with their clients that “accountants can’t sell”. I also come across an attitude within the profession that “accountants shouldn’t sell to their clients…it’s unprofessional…it’s not what my clients expect”.  Let’s tackle the issue.

Progress, what progress?

By Richard Brewin • February 11, 2025
Back in the 60’s and 70’s, when I was a lad, doing the family laundry was a time consuming chore. Mum would disappear into the kitchen and close the door so that the noise around the rest of the house was at least manageable. She would be in there for hours, swapping between washing, rinsing and squeezing out.  Every so often the noise level would resemble a fighter jet taking off on an aircraft carrier as the tumbler element kicked in and then she’d reappear, wooden tongs in hand, to ask for help to reposition the twin tub that had danced across the kitchen floor.

Keeping your priorities clear

By Richard Brewin • January 13, 2025
Do I deal with the client who is shouting the loudest, the most pressing deadline, the thing that is most stressing me out, the best thing for my cash position, the team member who is stuck without my help, the thing that I had set out to do today or any one of all those other issues that are lined up at my door?  I would love to give you a definitive or simple answer but, of course, there isn’t one. Welcome to every day decision-making, not just in an accounting firm but in life!
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