I will outline reasons why you would choose Comerford Foley as your Accountant. This highlights the type of service we offer. It also focuses on the qualities you would expect to find in a great accountant. The main reasons I will outline are
- Knowledge
- Service
- Trust
- Clarity
- Communication
- Crises
- Ethics
- Vital
Knowledge
Knowledge or what they know that can help me and my business. That’s knowledge in different parts of my business, like VAT, Payroll, and bookkeeping. What we call the nuts and bolts or foundations. After that is running like a dream, then you have the accounts, taxes, and CRO filings.
Is there a payroll expert looking after my business payroll and my staff if they have queries? Yes.
Is there a bookkeeping expert who can look after my books and records? To see what payments I made, what money is owed to me, and who I owe money to. Yes. We can even chase those debtors for you and make the payments to your creditors. After you have approved them, of course!
And what about that important year-end stuff? The accounts and tax piece that keeps Revenue off my back and the CRO up to date. Yes, we nail that for you. Accurate on-time accounts so you know your numbers and know your tax liabilities and when you pay them.
That’s all well and good, but I like to look at my numbers every quarter during the year. What about me? Don’t worry. You are the type of client that we enjoy working with the most. We produce management accounts, and then we love getting stuck into the numbers. You will have certain key numbers that are important to your business. We will give you insight into those and more.
Oh, don’t talk to me about tax. I pay way too much of it. I’m sick of hearing about all this surplus tax take for the exchequer! Yes, we’ll sort you there, too. The lad writing this knows a thing or two about tax and makes sure you don’t have to pay any more than you should. And, if Revenue come calling, we’ll be there for you.
Service
In relation to our service to you, I boil this down into an easy sentence.
“We do what we say we will do and when we say we will do it.”
Every client has a dedicated manager. That is your go-to person in the business who looks after you. If you need advice about something or there’s an issue, your manager is your first port of call. That doesn’t mean you won’t have access to other people in the business, but that person is your main contact. The reason for that is you know who to contact, and you don’t go through layers of calls or emails to get to your manager.
Our focus is on quality numbers and quality information when you need it. This is a two-way street. We can’t give you the service you need without you providing us with the information on time. On time means we can meet deadlines for you. You can’t miss deadlines. It brings extra cost and stress onto you, and it bothers us too.
Quality numbers delivered on time is what you are paying us to do. We give you a slot and timeframe to get your information to us so we can deliver our services to you. If you miss your slot, then your accounts and taxes are delayed. That can impact deadlines and your relationship with interested parties like banks and Revenue. If you miss a tax deadline, you are into surcharges, interest, and even loss of tax clearance.
But the opposite is true, too. If you have the finance section of your business humming, then the banks and Revenue are happy. You are less stressed and can focus on growing your business. Less stress equals more confidence and fewer distractions.
5 Star Reviews
If you go to our website, you’ll see lots of 5-star reviews. It’s very nice to have these as this is what our clients say about us. But what’s more enjoyable for us is that we have played a part in helping clients. Some notable wins for our clients that spring to mind include
- Securing bank finance for a business expansion
- Transferring a successful business to the next generation
- Helping a client sell her business when she never thought she could
- Getting a client a social welfare benefit that he never would have applied for
- Helping a client get their first mortgage
- Moving a client from a sole trader to a company that resulted in large tax savings
Trust
Trust isn’t something that you have from day one. You earn it over time. It’s a mix of things. You gain trust, and you lose trust by your actions. It’s the foundation or cornerstone of any relationship. [I’ll be giving relationship advice next. If I do, please ignore it as I am wholly unqualified in that space.]
Think of a friend who you would go to in times of trouble. You trust or confide in that person. What you tell them is confidential, and you know he or she will have your best interests at heart. Plus, they will work with you to help you overcome that difficulty or problem. Share their thoughts, experience, and knowledge to problem-solve for you. Like the song Lean On from Major Lazer
“All we need is somebody to lean on.”
Trust comes back to our values, too. If we make a mistake on a client, we need to admit that. It’s an honesty thing. The client may not be happy, but the key thing is we don’t try and cover it up. Or worse, blame somebody else in the office or the client for the error. In most cases, the client will forgive us, especially if there’s a high level of trust.
Clarity
Clarity equals certainty. Certainty of fees and service. What you are paying and what services you get for that. Before you sign up with us, you get a proposal with a list of services and a price for that. Also included are the payment terms. Is it a monthly fee or an annual one? Plus, you sign a DD mandate so we get paid on time.
Your dedicated manager handles the services you get. If you want a service that is outside the work agreed, then that’s extra work for us and an extra fee for you. But we won’t do that work until you agree the fee and give us the go-ahead. The decision rests with you.
I know from working in a larger practice what clients hated the most was getting a fee out of the blue. It drove some of them cracked. Being surprised by the amount was the usual thing. One client even remarked that “she’d expect to get a night away with me for that.”
The poor lady had very low standards! Shocked by the fee- shocked there was an extra fee in the first place. You can imagine it was a bargaining tool to get a reduction in a few cases.
Clarity of your numbers
Having clarity of your numbers, too, is vital. You know where you stand. What tax liabilities are coming up and when. So, you know what funds need to be in your account to meet them. Who’s paying the liability, and when?
Diving deeper into your management accounts or annual accounts helps. Looking at your costs. What line items are increasing? Are your margins in line with expectations? What’s your wage cost as a percentage of sales? How did that compare this quarter compared to last quarter? What’s my percentage growth this year compared to last year? Having that clarity during the year can inform your business decisions. Say your wage percentage is too high. You decide to change the staff rostering and close on a Sunday because it’s off the charts that day. Or focus on selling a high margin product or even stop working with some clients.
Your numbers contain so much information. Some clients don’t care. They have money in the bank and a strong, profitable business. Others will focus on their key numbers to spot trends and change parts of their business. Analysing, asking questions, making decisions, working hard, and improving. Moving up the ladder of their business journey.
Communication
Poor communication leads to unhappy clients. Poor communication can lead to unhappy accountants, too. Like you, when we ask questions, we expect to get answers. Think of a phone call with your local bank. When you call them, you get someone in Dublin, and then they call the local branch. Then, you may or may not get to a person in the bank. But it’s very unlikely you’ll get to the person you want to get to.
With us, you have your dedicated manager and have their number. So, no ringing around the houses. You’ll know if they don’t work on certain days. And if something is really urgent, you can call Dee, the office manager, who will get someone else involved. Again, it’s a two-way street. While it’s important, it may not be a life-or-death situation. And certain things like long-winded WhatsApp voice notes outside of work hours are a no-go on both sides. That doesn’t mean your query isn’t important. If you have an issue, we are here to help, and we’ll get back to you.
Good communication builds up the level of trust. You get a knowledgeable person who wants to help you out. If they can’t do it, then they will talk to somebody else in the business who can. And if that doesn’t work, then we can recommend other options.
From the tax side of the house, I insist that all our clients get letters with their tax returns. This is so they know when they file their tax return, what they pay, and when the payment date is. In most cases, we process the tax payments for clients once they give us permission to do so.
Crisis
How does your accountant perform in times of crisis? I always look at this like investments. What stocks and shares did well in 2024 when the stock markets were up 20%? Well, most of them did well, and some did better than 20%, and some did less. But what shares performed well when the stock markets fell by 20% in a year?
The major crisis of the last 5 years was Covid. Did your accountant help you with wage subsidy schemes, budgets, and cashflows? Were they available to you when you needed them?
What about when Revenue come calling? Will they help you through Revenue Audits, Revenue interviews, and other interventions? Have they the skillset to do it and the time. You’ll find out more about some people when a crisis hits. It they get stuck in for you when the going gets tough, that’s who you want to be with.
Ethics
Ethics is doing the right thing for the client. It goes without saying, but we won’t get involved in tax evasion for a client. There is no underhand stuff going on. Honesty is important for both sides. Without proper ethics, there is no trust or normal relationship. That type of person or client isn’t for us, and we won’t be the right match for them, either.
Vital
Do you have the type of accountant that is vital to your business? By vital, I mean
- V – Value. Does your accountant provide valuable service for a fair price?
- I – Integral. Your accountant is integral to your business. I couldn’t do without them.
- T – Trust. I trust them completely. They have great people with great knowledge and are always willing to help me out
- A- Approachable. I have no problem contacting them when I need them. Sure, they are dead sound. I wouldn’t even mind going for a pint with them. We promise we won’t talk accounts if you don’t want us to. But there will be plenty of hurling and soccer chat. We could pretend we even know some rugby rules.
- L – Learning. I am learning from them. I am doing things differently now. They keep me informed about important changes for me and my business
In 1964, Bob Dylan wrote about the changing times around the Vietnam War, and I will leave you with some of his lyrics
Come gather ’round people
Wherever you roam
And admit that the waters
Around you have grown
And accept it that soon
You’ll be drenched to the bone
If your time to you is worth savin’
And you better start swimmin’
Or you’ll sink like a stone
For the times they are a-changin’
Is your time to you worth saving? If so, start here
