Essendon Accounts & Tax
1. Can you introduce your practice?
We set up Essendon Accounts & Tax in 2014 and work as a team of 10. We wanted to form an accountancy practice that went the extra mile. Meaning, we wanted to be accountants that provided a service that extended past the typical compliance responsibilities to work with our customers to help them make strategic business decisions.
2. What other packages are you using to service your clients?
We mainly use Xero and QuickBooks.
3. How do you determine which finance software is appropriate for your clients?
Size. Software such as Quickbooks and Xero are ideal for small enterprise companies. For companies that are scaling rapidly, are multi-entity or have complex requirements, we use Xledger. Mid-market organisations need sophisticated insight into their financial position and control over their finances. Small enterprise packages just can’t facilitate this.
4. Tell us more about how Xledger benefits your clients.
We really like the reporting functionalities in Xledger. The live, multidimensional reports give our clients full visibility of where they are. Xledger enables us to report by capita group or geographical area, so we can identify what area of our client’s business is making the most profit.
Similarly, our clients need to know what their cash flow is looking like to understand if they can afford to embark on new projects, be it obtaining a new pub or acquiring new assets.
Xledger provides our clients with accurate financial information in real-time to support informed financial decisions. Our clients can then walk into a bank, lay out the parameters of the proposed project, and explain what financial support they will need to tie them over.
5. As a practice, what are your favourite features of Xledger?
What is great about Xledger is the common configuration we can use across multiple clients. Unlike traditional accounting software, where each client must be set up as an individual instance in the software, Xledger has an in-system hierarchical entity structure, enabling us to leverage economies of scale. As a result, we can onboard clients much faster, keeping costs down while producing happy clients as the system is there and ready for them to use in a timely fashion.
Xledger is also great at creating relationships with their partners as they’re incredibly proactive and supportive. We know we can call Xledger up whenever we need to, and we have maintained a strong personal relationship over the years. We are looking forward to the programme with Xledger continuing to develop.
6. How has Xledger changed the way you operate as a practice?
Xledger allows us to provide higher-value services to clients. With true cloud technology behind us, the financial information is there, and we can remodel things at the press of a button all the time. Xledger allows us to take a step forward as accountants where we can analyse the information and turn this into advice. Essentially, we translate the information from Xledger to our clients.
Xledger enables us to have happy clients who are getting accurate monthly information and informed advice.
7. You market yourself as a Business Godparent, tell us more about this?
From the outset, we wanted to avoid being a compliance only service. Instead, we wanted to be able to guide our clients through strategic decisions. However, we can’t help them if we don’t know what their financial position is. Hence why we need Xledger in place to produce that information. As we have real-time information in the system, we can forecast accurately, which helps us advise our clients.
Essentially, Xledger has helped us achieve our goal of being trusted advisors to our clients who are there on the other end of the phone. When one of our clients called us their ‘Business Godparent’, it just stuck!
8. What can accountancy practices expect from working with Xledger?
Firstly, second-to-none support. The consultants and support team are all qualified accountants, so they speak your language and understand your pain points. The support desk works really well, so don't be afraid to contact them if you’ve ever got a query; they’re always on hand to help.
Secondly, scaling your business without increasing overheads. Xledger's automation and common configuration allow us to manage more clients with the same resource. Our accountants can service twice the number of clients with the same overheads. It is a truly scalable platform.
9. What are your growth plans for 2021?
In 2021, we plan to elevate the message that we can service larger clients in the mid-market range because we use Xledger. We have built strong relationships with our current clients and plan to continue offering them our premium service, in addition to extending our services to new customers.
10. If readers of this article would like to find out more, how is best to get in contact?
We would love to hear from our industry colleagues. Please contact us via email at email@example.com or by phone on 01908774320. In the meantime, feel free to visit our website at www.essendonaccounts.co.uk.