Nick Wilson and Amy Park
Both have recently been appointed as Co-Managing Directors at Robson Laidler Accountants, which has offices in Jesmond and Chester le Street. The duo will now take the business forward with growth plans including UK-wide business acquisitions and new service lines.
What inspired you to become an accountant? And what path did you take to get here?
Amy: I enjoyed working with numbers and was also fascinated by how businesses operated and performed so the idea of becoming an accountant excited me. I studied for a BA Hons in Accounting and Finance at Leeds University and upon graduating was offered a job at Robson Laidler where I studied with the ICAEW and became ACA qualified.
Nick: I was good at maths at school and found numbers interesting. I took the AAT apprentice route into accountancy, which gave me both practical and theoretical training. What I have discovered since, is the amount of impact an accountant can make with business owners; it’s huge.
What are the most common financial mistakes individuals and businesses make?
Amy: Not understanding the financial side of running their business. Often, people will set up in business because they are good in their trade, they don’t tend to have had any financial training and therefore can make mistakes early on. They need to be able to understand financial statements, manage cash flow, prepare forecasts, track debtors and creditors, or appoint someone who can support them.
Nick: The most common thing I still see is making a decision based on what cash is in the bank.
How has technology changed the accounting profession, and what tools do you rely on most?
Amy: Tasks that were once quite time-consuming can now be automated or done faster, which gives us more time to support clients in a more proactive way. Cloud based accounting systems such as XERO, document management systems such as Dext and Hubdoc, and analytical tools such a Power BI and Fathom have all helped us to shift from compliance-based mindsets to more about being an advisor and a coach, elevating our value as accountants.
Nick: I think it has allowed people to develop faster and in areas that you would have usually waited longer to get exposure too.
What advice would you give to small business owners looking to improve their financial health?
Amy: The biggest piece of advice I would give, especially to smaller business owners is to be proactive with your finances rather than reactive. Get comfortable with the basics of financial literacy and use this knowledge so you are better placed to plan ahead.
Nick: Use accounting software and become invested in the numbers. Not just financial numbers but operational ones too. Numbers are factual and don’t have emotions.
How do you help clients navigate tax planning and ensure compliance with regulations?
Amy: Holding year-round conversations with our clients, not just speaking to them at the year-end is key. If we know they are looking to purchase a new asset then we can advise on the tax implications and where savings can be made. If we know they are looking to exit their business, we can advise them on what they need to be thinking about now.
What are the biggest financial trends or challenges businesses should prepare for in the coming years?
Amy: Profits are likely to be squeezed tighter and so implementing technology that allows businesses to work smarter and to rely on financial data is going to be key.
We will also see even more emphasis on ESG reporting to track and report on environmental and social impact.
Nick: Digitalisation of the world. More services and products are based around an online presence. Using this to your advantage is going to become key although you cannot forget that the human element is equally as important too.
What qualities make a great Accountant, and how do you build strong client relationships?
Amy: A great accountant is someone that doesn’t just have excellent technical skills but someone who also has excellent soft skills too. They need to be empathetic and understanding. This is how we should seek to build strong relationships with clients – listen, relate and offer support that is both personal and professional.
Nick: We have a team of people who all have different strengths, which is what makes us great. As an individual, it depends on the sector you’re working with and the ability to demonstrate credibility and create rapport. The technical knowledge is pretty much assumed when you are a qualified accountant.
How do you handle the pressure of working with tight deadlines and complex financial issues?
Amy: Knowing I have a strong professional support system around me provides assurance that work can be delegated if necessary.
Nick: Discipline is key and understanding the difference of urgent versus important and the cross over. Make sure you don’t overfill your diary each day.
What’s one piece of financial advice you think everyone should follow?
Nick: Create a plan. A plan helps you reflect and gives you an area to focus on. It allows you to move in the direction you set when you were thinking strategically, removing emotions and obstacles and when motivation levels change.
What do you enjoy most about being an Accountant, and what keeps you motivated in your profession?
Amy: Having a purpose and making a positive difference to the individuals and businesses I look after is what l enjoy and what motivates me most. Seeing and sharing their success.
Nick: Each piece of work you do is your way of making a mark in someone’s story. Seeing how they unfold is a great pleasure, and knowing you’ve helped is the ultimate reward.
www.robson-laidler.co.uk | Tel: 0191 281 8191