Awards 2005: small firm of the year - FPM Accountantss

Our award for Small Firm of the Year goes to FPM Accountants, a three-partner chartered accountancy and business consultancy practice.

FPM has taken a dynamic and innovative approach to both their client work and the development of their business, with enviable results.

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Turnover has grown by an average of over 25% per year since the Northern Island-based firm was founded in 1991. In the last three years, the company has secured new business worth almost £2.5m. Manufacturing, tradeable services and the public sector are all represented among its clients.

Although most of the firm’s business comes from clients in Ireland, including cross-border trade, it is also a member of Polaris International, a network of more than 170 accountancy and consultancy firms, which allows it to offer an international service.

FPM promises its clients transparency, accountability and integrity in all of its work, while concentrating on its core services. Often, FPM has competed with big Four firms for clients and won.

‘This was an easy winner to pick,’ said our judges. ‘They’ve focused on what they are good at, put into practice some fantastic ideas, all the while pushing for a friendly workplace.’

Part of the firm’s success is due to its focus on increasing value for clients. Its approach to improving client relationships can be seen in its innovative Tax Now Folder , which it has issued to all of its personal tax clients. The folder asks questions about personal income and simply requires the client to fill in the blanks.

The aim is to save clients time and enable them to manage their wealth and tax-planning more efficiently.

It is also hoped that it will encourage more clients to submit their income tax returns early. FPM believes that the folder is the first of its kind in the UK.
Efficiency is also at the heart of FPM’s use of technology.

Following an external technology audit in 2004, the firm created an internal Technology Group to oversee ongoing improvements. Currently, 5% to 7% of annual turnover is invested in IT.

Investment in staff is also crucial to the firm’s success. FPM currently commits 11% of income to its staff development and coaching strategy. As a result staff turnover is low and absenteeism over the last five years has been below 1%.

The firm’s commitment to its staff was marked in 1995, when it was the first in Ireland to be awarded Investors in People recognition. It also won an Opportunity Now award in 2004 for its policies to make its working environment more female-friendly, particularly to working mothers.

FPM also conducts extensive staff and customer surveys. Each year, it holds a staff day, when employees and the management assess the firm’s performance and agree the aims for the coming year.

Although much of its new business comes from client referrals, the firm also keeps a high media profile and publishes a client newsletter as part of its marketing strategy.

The firm now has a new clipping to add to its growing collection.