The Practitioner: Invest in shares ... of staff

by The Practitioner

More from this author

27 Nov 2012

  • Comments

AFTER THREE MONTHS of the running my own practice the profit and loss account is looking healthy – so healthy, in fact, that I am considering adding another member of staff to the team. Cashflow hasn't been too bad either: creditors are being paid on time, savings are being put to one side for VAT, and debtors are all under 60 days. But I need to just be sure that the next few months will be as good as the previous three before making the investment.

Half of me wants to wait until the new year and see how things are after the rush in January, but will we be able to cope with the January rush without another member?

I've signed an agreement with a local accountant – someone I've worked with in the past – to provide ad-hoc man-hours for us as and when the need arises. His day rate is too expensive to have him on a full-time basis but he certainly knows how to knock a set of accounts up from a bag of crap.

Signs of growth from clients are good too. Several builder clients I have are all reporting good figures and good order books too. Several other clients are also busier than ever. Is now a good time to take the plunge and recruit? I might ask my bank manager what he thinks. He might then be willing to give the firm an overdraft if he thinks it was his idea. I would certainly feel more comfortable if we had the buffer of an overdraft.

Being an 'ideas person', as well as a boring accountant, I even thought of suggesting to my previous firm that we could staff-share. It would make sense to me – we would both get use of a decent, trusted member of staff for half the cost.

The chances of them saying yes, though, would be nil. They just aren't designed to be that progressive in how they do things.

If you have shared staff in the past, please let me know how it's worked – in fact, let me know what you think even if you haven't. After all, it's a blank canvas these days. Everything is up for review, including staff.

The Practitioner's uncensored thoughts come from within their own practice – having left a regional firm in the heart of England

Visitor comments

blog comments powered by Disqus

Add your comment

We won't publish your address

By submitting a comment you agree to abide by our Terms & Conditions

Your comment will be moderated before publication

  • Send


Financial Planner

The Ministry of Defence Surgeon General’s (SG) Finance Department, Lichfield, Staffordshire, Permanent, Full Time, £ £30,008




Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials


Search for jobs
Click to search our database of all the latest accountancy roles

Create a profile
Click to set up your profile and let the best recruiters find you

Jobs by email
Sign up to receive regular updates with the latest roles suitable for you



Why budgeting fails: One management system is not enough

If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.


iXBRL: Taking stock. Looking forward

In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.