Accelerate Accounting Solutions partners with clients to help them make better business decisions, explains founder Edel Hayes.
Accelerate Accounting Solutions founder Edel Hayes, FCA, describes her business as an accounting service with a business partner approach.
“Bookkeeping is very transactional,” Hayes explains. “It’s something that has to be done. End of year accounts and CRO returns are the same and business owners can get an external accountant to do them – but it’s the bit in the middle that really makes the difference.”
This piece in the middle is using financial information to provide insights to support budgeting, goal setting, performance analysis, forecasting and other key business decisions.
“Finance flows through the business. A lot of people don’t get that and it’s to the detriment of their business,” Hayes explains.
“We work with our clients as a genuine business partner. It’s about understanding their business and what they want to achieve and supporting them in that.”
Hayes established Accelerate Accounting Solutions in 2018 having worked as financial controller with several firms. Her decision was prompted by a few factors, not least of them family.
“I’m originally from Dublin but live in Kildare. We have two young children, and I was commuting to Dublin every day. It became a nonsense for me,” Hayes says.
“I was looking for something with no dead time spent in traffic or on trains. Time is precious. You need time to spend with your children and on outside interests. I didn’t want to waste that time and I got to thinking about starting my own business.”
She also wanted more flexibility in her life. “Monday to Friday, nine-to-five. It doesn’t need to be that way for certain types of work. I was thinking that way pre-COVID even before everything changed.”
Entrepreneurial spark
The entrepreneurial spark was there as well. “I always had that,” Hayes says. “I had been involved in a small way in several businesses owned by family and friends. I gave them support and advice. I was dipping my toe in and out of the water but had never gone in the whole way.”
The decision to strike out on her own was very much a family one. “I had a chat with my husband,” she recalls. “We decided that I should give it six months. If it didn’t work out, I would go back into employment. The jobs market was very good at the time.”
She needn’t have worried. “I got clients straight away. I had a good reputation in the market and once people knew I was open for business they came to me.”
Business vision
Hayes’ vision for the business was to provide a lot more than just a bookkeeping or statutory accounts services. “A lot of SME owners are focused on keeping the tax authorities happy, they are ticking boxes and not going any further with finance,” she says.
“A bit of effort and more commercial thinking can really make a difference. Business owners can be very reactive because they don’t have time to think. In many cases, they can’t afford a full-time accountant and they need a bit of external support.
“That external help can make so much of a difference. It can give the business new insights, improve cash flows, and help with business planning and the business model. It can also help to identify areas for improvement.”
Hayes initially cast the net quite wide in search of clients but this quickly changed. “I ended up with clients from a lot of different industries who were using different platforms and so on,” she notes.
“Within a year, I realised that a lot of my clients were women who found me online or through referrals. I have focused on that since.”
Today, the majority of Hayes’ clients come to her through referrals. “Referrals really started to take off in year two, just before COVID,” she says.
“Sometimes, it was people coming from an existing external accountant who didn’t quite understand the business and where it wanted to go. Accountants in practice sometimes don’t understand new industries or the motivations of entrepreneurs.
“A lot of entrepreneurs are motivated by multiple factors – time, impact, creativity – it’s not just about profits. We understand our clients at a much deeper level. We wouldn’t recommend a target of a million euro in revenue if a client wants to manage a small team and work a 30 hour week. It’s about finding what motivates the business owner and building that into our plans.”
Hayes says she always advises potential new clients to shop around. “There are lots of accountants out there and it’s very important to find the right fit for your business. We want to be a proper business partner and be able to have non-judgemental frank conversations with clients. You need to be comfortable with each other to do that.”
Investing in technology
An early decision to invest in technology and cloud-based systems that could support a much larger practice paid dividends during the pandemic.
“We had the technology platforms and standard operating procedures in place almost from the beginning. When COVID came, because we were already online and had a client portal in place, it was business as usual for us,” Hayes says. “Clients who were not yet in the virtual space felt a sense of calm from me. This is what we do. The concept of virtual accounting firms was already well established in the US but not so much here at the time. Some people got the idea, some didn’t. When COVID came, everyone got it.”
Hayes gets real satisfaction from seeing the positive impact her service can have for clients.
“You can see amazing results from tracking the numbers. For example, a business owner can see if they are leaking profits in certain areas and do something about it. They can see if people are working in the wrong areas,” she says.
“They could spend months making the same mistake over and over again because they are not tracking the numbers. If that’s costing money, it could push the business into trouble.”
It is also important to adapt to clients’ changing needs, she adds. “A business in year one has completely different needs than it will have in years three or four. It will have grown and changed. We understand that and adapt with our clients’ needs.”
Crucial lessons
Looking back, Hayes believes she probably cast the net a little too wide at the outset. “That can have a detrimental effect on a business. That was a lesson learned. It took me two full years to realise it.”
Hayes advises those contemplating starting a business to take advice where they can get it and to leverage their own networks where possible.
“People think it’s easy to set up and get running, but it’s not. I had a chat with Chartered Accountants Ireland’s Practice Advisory Team, and I found I was clueless. They were a great help.
“You need to lean into your existing network. You will get clients through that. One hard lesson is not to be afraid to let a client go if they are a bad fit. It’s better to clear the space for other clients who are the right fit.”
Another piece of advice is not to undercharge. “Everyone is tempted to do it but try to avoid it. Also set up your systems as if you have a bigger business from the start. That will set you up for growth.”
Accelerate Accounting Solutions is continuing to grow. “Demand is twofold. We have people looking to switch accountants for a better fit and people starting up their own businesses,” Hayes says.
“The entrepreneurial spirit is there. COVID made people realise that they can take a risk and set up their own business. If it doesn’t work out, it’s not the end of the world.
“There is a lot of consolidation in the accounting market. Smaller practices are being bought up. Many clients don’t want to move to a bigger firm because they want a more hands-on approach from their accountant. People come to us for our model, which offers a more individualised service.”
Interview by Barry McCall.
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