The Accountancy Space: More Than Just Accountancy<\/p>\n
Accounting is more than just crunching numbers. It’s about understanding what those numbers mean and how to use them to make good decisions.<\/p>\n
The idea behind The Accountancy Space is simple. It’s an award-winning accountancy practice in the UK, started by Charlotte Fernley. She’s an experienced accountant with over 24 years of work under her belt, in all sorts of roles – from practice and audit to industry and senior finance positions.<\/p>\n
The idea behind The Accountancy Space is straightforward: accounting should be a tool to help business owners succeed. Naturally, keeping accurate books, preparing accounts, and filing tax returns are essential. However, these tasks are just the beginning. They lay the foundation for something more important – using accounting to make informed decisions and drive business growth. By doing so, business owners can gain a deeper understanding of their company’s financial situation and make smart choices to improve it. This approach can help entrepreneurs run their businesses more effectively and achieve their goals.<\/p>\n
Charlotte has spent over twenty years working with all kinds of businesses, and she’s learned that having good financial information can make a huge difference. But she’s also seen businesses waste time and money on reports that are useless – either nobody can understand them, nobody bothers to read them, or they just sit there gathering dust.<\/p>\n
That’s not what The Accountancy Space is about.<\/p>\n
A Problem Solver First, an Accountant Second<\/p>\n
The philosophy behind The Accountancy Space is that accounting should be a way of solving business problems, rather than an end in itself.<\/p>\n
Let’s face it, managing a business can get complicated. Sometimes, it’s a matter of sorting out a bookkeeping mess. Other times, it’s about helping the owner figure out why they’re making lots of sales, but their bank account is still empty. Then there are times when we need to create forecasts, pinpoint areas where the business is wasting resources, or help a growing company make tough decisions about things like pricing, hiring, and expanding.<\/p>\n
The fascinating thing isn’t just about figuring out the numbers, it’s actually understanding what’s really happening behind the scenes, why things are the way they are, and what steps can be taken to make a change.<\/p>\n
The Accountancy Space keeps things simple and straightforward. They don’t believe in making things complicated or using fancy processes just to impress. And they definitely don’t create spreadsheets just for the sake of having one – only when it’s really needed.<\/p>\n
If something needs doing, we’ll do it properly. If it doesn’t need doing, we’ll say so.<\/p>\n
From Everyday Accounting to Bigger Business Decisions<\/p>\n
The Accountancy Space works with UK sole traders, limited companies and growing businesses, providing everything from everyday accounting support to more involved financial management and advice.<\/p>\n
Services include bookkeeping, VAT returns, payroll and pensions, annual accounts, corporation tax, self-assessment, management accounts, cash flow forecasting, budgeting and financial reporting.<\/p>\n
But the practice goes well beyond traditional compliance work.<\/p>\n
Drawing on experience at CFO level, The Accountancy Space brings a commercial perspective to financial management. This includes helping businesses understand profitability, manage stock and working capital, assess performance, improve financial systems and plan for future growth.<\/p>\n
A Particular Interest in E-commerce<\/p>\n
E-commerce is one area where The Accountancy Space has developed particular expertise.<\/p>\n
Operating an online business comes with its own set of financial hurdles. For instance, sales can come from various sources like Shopify or online marketplaces, making it tricky to keep track. On top of that, payment processors take a cut before the money even reaches your bank account. And let’s not forget about the stock – it could be stored in warehouses across different countries, which makes things even more complicated. The thing is, just because your sales numbers look good, it doesn’t mean you’re actually making a decent profit. There are a lot of factors at play here, and it’s easy to get caught up in the idea that you’re doing well when in reality, your profits might be suffering.<\/p>\n
Add advertising costs, customer acquisition, returns, subscriptions and international transactions into the mix, and it can become surprisingly difficult to work out what’s actually happening.<\/p>\n
The Accountancy Space is a great tool for e-commerce businesses. It helps them keep track of everything and make sense of their finances. With it, they can see where their money is going and make informed decisions about things like pricing, advertising, and stock purchases. This also helps with managing cash flow, which is crucial for any business. By having a clear picture of their finances, e-commerce businesses can make better choices and stay on top of their game.<\/p>\n
It’s not just about recording transactions correctly. It’s about understanding how the business works and where the opportunities and problems really are.<\/p>\n
More Than Someone Who Files Your Accounts<\/p>\n
Choosing an accountant shouldn’t simply be about finding someone who can submit a tax return on time.<\/p>\n
At The Accountancy Space, getting to know the person behind a business is just as important as understanding the business itself.<\/p>\n
What do they want to get out of their business? Are they looking to expand, hire more people, create new products, or maybe even sell the company one day? Or are they aiming for something bigger, like making a real impact, or do they just want a business that makes a good profit and gives them a better work-life balance, so they can enjoy life more?<\/p>\n
What makes a business successful is different for everyone, so the advice given to owners should be based on what they think success means to them.<\/p>\n
It’s an approach that goes right back to the practice’s beginnings. When Charlotte first set out her vision for The Accountancy Space in 2019, she wrote:<\/p>\n
“Their business is to serve their life, they don\u2019t live to serve their business.”<\/p>\n
This idea is still key to how things work now.<\/p>\n
Some people need to know that their finances are in good hands, with someone who is experienced and knows what they’re doing. They want to be able to trust that everything is being taken care of. On the other hand, there are those who are looking for someone to bounce their ideas off of, someone who will listen and ask smart questions to help them figure out the financial side of things.<\/p>\n
Sometimes, a fresh perspective is needed, someone who can question an idea or highlight something that just doesn’t seem right.<\/p>\n
It’s all about creating strong bonds with clients, figuring out what’s important to them, and being there to offer the right kind of support when their needs change. Having someone who actually listens, remembers your goals, and genuinely cares about helping you reach them – that’s what makes all the difference.<\/p>\n
Accounting That Makes Sense to Real People<\/p>\n
One of the things that makes The Accountancy Space different is the way financial information is communicated.<\/p>\n
Accounting can feel unnecessarily complicated, especially when you’re a business owner juggling customers, staff, suppliers and a hundred other responsibilities.<\/p>\n
The firm thinks accountants should be able to explain things simply, so clients don’t feel like they need to be experts in accounting to understand what’s going on. They want to make sure clients feel comfortable and can easily grasp the information being shared with them.<\/p>\n
And just as importantly, nobody should ever feel uncomfortable asking a question.<\/p>\n
When it comes to running a business, there are lots of things to think about. Sometimes you just need to ask a simple question, like how to handle an expense or what to do about taxes. Other times, you have to make big decisions that will affect the future of your company. Either way, you should feel comfortable reaching out for help whenever you need it. Whether it’s a quick phone call or a email, you shouldn’t worry that your question is stupid or that you’re bothering someone.<\/p>\n
There are no stupid questions, and there’s certainly no place for making somebody feel small because they don’t understand accounting terminology.<\/p>\n
As Charlotte wrote when establishing the practice:<\/p>\n
“An Accountant should be accessible AND approachable.”<\/p>\n
It’s a simple idea, but it can greatly impact how well an accountant and a business owner work together.<\/p>\n
We’re all about being straightforward and genuine in our approach. If there’s something that needs to be explained, we’ll make sure to break it down in a way that’s easy to understand. And if that doesn’t work, we’ll try again from a different angle to make sure you get it.<\/p>\n
But being approachable is only part of it. The Accountancy Space also believes in being proactive.<\/p>\n
A good accountant should be proactive, not just reactive. They shouldn’t just sit back and wait for the client to come to them with a question. Instead, they should be able to identify potential issues before they become major problems. Maybe there’s a way to improve something that nobody has thought of yet. Or perhaps they can start a conversation about an opportunity that the business owner hasn’t even considered. By doing so, the accountant can add real value to the business, rather than just waiting for the client to ask the right question. This can make all the difference in helping the business succeed.<\/p>\n
And that starts with listening.<\/p>\n
One of the main ideas that started it all was quite simple, really.<\/p>\n
“Listening is one of the most important services I can offer.”<\/p>\n
To give good advice, you need to know the person and their business inside out. This means understanding what they want to achieve and how their business works. It’s a simple idea, but it’s still key to how The Accountancy Space works with its clients. They take the time to get to know each person and their business, so they can offer advice that really helps.<\/p>\n
That’s where experience, curiosity and a genuine interest in how businesses work can make a real difference.<\/p>\n
From “I Think” to “I Know”<\/p>\n
The Accountancy Space has a simple philosophy: Go from “I think” to “I know”.<\/p>\n
A tiny difference can have a huge impact.<\/p>\n
Running a business can be a gamble if you’re not sure about the numbers. You might think a product is making a profit, but do you really know how much? It’s one thing to hope you have enough money to pay the bills next month, but it’s entirely different to have a solid forecast you can count on. And when it comes to bookkeeping, it’s not just about assuming everything is okay – you need to know that the information is accurate and trustworthy.<\/p>\n
The Accountancy Space helps bridge that gap.<\/p>\n
The main goal is to make accounting really helpful, whether it’s keeping track of money, solving a financial issue, or assisting someone in achieving their personal or professional objectives. This means accounting should be practical and useful in everyday life. It’s about using accounting to make a positive impact, no matter what the task is.<\/p>\n
Because ultimately, successful accounting isn’t measured by how many reports you produce or how complicated your spreadsheets look.<\/p>\n
Success is determined by how much of an impact the work has on the business and the person in charge.<\/p>\n
That’s the main focus of The Accountancy Space.<\/p>\n"},"yoast_head":"\n