We need more diverse role models in accounting

Author, speaker and business coach Heather Townsend, an expert in what it takes to move from senior fee earner to partner, talks to Accounting Insight News Editor Ian Moss about her life, career and ambitions.

The here and now….

How did you get into this business?

I started working for BDO in 2004 with a brief to help individual business units within the practice help grow through their people. Since then I’ve added a few strings to my bow, but have always been helping accountants grow a profitable practice.

What’s the Accountants’ Millionaire’s Club all about?

It’s about helping owners of accountancy practices grow a profitable and sustainable one million pound practice while working fewer hours with less stress. Interestingly 20 per cent of our members are from firms who are bigger than £1m turnover, but need to sort out the profitability of their firm in order to effectively stimulate growth. Something else that has surprised me is the amount of members who are their firm’s succession plan. I.e. they are using the club to build their knowledge about how to manage and lead a practice.

What have accountants got to learn about survival and thriving?

Accountants are brilliant at managing the here and now. Unfortunately this type of behaviour may get the tax returns done on time but its going to cripple practices which are not looking ahead and adjusting now. Technology has already enabled accountants to do some compliance tasks in minutes which would have previously taken hours or days. This pace of change and disruption is not going to go away. To survive and thrive, accountants needs to be taking decisions now to allow them to create a real time accounting service which will serve as a solid foundation for advisory services.

And what can you help them?

There are many reasons why people join the club, and these are just a handful, such as:

1. How to win bigger and better clients.
2.  How to sell advisory services to clients.
3. How to kick-start or control the pace of their growth.
4. How to get the right people and structure around them.
5. How to improve their cash flow by doing a fee increase and moving to billing monthly by direct debit.
6. How to future-proof their practice so moving to a real-time cloud based accounting service using the right technology to improve the client experience.

Does the idea of information overload concern you?

Not really. That’s just the reality of now.

What’s on the horizon for you and the sector?

For me personally, it’s about expanding the Accountants Millionaires’ Club. We have had a promising start in the UK with demand coming from Holland, Australia and New Zealand to start the club up there. The sector is crying out for a trusted source of up-to-date information to help accountants grow their business.

There are still too many ‘so-called’ experts handing around in the industry regurgitating advice which was correct 10 years ago, but now very much out of date.

Do you think women are well-represented in the industry?

Traditionally the visible face of accountancy firms owners in the UK has been predominantly pale, male and now increasingly stale. I think the industry does have a problem with diversity and inclusion. We need more diverse role models. and by this I mean not just more high profile females but also non-whites. Whenever I have worked with large or small firms or spoken at institute events, there is always a really diverse mix in the audience. And I mean really diverse. But when you look at the conference platforms for accountants there isn’t much deviation from the same white, male faces trotting out the same-old-same-old.

As an influential voice, what impact do you want to have on the profession this year?

Through The Accountants Millionaires’ Club I want to shine a light on how to make – for some people – the impossible possible. Which means showing accountants a simple way of growing a profitable, sustainable practice which is ready for the future. Whatever that may bring!

Early Days

Where did you grow up?

The Weald of Kent. I’m an outdoor, country living kind of person.

Were you any good at maths at school?

Even though I decided not to qualify as an accountant, I did get the maths prize at GCSE, As for double maths at A-level and then went on to do engineering at Oxford University.

Trivia/Miscellany

What’s your favourite film? (you’re allowed more than one)

I’m not sure I have a favourite film. But I’m a big fan of Casablanca and Strictly Ballroom.

What’s your favourite book? (you’re allowed more than one)

As I’m probably not allowed to pick any of the 5 books I’ve written, I have read Neville Shute’s A Town Like Alice many, many, many times.

What’s your favourite type of music?

I’m happy to listen to the whole spectrum from classical to pop to jazz. Just as long as it has a decent tune.

What’s your ideal day out?

A off road cycle ride on a cloudless day followed up by a nice pub lunch then a lovely relaxing massage.

What’s your ideal holiday?

Something that is active and by the coast and warm.

Is money the root of all evil?

No.

Do you support a football team?

Not really. But my husband is an Everton fan. I’m a rugby fan, and enjoy going to see Saracen’s play.

Do you have a heroine or hero?

No. Just not that kind of person.

Heather will be at Accountex 2018, hosting a hot-topic roundtable discussion, ‘Succession Planning – Developing your successor while maximising the value of your firm on exit’ at 2pm on 23 May, and taking part in a panel discusion, ‘The future is now: the role of real-time in advisory’ on 24 May at 3pm.