Vipul Sheth on why accountants need more time to talk to clients

Can you tell us a little bit about your background in accounting? 

I trained to become a chartered accountant in a chartered accountancy firm called Rabjohns in Worcester, working predominantly in the audit department. This background and experience then allowed me to move into a speciality in corporation tax and business valuations with EY and KPMG.

I only chose to enter the profession after a summer job working for the family business’ accountants, where the partner transformed my view of what an accountant really should be doing.

What led to your decision to start AdvanceTrack and what services does it provide? 

I was very conscious as the son of entrepreneurs, that the accountant had a role way beyond the production of the accounts and tax calculations. By working for firms and speaking to lots of others, I identified a major issue: I saw that accountants spent so long dealing with compliance work, that it left little time to deliver any value-added services. 

My summer in the family accountant’s office was transformational in that it showed why both they and their clients were more successful. It was because as accountants, they actually created time for regular conversations with their clients – something that can be rare in our industry, but that is so important to foster successful relationships. 

The business was born out of the idea that, with technology, we could harness the skills of highly capable accountants offshore, which in AdvanceTrack’s case, was with a talented team in India.

Is it possible to outsource audit work and how does it work?

It is very possible to outsource audit work. Covid-19 demonstrated that it was possible to complete a lot of work remotely, and audit definitely falls into this category. 

Whilst it needs good planning and deployment of technology, skilled trained staff, no matter where they are in the world, are able to complete audit work, document it and share with colleagues in real-time. Video calling apps like Teams and Zoom allow for live discussions on files before conclusions are drawn.

Why do you think some firms are yet to move to the cloud and how could late adopters manage it?  

Some firms have been led by their clients. The most successful firms have incorporated the client experience into their strategy when embracing cloud accounting.  

The key for the late adopters is very much around training personnel across the business in how to use cloud accounting, and what the drivers need to be in helping to move clients. 

Covid was a salutary lesson in helping clients understand the need to be able to share financial information in real-time. Those firms that had made the move and encouraged their clients to do so performed best, financially. 

The most important thing that they do have is that there are many firms that have been there and have the skills and experience to help them achieve success. Mistakes have been made and learnt from. The software companies also have the skills to help manage the change. Using this skill and experience will help them shortcut the journey.

As the company founder, what are your day-to-day responsibilities currently? 

As the founder, you start as both chief cook and pot-washer. As time has gone on, with key staff appointed and performing in their roles, I’m now much more able to operate strategically. The work I enjoy most is still the client interaction, before and afterwards. It’s about helping the firms we work with operate on a strategic level in delivering high value services. 

My other role is to be a mentor to people in the organisation and set the example for others to follow. It’s very much like a football captain or manager, and is a role I’ve personally enjoyed over the years. You have to do it and show the team what’s important to you and set the behaviours you expect of yourself and the wider team. During his recent announcement that he is to leave Liverpool FC, Jurgen Klopp said that to manage the club you have to “be the best version of yourself”. It’s the same as owning and running a business – doing this brings people on the journey and gives you all a shared purpose.

Can you tell us about anything new happening for the company in 2024? 

2024 will be another big year for AdvanceTrack. With an expanded team in India, new offices, plus a new head of APAC already announced, we have a busy year planned. There is more to come, so watch this space.