Sam's LinkedIn profile

Part way through my history degree, I decided I wanted to be an accountant instead.

I had formative roles in the TV industry and in property development which I enjoyed immensely, but when my first daughter was born, I wanted more time with my family so I started my own practice. I realised that throughout my career, the one consistent and important thing for me was working with and feeling inspired by people I like. The SML Business Accountant Limited is based upon this principal, and one of the fundamental parts of my business is that I work with people I like. Do you pass my coffee/beer test?

When I started my own practice five years ago, I didn’t know what I didn’t know. Five years later, I finally feel like I’m there and I’ve got a company. I tend to work with creatives and many of my clients are people I met when I was working in TV who have become freelancers or set up their own companies.

With creatives, the key is enabling them to understand their finances at the level that they need to. They want it at a high level, but they also want peace of mind that they’re looked after, so my strength is being able to explain their finances in a way that makes sense to them without taking up too much of their time because they’re busy people. The same applies to my clients in the property sector.

TV is going through such a tough time at the moment. Many of my clients have done development pieces – effectively a taster for a potential programme – but then the TV company decides it doesn’t want to go ahead and pulls the contract. Its harder and harder to get commissions from TV companies now – particularly for dramas and documentaries – because TV companies aren’t taking any chances so we’re seeing rehashes of previous series that are known to be successful such as comedy quiz shows where the format works and people watch.

I think it’s a really lovely time to be in accountancy at the moment. I’m mentored by a well-known ACCA accountancy firm founder, and it’s been a game changer. He’s helped me out with so many different aspects of my practice and has been instrumental in building the foundations of my company. I’m also part of an informal group of other practice owners at a similar stage of the journey and we meet regularly. We’re of the same mindset and we share ideas and which technologies we’re using. Everyone is so willing to share their experiences and help each other.

One of the biggest issues accountants are facing is the perception created by accounting software companies that tells business owners they can run their own accounts. That sends out the wrong message and devalues bookkeeping which we know as accountants needs to be done properly. You can’t do accounting without decent bookkeeping so it’s a dangerous message that bookkeepers and accountants aren’t needed or are only there to tick boxes. The value of good accounting is that it shows the client where they are, so they base decisions on up-to-date information rather than going with a gut feeling. We’re here to add value to businesses by looking at the big picture rather than the traditional model of only looking at a client’s information at year end to prepare accounts.

AI is obviously taking over the accountancy industry to some extent and has been for a while (doesn’t accountancy always come first!), with the likes of Dext and the cash flow forecasting tools. This means we as accountants need to adjust and focus on what we provide to our clients. I think it is really important that we spend the time explaining to our clients what the accounts mean, the patterns, and opportunities. AI provides a huge opportunity, but we need to take it.

Accountancy is changing – smaller companies don’t necessarily need an accounts team like they once did 10 years ago. They can use a practice that outsources a full accounting team to them, and I think that’s probably where accounting is heading. Business owners will need to change with the times and understand the value of the work we do as accountants, but we’ve got a job to communicate those benefits to owners.

Away from work, I like to actively engage on thing to take my mind away from work. This used to be skiing, cycling and watching live sport and music, but now tends to revolve around chasing my young children all over soft play and playgrounds! I’m a keen non-fiction reader.