“They go far beyond being number crunchers”

Paul founded print brokerage and distribution business Stream 2020 in February 2020.

Here, he talks about how TaxAssist supported him through the pandemic and is now helping with his business growth strategy.

How did you end up running your own business?

“I’ve had lots of experience working my way up in the industry, including being headhunted by a big advertising agency. I managed print for the likes of B&Q, House of Fraser, Jaguar Land Rover and Habitat while travelling around Europe for 15 years.

“As websites became more popular, I could see that print was going to evolve and become more personalised. I took the decision to move and worked in print management before joining a former supplier who set up a digital printing company providing services such as bespoke wallpaper and interior graphics. I did that for 10 years but in the back of my mind I’d always wanted to work for myself and use all the knowledge I have.

“I spent eight months planning and intended to launch my new business in April 2020. However, a former client asked if I was interested in a two-year consultancy role but I had to be freelance. That fitted perfectly with what I wanted to do so I started my business on 1st February 2020. Six weeks later the first coronavirus pandemic lockdown was announced.”

How did TaxAssist help you when starting your business?

“I joined a business networking group and one of the members was the owner of my local TaxAssist Accountants. I could hear how he was helping people and I decided he was somebody I needed to speak to. My knowledge is print and I’m not experienced with starting a business so I asked for his advice. My TaxAssist accountant took the time to answer my many questions and give me things to think about.

“Those conversations confirmed that I definitely wanted to start my business but I needed to get key points sorted. If you're going to quit your job, you need to make sure that you can pay the bills. When you're wrapped up in the excitement of doing something new, you often don't think about that kind of thing and other practical steps such as registering as a sole trader and then a limited company. My TaxAssist accountant helped me with that.  

“He also passed me sales leads from people visiting his offices who were setting up new businesses and needed business cards or brochures. Some of them are now long-term clients and my TaxAssist accountant himself has also become a client.

“I'll be forever grateful to TaxAssist Accountants for taking the time to help me. If anyone tells me they are looking for an accountant, I would definitely direct them to TaxAssist. They go far beyond being number crunchers who only talk to you once a year when they do your accounts.”

Tell us more about why TaxAssist is so beneficial.

“My TaxAssist accountant has two shops and I can visit either one without an appointment and get advice if I need it. All the staff know who I am and understand my business. It’s so welcoming.

“For example, a member of the team does my VAT return every quarter. If he calls me and I don’t understand something, he explains it and doesn’t make me feel stupid. The whole team is like that. I’ve had experiences with other accountants and it wasn’t the same.

“TaxAssist has a very customer focused mentality. A lot of businesses forget that the customer is king.”

How is TaxAssist helping with your business growth?

“After the pandemic lockdowns, I was very keen to get going but my TaxAssist accountant was a calming influence. He said I needed to build the foundations again, consolidate my position, re-engage with customers and then start to push for growth. I'm glad I listened to him because I could have easily spent money on advertising and other promotion with nothing to show for it.

“He has gone from advising me on how to manage the pandemic to how I can drive my business forward in a sensible and strategic way.

“There’s an element of mentoring to my relationship with my TaxAssist Accountant, as well as accountability. If we agree on a particular strategy, we have regular catch-ups, which could be a 10 minute conversation at the end of a networking event or a more formal meeting in his office.

What’s your advice to other business owners for managing finances and cash flow?

“Be 100% on top of your numbers. You need to know how much money you have to bring in daily, weekly, monthly. You should be looking at what's in the bank every day because things change and you have to understand what your costs are.

“During my first year in business I didn't manage it as tightly as I do now. It’s easy to suddenly see a cost you weren’t expecting such as an annual fee or a price increase you didn’t know about because you haven’t read the small print in a contract

“Using accounting software helps you to stay on top of your finances. When I started the business, I told my TaxAssist Accountant I needed something intuitive. He set me up with QuickBooks. I check it every morning and can see exactly how much I've got in the bank, what invoices are outstanding and what bills I've got coming up.”

Discover how TaxAssist Accountants can help your business with a free, no obligation consultation. Call 01306 735222 or fill in this form.

Date published 15 Sep 2023 | Last updated 19 Sep 2023