Xeinadin has successfully targeted and acquired a number of younger, qualified Sole Practitioner firms across the UK and Ireland region.
Written on October 21, 2019 by Eamon McManus | Kirk Weatherley | Shaun Craven
Such firms typically range between £500k-£1m in turnover. These firms all have one major commonality in that they wish to contribute to the technology driven ‘Firm of the Future’ concept. Three of those firms are named now with others to follow.
Eamon McManus is a qualified accountant practising in Clevedon, North Somerset. At the tender age of 41 he is one of Xeinadin’s numerous ‘nextgen partners’ whose practice is highly technology-centred. Eamon is a Xero Gold Partner, a Receipt Bank Partner and a strong advocate of a multitude of other Xero connected Apps. He has a clear vision to help his SME clients and local businesses move towards a paperless environment, coupled with more efficient and effective, integrated software solutions to core business processes. Eamon, the principal of McManus Williams said: “For the first time this industry can predict the future. Clients are becoming increasingly tech-savvy and are demanding smart solutions in a Digital Age. We’re supporting them through these changing times. With clients’ affairs so much better organised and accessible it’s allowed our firm to focus more on additional consultancy-based services. Excitingly we are seeing both our clients and our own business grow as a result.
The stereotype old accountant with a grey suit and a calculator working all hours from his cluttered office is coming to an end. The digital world allows our team to serve our clients, who could be based anywhere, from anywhere using cloud-based technology. It allows us to be hands-on with our client’s business affairs at all times and provide a level of service that was previously too costly for most to enjoy. We are inevitably moving towards less dependency on compliance services, with more and more of our clients subscribing to business advisory-based services. This is adding real value to them and us, a true win-win scenario.
Sadly, many accountants are still resisting these changes and are missing out on the opportunity to help their clients utilise digital KPIs to monitor and strengthen their businesses.
I joined Xeinadin as I firmly believe in the ‘Firm of the Future’ ideal. The concept of an organised, like-minded group of firms being able to pool knowledge and expertise and make the best use of a raft of new products and services powered by artificial intelligence. 150+ Xeinadin offices are increasingly moving towards cloud-based technology, meaning we will be able to collate anonymous performance data across our 40,000+ corporate clients. This can allow for a powerful data and consultancy service, helping our clients gain valuable insights by benchmarking their financials against industry standards.
I have spent my whole career striving to put valuable business information in the hands of my clients and technology has allowed me to do that. I feel that I’ve found the perfect home at Xeinadin”.
Kirk Weatherley, also qualified and just 40 years of age, manages Newsham Hanson in Clevedon, Bristol. Kirk focuses on building strong relationships with his clients and offers additional services, ranging from business advisory to how best to utilise digital technology to create cost efficiencies.
On joining Xeinadin Kirk said: “This is now a progressive journey for our firm. Although we plan to achieve revenues of around £1million over the next year, I still felt that the firm would benefit from the wider skills, expertise and experiences from 260+ partners. Opportunities that we might have outsourced to the wider community in the past can now be dealt with inside our expanded network. This should significantly improve our clients’ experience, as well as the commercial opportunities available within the group. Clients will receive big firm expertise delivered by a local specialist SME accountant at significantly cheaper prices.
We have the freedom to continue to build our practice using the culture and working philosophies we have created, but we also have the ability to benefit from all the virtues of this substantial consolidation. Advanced technology has made Consolidation ripe for the first time and I am excited to be part of the ‘Firm of the Future’.”
Shaun Craven, 46, is also qualified and based in Buckinghamshire. He also plans to pass the million turnover mark over the next 48 months with his firm Anthistle Craven. Shaun’s real focus is on designing digital bookkeeping and reporting solutions for SME/OMB clients. As a result he assists clients in recognising and implementing growth strategies. Shaun said: “I believe our firm can compete more effectively in the marketplace by being part of this world-class strategic model. The model encourages each of the Xeinadin offices to continue with its own strengths but to have in mind the community aspect and the willingness to participate in community work amongst all the partners. This group is definitely like-minded. It’s what surprised me the most. There’s a real togetherness. The recruitment process seems to have targeted many firms who have focused on added value concepts. Several of our peers are award winners of Xero, AVN and 2020 group. The Group has grown from partners referring other partners, so the group consists of practices who get along and have known each other over time. Technology will allow the consolidation to run live profit and loss, allows all our partners to address live online dashboard view of the entire business 24/7. As a group of 150+ offices we will soon be able to keep track of our business income and profitability in real time. We will have real control both on our own finances and our client finances too. Xeinadin seems to be the first consolidation in world history to merge over 150 accountancy firms ‘overnight’. Despite the discretion, the demand was strong to join as we all see how consolidation can really work for the first time. In fact, I would go as far as saying that this industry may soon be categorised by a a small number of large consolidators competing as stand alone accountants simply won’t be able to compete on cost efficiency, expertise, specialisms and business consultancy or benefit from the use of AI.”