Name: Gloria Murray
Company: Murray Associates Accountants Limited
Gloria Murray, Queen of Profit and Director of Murray Associates Accountants Ltd awarded the Most Innovative Sole Practitioner in the UK in the 2020 Innovation Awards for 2014. Gloria is dedicated to sharing her innovative advice, ideas and expertise with Scottish Business Women. Her favourite saying is ‘Turnover is Vanity, Profit is Sanity’
Email Gloria with your financial queries and she will answer in following issues of BWS magazine. e: email@example.com
Do you have a question for our expert? Tell us here and she will answer in a future issue.
The ‘Queen of Profit’ answers your questions
Q: What are some of the considerations a client should consult with Murray Associates about on an ongoing basis?
I don’t normally talk about what we can do for a client, but I hope you don’t mind if I take this opportunity! Any new clients we take on as accountancy clients we meet with on at least a quarterly basis as this gives us the opportunity to look at their business in quite a few different areas.
Look on us as your Financial Director – but at the fraction of the cost of employing someone full-time in that role. You get a numerate outsider to come in and give you a different view of your business (with no axe to grind and no internal politicking involved) to explain your numbers to you regularly, help you monitor the KPI (key performance indicators) and hold you accountable for taking action. There are more specific things which I’ll go into more detail in the next question.
Tax planning can’t be done retrospectively so it’s best to plan for this throughout the year and that means knowing your numbers. Meeting regularly means you see your profit and we plan to save you as much tax as possible so you can use this money to help your business expand!
3. Keeping an eye on your bookkeeping
I don’t mean to upset anyone but the level of bookkeeping I see from some book-keepers is not good and I’ve worked out the reason for this. Normally they work for business owners who don’t have a clue about book-keeping (and why would you). I know some fantastic book-keepers but it’s not the norm! So if we’re not doing the book-keeping for you we like to keep an eye on what’s happening. It also means we can make sure you keep yourself compliant with HMRC and Companies House.
4. Any changes you are planning on making to your business (or personally)
Sometimes you may make a decision that could be detrimental to your business, but you may not be aware – we’ll discuss the financial and tax implications that may arise so you know. The same in your personal life! We may be able to suggest a different way of doing things to save you personal tax or put you in contact with an expert for advice.
How can Murray Associates help grow a business?
To cover everything I’ll talk about the process and the delivery.
- Initially we diagnose what’s preventing the business from growing faster and this is done through a combination of analysis of the business and comparing your business to your competitors. This stage finds the business’ strengths and weaknesses.
- Once you’ve set specific personal and business goals with timescales we will stress-test your business model to ensure it can sustain this growth. If not then we can help you remodel what you’re doing. If you don’t want to do this then we part company at this stage.
- Then we look at the two to three things that will make a difference quickly to your business and from there create an action plan.
- Identify the key performance and predictive indicators for your business.
- Help you monitor your action plan and hold you accountable on a regular basis.
The main way is through our Mentoring groups. The members meet regularly for a workshop on a specific business topic and to share ideas. We have two types of mentoring groups, the £20k mentoring and the £50k mentoring where we guarantee to increase your profit by £20k or £50k in a year, if you’re accepted onto the group. We are also looking at ways we can deliver this as a virtual package as well. If this is something you might be interested in let me know, as we’re trying to gauge the appeal of this.
For a free 1 hour consultation email firstname.lastname@example.org or phone 0141 363 0383