Shortlisted for Small Practice of the Year award
For the first time ever we decided to enter Britain’s leading accountancy awards – Practice Excellence. The calibre of candidates is incredibly strong year on year and we have been inspired by some of the past winners’ innovations in the industry. Therefore, we’re delighted to announce that we are shortlisted for Practice Excellence’s flagship award Small Practice of the Year!
Purpose is one of five companies shortlisted this year for the Small Practice of the Year category out of 78 entries. The award recognises successful accountancy firms that look at the bigger picture, such as cloud software, client service and the vision for the firm.
We are delighted to be shortlisted as not only is it the first time Purpose has entered the Practice Excellence Awards but also the first time that a Jersey company has been shortlisted for the prestigious accountancy awards.
“Being shortlisted for this award, which has had a record number of entries this year is incredible. Out of all the entries in our category, to be selected as one of the top five is hugely satisfying. This is wonderful confirmation that we can more than compete with our UK counterparts by truly doing something different and giving our clients the best business advice out there.” – Luke Smith, Director
The Practice Excellence Awards is not only an award ceremony to celebrate the finest in the profession but an opportunity to showcase success so other practices can see if a different approach would enhance their practice.
“I would like to thank our whole team for their hard work and commitment. It is their skill, enthusiasm and dependability which means we can offer such a unique high-quality service to our clients. Without them, we would not have been shortlisted for this award.” - Julie Heaven, Director
The award ceremony takes place on 19October in London so watch this space to see if we come back with an award!
This is how Purpose was described:
“Operating out of Jersey, Purpose offers “financial direction” and external support via cloud accounting to a select group of 26 clients. Acknowledging that its service is designed “for the few, not the many” Purpose explains that it may be constrained by the growth in client numbers - but not revenue. Retaining such a close focus enabled the firm to refine a consistent approach into get five reports and meeting checklists to give clients insight into their businesses.
Each bespoke reporting pack includes customer and staff profitability reports and analysis of the product sales mix. These figures are used to prompt discussions and potential ideas for change at regular VFD [virtual finance director] meetings.
When the opportunity arises, Purpose will ask to be paid equity instead of cash. Not only has this built up a very healthy investment nest-egg for the firm, it provides an extra bond and alignment to the client’s business goals.
The consistent approach carries through to internal reporting and mentoring, which takes place during monthly 121 meetings. Every team member has a jam jar into which they place green and pink and Post-It notes when something uplifting (green) or disappointing (pink) happens; these points are picked up at the next monthly meeting.”