Liam and business partner Amy, have both been in the accounting industry for over 23 years combined and have been working together for the past five years. The pair had similar frustrations with how the industry operates, and decided to take the plunge and solve the problems they saw themselves:
A lot of accounting firms are very similar in their outlook on business as well as how they treat their own team. It is very much compliance focused with billable hours being the main driver of how they measure performance of the team.
We wanted to ensure that we were providing real value to our clients and we see that advising clients only on tax with some occasional advisory services does not necessarily provide the same insight and value as when we also provide bookkeeping services. We can then have more contact with our clients and really understand their business, their goals (both personal and professional) and assist them better.
They started working on Project Alfred in July 2021, and already have enough clients to go full-time.
Essentially we see our ideal clients as ones who we can provide a full back office finance function to (tech solutions, bank reconciliations, bill management and payment, payroll etc).
The second aspect of why we started Project Alfred is to create a kind workplace where people come to work and actually want to be there, interacting with each other and having fun whilst they work. If our team is happy then that energy will flow through to how they treat our clients which results in better outcomes for everyone involved.
So many accounting firms focus solely on billable hours to determine whether a team member has value. This should not be the focus.
We believe in having a very high performing team who is held accountable for their work and their actions but believe this can be done without measuring people's time as the sole driver of their worth.
Overall we believe that everyone should be part of a team and that everyone contributes in their different ways. Having this diversity in a team provides more ideas and solutions for how to work better and how to help our clients better.
Seeing the change in our clients attitude when they have a better understanding of their financial information and dont have stress about how things are going to be paid or not knowing when they need to look at getting more work in. Once they feel empowered to make decisions because they understand the information they are provided it makes working with those clients even more enjoyable as they have moved past just knowing about what they are good at and feel they have a proper understanding of their business finances.
The ability to explain technical financial information in a way that is easy to understand no matter what your background is.
It looks to provide a great solution to startups and small business from a banking perspective!
Continuing to grow our client base and team, and never stop. Everyone should have access to good, streamlined finances and understand those finances.