It’s been quite an apprenticeship! After 15 years in one accountancy practice, Helen and I set off on our own and officially started on 1 May 2001. When you have been in practice for as long as I had, you think you know everything you need. Nope! Every day is a school day, even now.
In those first few days there were just the 2 of us, 100 boxes of files, 2 computers still in their boxes, and no staff! 25 years later, it is a bit different. We now have 5 offices and nearly 40 staff. In those early days we had to do everything ourselves but thankfully we have moved on from that.
Our opinions on business are based on knowledge but also heavily rely on our experiences. Funnily enough, while cash is always of paramount importance to any business, it seems to be something we have to keep a closer eye on as we grow. I suppose there were fewer outgoings in those early days on things like wages. These days we must have just so much in the bank at every month end just to pay staff, PAYE, pensions etc.
In those early days we did all the tasks we now employ other people to do, so payrolls, accounts and all the VAT, Income Tax, Corporation Tax and other returns. We had to print all our own letters as well as printing and binding accounts and everything else.
These days we do not have paper files and most of our communications are by email or via our secure client portal. We don’t bind accounts anymore because most people prefer either electronic copies or getting them is a form they can scan themselves.
Outside our doors, it’s a very different world and changes are coming thick and fast, partly driven by technology but largely driven by HMRC.
When we were just 7 years old we bought our first practice on the Scottish mainland, in Thurso. 3 years later we bought another. That was a multi-office practice and built our presence in Inverness and Elgin. They do say that it is easier to buy what somebody else has spent years building up rather than starting from scratch. It was still tough.
The following year we were offered and bought another practice in the same general area.
We have looked at various practices since then, but it was not until 4 years ago that we bought again, with the acquisition of Cathedral Accountancy in Elgin. We already had a successful office in Elgin and both have similar clients, so it was a natural move. Mind you, the negotiation lasted nearly 3 years because Covid got in the way.
So, what next? You’ll just have to wait and see.
It’s been an interesting journey. We have learnt a lot about business and people, and I suppose we know a bit about tax as well. As with any growing business, it has been tough at times, but ultimately very rewarding. But like most people, I wish I could go back to the start with the knowledge and experience that I now possess. Mind you, technology is starting to impact how most businesses operate so we will have to see where that leads. The majority of articles in the accountancy press seem to be about the impact of AI and how to apply it in practice. Well, we have adapted and changed so much over the years that this just seems to be the next iteration.
It reminds me of the most important word in business. It is the fuel injection system to your business engine. It is fundamental to everything that we do or have done and keeps you active.
The word, of course, is “next”. When you have fulfilled one assignment which one do you move on to? The next one. In your working day, what do you do “next”? There is always something that needs doing and that is “next”. It is not uncommon for Helen and I to be getting up from the table and one of us will say “next”. It’s a much under rated word but so important in your business and personal life and stops you from stagnating. It puts the momentum in your day!
So, what will the “next” 25 years bring? What is “next” on the horizon? What is the “next” song on our music sheet? Always an interesting idea and one that none of us has much idea about. We can plan but life has a way of bending the road. There is a saying that “man plans, god laughs” and it is very true.
Anyway, next!
Alan E Long
The Long Partnership
07770 738770
