CLIENT: Paradigm Consulting  

Paradigm felt uneasy not knowing quite what their previous accountants were doing. They found the financial clarity and peace of mind they needed with Panthera.

As an expert in loss adjusting and risk assessment, Chris Phelan, Managing Director at Paradigm Consulting, is acutely aware of hidden risk. Last year,  he and Financial Director, Aimee Panons, began to feel uncomfortable with their previous accountant. Neither felt fully aware of what their accountant was doing.  

Chris told us, “When you choose an accountant, you’re taking a leap of faith. Our previous accountant shared very little information with us. They felt more like glorified bookkeepers than accountants we could look to for advice and support.”

Aimee and Chris realised that the previous accountants were focused primarily on annual accounts and tax efficiency, and felt that they had little interest in the long-term view or helping them to plan ahead.  It wasn’t adding value either in the day-to-day or with the bigger picture, Aimee recalled. “It always seemed that information only flowed one way, and they were reactive, rather than proactive. We didn’t have a clear picture of what was going on in the business, and it was difficult to take strategic financial decisions.”

With so little transparency, Chris and Aimee worried that there could be financial risks they didn’t know about. They didn’t feel either informed enough to plan properly, nor to prepare for the unknown.

Time for a change

They decided to move accountants and work with Tory Wagg and her team at Panthera Accounting. 

As soon as they began working with Tory and their account manager, Ali Vermaak, they discovered a different approach. Tory and Ali explained everything clearly and openly, so Chris and Aimee could finally put their trust in their accountants and make more informed financial decisions.

Panthera started making a difference immediately. When tax issues arose, it quickly became apparent that there had indeed been risks to the business about which Chris and Aimee were unaware.

Fortunately, the Panthera team approached the problems with openness, determination, and dedication. Chris explained, “it took two to three months to unpick the legacy tax problems both for Paradigm and individual directors.”

Aimee expanded further, saying “Panthera made us feel supported while they helped us deal with the issues. Ali and Tory showed us a pathway to fix the problems. They didn’t make us feel silly for not knowing something, but instead explained everything clearly and gave us options to move forward.”

As the legacy problems were resolved, the Panthera and Paradigm team transitioned to actively pursuing long-term goals, exploring what Chris and Aimee’s intentions were for the business and formulating an action plan. “There’s real engagement and more of a financial strategy now. The monthly management meetings are one of the most valuable parts of Panthera’s service – they keep us accountable, giving us the impetus to complete actions before the next meeting. Panthera are supporting us to achieve our objectives every step of the way,”  Chris said.

“Tory and Ali feel like part of the team, they’re always there if we need them. Panthera provides such a supportive relationship that it’s as though we have our own finance department in the next room,” Aimee told us.

Knowing their numbers brings clarity

Working with Panthera has shown Chris and Aimee the importance of knowing their numbers. “With Panthera, decision making across the business has become less stressful because we have the full picture in front of us. We know that we’re making the right decision when we recruit new team members or purchase assets, whereas before we only hoped we were heading in the right direction,” Chris said.

Panthera takes away the basic number crunching activity, freeing Aimee up to look at the bigger picture. She particularly values the fact that they take time to explain everything properly: “the reports Panthera produce each month are high quality and easy to understand – everything is laid out simply, using comparisons and colour coding to show the trends in the business. Ali puts our numbers in context and shows us which we should focus on.”

Caring about people, not just numbers

Unlike most accountants, Panthera does not look at Paradigm’s finances in isolation but constantly considers broader business goals. Chris told us, “I’m a firm believer that having an enjoyable place to come to work makes the difference for my team – the environment impacts the output.  The team was originally five family members, but Paradigm has grown to to a much bigger organisation, meaning that team social events like the Christmas party need more thought. Panthera has inspired me to set goals around bringing enjoyment into the workplace, because happier people are more productive.”

Tory and Ali have also shown care for Chris himself, encouraging him to consider his own productivity and happiness in his goal-setting. He said, “I’d been in the habit of working every Saturday, but Panthera helped me to see that I could be as productive by working a 5-day week. They’ve helped me set KPIs around my working time which keeps me aware of what I’m doing. Now, I’m more disciplined in taking time away from the office, and I know that any weekend work that does happen is just for the short term.”

Building strength in leadership

Paradigm is in a period of significant expansion, growing from £500k to £800k in the last financial year, and with a target of £1.2million for the current financial year. It means that business strategy, budgeting and goal setting have become even more important making it essential that Chris and Aimee are able to perform their roles fully.

Previously, Chris often found himself getting dragged into delivery when large workloads came in. But with Panthera’s help, he’s able to act as a true managing director. “I now work on managing the business rather than the clients. Working with Panthera has allowed me to focus on driving the business forward for growth, rather than working for the business. Finally, I can let others concentrate on delivery, while I step back to see the bigger picture.”

Aimee is also maturing as the firm’s financial leader, she feels: “I’ve learned a lot from Panthera, they’ve helped me feel like I’m stepping up in my role and becoming a true Financial Director. I meet with Panthera each month to review the business so that together we can plan a way forward. Whatever happens, there’s no negativity. If a month hasn’t gone as planned, we simply start from where we’re at and take a positive, proactive approach to plan forward.”

Towards a positive financial future

Panthera is helping Chris with forward planning, to help him think and act strategically around growth. Now that Paradigm is making decisions based on firm financial information rather than guesswork, Chris and Aimee can more easily identify when they need a new member of staff and take them on with confidence that it’s the right move for the business.

“Panthera goes above and beyond what you’d expect from an accountant. They are even helping us to develop the team hierarchy in the business. Building a strong management team is a key part of that. Being a loss adjuster is what I know best, but I still feel like I’m learning how to be a good MD.  I really appreciate the support Panthera gives me.”

Paradigm has not only become more robust as a business, but is now able to focus on the future, with Panthera’s support. Chris and Aimee are targeting ambitious but achievable financial targets in the immediate term and working with Panthera to establish longer term goals.

Chris is quite clear on the role they play and value they bring. He concluded: “When you need a real financial partner to help you develop your business, talk to Panthera. If you’re committed to engaging fully with them as a financial advisor, Panthera can become like an in-house finance department, to help you grow.”