From accountant to tech founder: 'What I've learned about accounting in the UK versus the world'

As an accountant turned tech founder, Guy Pearson knows firsthand the challenges accounting professionals face. Among these? Having your payments and cash flow link to one source of truth – your engagements. After years of working in the industry and seeing the same payment issues arise time and time again, Guy co-founded Ignition. The goal was to provide a solution that would streamline the client engagement, billing and payment process and help accounting professionals achieve zero receivables and bill and get paid for all of their work.

But how did Guy's journey from local accountant to global problem solver begin? And what lessons has he learnt along the way? Join Guy on May 11, 2023, at Accountex London for his keynote presentation. There, he’ll share his story, his unique views on accounting in the UK versus the rest of the world, and the key takeaways he's gained from his experience of going from an accountant to a CEO that sells software (mostly) to help accountants and professional services improve the way they run their business. Read on for a bit more of what you can expect from Guy on the day.

In 2013, Guy Pearson and Dane Thomas founded Ignition with a mission to revolutionise the way accountants, bookkeepers, and other professional services providers and their clients conduct business. Inspired by Guy's own experience as a successful accountant, the duo envisioned a better, more automated way to run such practices, which drove their innovative approach. Ignition – the all-in-one platform for professional services to automate and optimise proposals, client agreements, billing and payment collection – was born.

But launching Ignition was not without quite a few challenges, Guy claims. “The elephant in the room was the biggest,” he says. “I had never worked for a software company before, so I had to learn everything along the way and have enough cash on hand to pay folks to help me out.”

Still, Guy, Dane, and their team persevered, and today, more than 7,000 accounting and professional services firms worldwide use Ignition to enhance their efficiency, cash flow, and profitability.

Ignition’s global adoption has highlighted for Guy some key differences between bookkeeping and accounting firms in the UK versus other parts of the world. “I've noticed a significant gap in the confidence that UK accountants have in running their businesses and adopting technology compared with other countries, such as the US and Australia,” he says. “The UK needs to be more entrepreneurial in its approach and embrace technology to stay ahead of the game."

So, what does Guy see as the most pressing technology adoption issue facing accounting professionals in the UK today? “I think generally there’s been a lack of UK accounting and bookkeeping professionals charging their fair value,” he says.

“This has left a smaller spend allocation for research and development to improve their practices. As a result, they’re cutting off the innovation that follows, at the knees. Whereas, in other parts of the world, firms are looking to have a go at some new technology and see it as having a competitive edge to roll it out.”

On the other hand, Guy says, the UK is miles ahead on their structural rollout of technology. “But accounting is behind in its technology adoption,” he says. “HMRC, Companies House, and Open Banking are all breaking barriers, but the flow-on effect into more advanced workflows has been lacking,” and adds, “I won’t talk about MTD though…”

Key examples of the advanced workflows he points to include:

• Online incorporation and tech stack provision,with tools such as Firstbase.

• Funding against a single source of truth, such as with Stripe Capital.

• Payables wound into banking, such as Relay and Paytron.

• Artificial intelligence (AI) for audit, such as MindBridge.

On his own journey, Guy gained wisdom (the hard way!) that can benefit accounting professionals in the UK – and everywhere. One learning is the need to listen to clients and understand their pain points to provide effective solutions. Another is the importance of staying up-to-date with technology trends and implementing solutions that can improve business processes. What’s more, as technology advances, so do the ways accountants can provide more and better services to their clients (e.g. benchmarking, exit planning and pricing advisory). Finally, he emphasises the importance of not being afraid to take risks and try new things.

Looking ahead, Guy sees some exciting opportunities emerging for the industry. “As we look to the future of accounting, I see great potential in focusing on verticals – specialising in a particular niche or industry where you can gain expertise in the unique challenges and opportunities that come with it,” he says.

“By closely tracking how business models, capital availability, and technology are advancing within a smaller group of companies, you can offer more valuable insights and guidance to your clients. This approach can help professionals stand out in a crowded market and position themselves as trusted advisors who truly understand their clients' needs and build a more profitable business," Guy says.

As it has globally, Ignition can help UK accountants and bookkeepers to get on track. “The humble brag is that Ignition was set up to help accounting, bookkeeping and professional services firms take the admin out of how they run their businesses, including automating proposals, engagements, billing, and payments; put an end to unbilled work and get to zero accounts receivable,” Guy says.

“However, our best customers use all the insights and data within Ignition, such as service mix, monthly recurring revenue, conversion rates, and industry type, to build out how they drive more value and subsequently more revenue from their existing client base. The exchange of value is so important, and recognising your own value as trusted advisors … that’s what we unlock,” he says.

Guy's journey is indeed an inspiring one, and his insights on accounting in the UK versus the world provide valuable perspective for accounting professionals everywhere.

So, if you want to hear more of what he has to say, be sure to see Guy live and in person at Accountex London on May 11, 2023 from 2.00pm to 2.45pm on the Main Stage (Theatre 5). Learn more about Guy’s session, and stop by and visit Ignition at Booth #1030. Tickets to Accountex – and Guy’s session – are free!