About Account Factory
Account Factory was started to come up with a new and more modern way of running an accounting firm. The founder Mikael Green ended up in the accounting business on the proverbial banana peel in 2003 – for lack of other business ideas, actually. He first ran the rather traditional accounting firm Consigliere Redovisning, but quickly became frustrated with many aspects of the business. The revenue model with hourly fees was an opaque and unfair price model for clients. The smallest clients had a hard time finding a competent and decently priced accounting firm. There was basically no innovation in the business, especially not in technology. And the list could go on.
He sold Consigliere Redovisning in 2007 with the conclusion “never again”. But with some perspective, ideas soon appeared about how to do this better. Ideas became plans and in 2010 Account Factory was launched, with the ambition to leave no stone unturned to find a better way to run an accounting firm.
What we do
We help small businesses with bookkeeping and taxes, which in its essence is the same thing as many other accounting firms do. But we do some things in a slightly different way.
We spend most time on the basic bookkeeping, but we handle everything that has to do with bookkeeping and taxes: updating accounts, closing years, annual reports, tax returns, payroll, consulting and more. The only things we don’t do are invoicing and payments, since it rarely makes sense for small clients to outsource those tasks.
There are many things we want to try to do a bit differently at Account Factory. Here are some parts of our concept:
We’re totally paper-free. Our clients deliver their bookkeeping material to us digitally and we attach them to vouchers in our accounting system. Normally there’s only one thing our clients snail-mail to us each year – one piece of paper for the annual report (and only for aktiebolags), and even that is about to go digital.
We only have fixed monthly fees. As a client you always know what your next invoice will look like when it arrives. We don’t often touch our fees, but if we have to adjust them you only get to know in advance.
We’ll never be the cheapest or the most expensive in the market, but we aim to give the absolute best value for money for our segment. We try to keep a decent price level, deliver the right kind of services and in a good way. We build processes and systems to minimize the error rate in our work. And we always try to optimize your accounting and taxes to save you money.
Collective client responsibility
We take care of our clients together. You don’t get your own accountant or contact person with us, instead we’re collectively responsible for all our clients. You’re not dependent on your contact person being in the office and you don’t have to end up with the newest accountant in the firm just because you’re a small client.
For us this makes work assignment, capacity planning, staff absence and staff turnover much easier to handle.
We build our own tools. Accounting is a craft and a craftsperson needs good tools. To get tools that fit our needs we built our own software for e.g. client management, annual reports, time tracking and payroll. And more are in the pipeline.
And how about an app for our clients? Yep, that’s in the pipeline as well. Stay tuned…
We focus. Many accounting firms take all kinds of clients and assignments – from the housing society to the consulting firm, and from full-time assigments to five hours per year. We don’t believe you can deliver quality in your work with such a wide range of clients.
Our typical client is a consulting company with 1-10 people – a limited liability company (aktiebolag) or a sole trader (enskild firma). And those clients we’re really good at. Sure, we do deviate from that focus every now and then, but only when our clients insist 🙂 and we can keep the same quality.
We’re not interested in doing unnecessary stuff for you, just to be able to bill you more hours. Quite the opposite, with fixed fees we want to simplify and make things as efficient as possible, without compromising on quality.
We use a reduced account plan and cover the cost for a login for you to access all your books yourself, print out reports etc. With digital books we don’t have to waste time (and trees) on printing papers, put them in binder and so on. We constantly look for opportunities to automatize work activities.