For Clarkson, it all goes back to numbers… and she’s scaling up
Laura Clarkson holds the roles of office managing partner in Scotland and head of healthcare accounting services in the UK for audit, tax and advisory firm Mazars, which is present in about 100 countries. She is keen to scale the Scotland arm of the key global player, finds Emma Newlands
How far does your chosen career stretch back?
“Just a keenness for numbers, for analysing numbers, that was always what I was good at doing right back at school, I suppose. It felt like a natural progression to explore something at university which let me just do that on a day-to-day basis, and enjoy it really.”
The Scottish arm of Mazars comprises its bases in Capital Square in Edinburgh (having last year relocated from nearby Haymarket) and on Queen Street in Glasgow, and it enjoyed double-digit growth for the 2022-23 financial year. How does that feel?
“Where we are right now is quite an exciting place to be,” says Clarkson. “We recently went up a gear north of the border in areas include public sector audit, having worked for Audit Scotland since April 2023, with a relatively young relevant Scottish team that is now 15-strong.”
The business has also upped its financial planning operations, now numbering just over 20 staff, and having been supplemented by the acquisition in 2022 of the Edinburgh-based, femalefocused advisory firm Independent Women, which consequently launched a presence in six of the accountancy firm’s UK offices.
“We’ve got them sitting within our team, which is brilliant”, says Clarkson of the IFA firm led by Mazars partner Lesley Mackintosh. “The firm has also teamed up with Censis – Scotland’s innovation centre for sensors, imaging systems, and Internet of Things (IoT) technologies – to boost diversity in cyber security.”
Another tie-up that stretches thousands of miles further is one announced in December of last year with US accountancy major Forvis to create a new top ten global network, and will officially kick off this summer. Does this partnership feel like a shot in the arm for Mazars’ activity in Scotland?
“We will learn, I think, quite a lot from each other. I think we need to be bolder about our international capability. I know our teams are really keen to start working a bit more together.”
Is it true that Mazars has been polishing up its workforce?
“We’ve welcomed 16 graduates in September, and undertaken 17 promotions over the last financial year, plus nine in the first half of the current 12-month period. And it now has about 200 staff in Scotland altogether, pretty much focused on the privately owned business market.”
According to the latest Royal Bank of Scotland purchasing managers’ index, the Scottish private sector gained momentum in January, growing to 51.7, crossing the 50 threshold away from contraction into growth from 49.4 in December. However, the lender also warned that the gloomy economic backdrop “could undermine growth prospects” going forward. Is this a worry for Mazars?
“Mazars in Scotland has seen good expansion over the last couple of years, and we’re aiming to see its turnover increase to £20 million, and want staff to reach the 250 threshold next year. Helping the latter is a handful of senior hires currently being considered, and at least half of those will be new services that we don't currently offer, so that's the bit that gets me quite excited. I’m also keen to hire at the more junior end of the scale, and nurture school-leavers, for example.
Mazars has also now north of the border created a transfer pricing team. Is this something you’re keen to grow?
“Yes, although it’s not yet something we're known for in Scotland. We’re also seeking to beef up our advisory and health arms, working with underpressure GP practices and larger NHS boards.”
Can you tell us of any recent deals in Scotland?
“The firm is operating amid consolidation in the sector – with recent deals including MHA snapping up Meston Reid & Co followed by Geoghegans, and AAB acquiring French Duncan. “We’ve noticed a sectorwide move away from the Big Four (PwC, Deloitte, EY and KPMG). We focus on doing what we're good at doing, and staying close to our clients.”
Do you think the Big Four have seen some tarnishing of reputations in recent years?
“We are careful in terms of the work that we will pitch for – we’re certainly not going after all the work that is coming our way.”
Clarkson also admits that stepping up to the Scottish managing partner hotseat was something of an intimidating prospect – but welcomes the fact that she was in an environment offering the opportunity to take on something new.
“I guess, like everything in life, you take things on and you do your best.”
Now, just over six years since taking those reins, “the aspiration [in Scotland] is growth, it’s building the team, building the services, continuing the journey we’re already on, and broadening out the services that we offer – and aiming for that £20m”.
Analysing numbers, that was always what I was good at doing right back at school, I suppose Laura Clarkson