The Peloton: How accounting and cycling are more intertwined than you may think

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A peloton is a group of cyclists who ride closely together to save energy, improve efficiency and reduce drag. And that’s why one of Cornwall’s top cloud accounting firms have chosen this methodology as their philosophy and namesake.

Managing Director at The Peloton, Mike Hutchinson, says they try to drop their clients at the centre of their ‘peloton’. This ensures clients have the support they need to get across the finish line.

“No one’s ever won the Tour de France on their own,” Mike explains.

Not your average accountants

At The Peloton, the firm takes an out-of-the-box approach to accounting. And this is reflected in everything from the work they do to their lovely light and open office space.

“The Peloton is very much not the standard accounting practice,” firm accountant Ben Ackner explains. “It looks forward, it concentrates on adding a huge amount of value to a business. It doesn’t focus just on the standard compliance work.”

Preparing for Making Tax Digital

Mike says the practice is heavily invested in cloud-based technology, leveraging Xero to look after their clients’ accounts.

“We understand that technology is part of our proposition and has to be right at the front,” Mike says. “It underpins everything we do, and it will underpin everything we do for the foreseeable future.”

Part of that future is HMRC’s Making Tax Digital (MTD) initiative, something the team at The Peloton see as an opportunity. While the change may be difficult, the firm knows MTD will benefit their clients in the long-run. That’s why the practice advocates for their clients to move across to Xero wherever possible to stay ahead of the curve.

“The benefits of having all of our clients with records in a digital space is a really great thing,” firm accountant Nicola Thwaites says. “It moves us into a space where we’ve got real-time information at our fingertips, where we can help clients to make really great informed decisions using up-to-date current data.”