NJM Accountancy invests £300,000 in Bangor expansion

NJM Accountancy has invested £300,000 in a new Bangor office after three years of expansion across its accountancy and payroll operations.

The business has opened a 26,000 sq ft property on High Street and will create four jobs as part of the move. Estate agency Fetherstons occupies the ground floor, while the additional space gives NJM room for further recruitment.

NJM says the business has trebled in size over the past three years, including a 42% increase during one year. More recently, the accountancy operation and its specialist Payroll NI division recorded 46% growth over an 18-month period.

The company has linked part of that expansion to demand from sectors where payroll administration can become particularly complex. Hospitality and healthcare recruitment both involve variable working patterns and large volumes of payroll transactions, creating demand for specialist support.

Payroll has also become more technically demanding as employers manage changes in wage rates, pension requirements, statutory leave and reporting obligations. Smaller organisations may decide that maintaining those processes internally requires more time and expertise than outsourcing them.

NJM’s investment gives the practice considerably more physical capacity than the four immediate appointments require. That makes the move a commitment to further growth rather than simply a response to current staffing levels.

Professional services businesses can expand without the machinery and production assets required by manufacturers, but larger premises still create fixed costs. Sustained client growth is needed if additional office capacity is to be used efficiently.

Technology is changing the economics of accountancy at the same time. Software can automate parts of bookkeeping, payroll and routine compliance, allowing practices to handle greater transaction volumes while placing more emphasis on advice and specialist work.

That increases the value of sector expertise where client requirements are less standardised. Payroll support for employers with complex shifts or large temporary workforces, for example, can involve considerably more judgement than processing a conventional monthly salary run.

The Bangor office gives NJM a larger base from which to develop those services while retaining its regional presence. Its reported growth rates suggest the practice is entering the move with strong momentum, although the larger premises increase the need to continue converting that momentum into recurring revenue.

The four newly announced jobs will be the first measure of the expansion. Further recruitment will depend on how quickly the additional capacity is absorbed by new and existing client work.