MAD Practice

    Benchmarking your top 10 KPI’s

    Some firms measure so many KPIs (paying scant regard to the fact that KPI stands for KEY, performance indicators) and do little or nothing with them; other firms don’t seem to bother at all. The most successful firms recognise there are only a few KEY PIs and outlined below are those that are considered to be KEY along with some benchmarking from a recent survey across 252 independent, SME facing firms in the UK. Contents: Profit Per Equity Revenue Per...

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    Building and Working with a High Performance Team

    It has been argued that the single most important asset of an accountancy firm is the people that work there; from partner all the way to the most junior member.   The reason being that with a well motivated and capable team, the clients will be attracted to the firm, whereas a demotivated and incapable team will drive clients away. The point that clients come first is valuable of course and we can all appreciate the conundrum of “which came...

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    Creating Time for Fee Earners

    The easiest way to predict the future is to create it. The world of accountancy is changing rapidly.  We are seeing digital tax filing on the horizon, the rise of cloud accounting, an amazing new array of apps for business owners, a lack of talent entering the profession and competition from above and below to the traditional mid-tier accounting practice. The most successful accounting firms we meet outline their strategy, set plans to achieve it, are flexible and ask the...

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    Criminal Justice Act 2017 – Tax Evasion

    The Criminal Finances Act 2017 (Commencement No. 1) Regulations 2017 These Regulations are the first commencement regulations made under the Criminal Finances Act 2017. The Regulations bring Part 3 of the Act (corporate offences of failure to prevent facilitation of tax evasion) into force on 30th September 2017, save for section 47 (guidance about preventing facilitation of tax evasion offences) which is brought into force on 17th July 2017. This legislation makes companies and partnerships criminally liable if they fail...

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    How to Best Structure an Accountancy Firm

    The easiest way to predict the future is to create it. The world of accountancy is changing rapidly.  We are seeing digital tax filing on the horizon, the rise of cloud accounting, an amazing new array of apps for business owners, a lack of talent entering the profession and competition from above and below to the traditional mid-tier accounting practice. The most successful accounting firms we meet outline their strategy, set plans to achieve it, are flexible and ask the...

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    How to Cross Sell Additional Services

    The most successful accountants we meet are very good at referring clients to their Financial Planner (FP). This may or may not be “in house.” Most accountants seem to have a “loose” or non-existent relationship and do not have a system for spotting opportunities to add value to their clients. We have carried out a lot of research and helped many accountants be successful with wealth management (WM) so we thought we would share a few simple reminders about the...

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    How to ensure your own succession

    One of the huge difficulties accountancy firms have historically had to face is the notion of succession and the complications that arise in partnership structures between the succession of management and that of ownership succession. This concept of not recognising goodwill is exactly the opposite for a sole practitioner where clearly there is recognition of goodwill and somewhere between sole practitioners and the largest firms in the world there is a grey area which can only be discussed and agreed...

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    How to Generate Client Referrals

    The easiest way to grow a practice is by referrals! Our client satisfaction survey has consistently shown that most of your clients will refer you but that most firms don’t ask! Organic growth is the most cost effective marketing tool for any practice. A system for generating referrals costs time and involves little additional marketing spend. So here are some simple reminders from 2020 about the systems you could put in place to ensure you get more referrals from your...

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    How to Generate Payroll Clients

    Following the introduction of Automatic Enrolment (AE) in 2012, most accountants have decided to upgrade their payroll software and offer AE services to clients. This involves a variety of methodologies, with some firms providing a full service helping clients with the workforce assessment, pension scheme selection, providing clients with communication letters for their employees, calculating the payroll pension scheme deductions and exporting the pay period data to the pension scheme provider. Others are providing a limited service or outsourcing the...

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    How to increase chargeable time

    Rumour has it that the “black hole” of the profession has been around for as long as anyone can remember.  Non chargeable time is often as high as 40% of total chargeable time and whatever charge-out rate your firm is running at, that is an awful lot of money! The Harvard Business School was apparently asked to review non chargeable time and offer some recommendations as to how to reduce the black hole.  It would seem the report concluded that...

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    How to Market Cloud Accounting to Existing & Potential Clients

    We all know the benefits of cloud accounting The market for cloud accounting packages has matured significantly in the last 2 years. There are now many software providers offering a variety of products. This guide is not concerned with the pros and cons of one provider over another; it’s about moving your clients away from a desktop package and onto the cloud. The market will become increasingly fluid over the next few years and only those firms that embrace the...

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    How to Market Corporate Finance Activities for the Smaller Firm

    Many smaller firms do not have a dedicated Corporate Finance (CF) partner or department, yet many of us have experience of raising, re-negotiating or restructuring finance, helping clients find and buy a business, merge their businesses, prepare for an exit and helping a sale to a smooth conclusion. The trouble is, we often rely on experience built up over many years and yet that might not be sufficient in today’s fast paced economy. So, we are seeing more firms use...

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