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TaxAssist Accountants Annual Conference 2013

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Title: PowerPoint Presentation Author: Anne Sexton Last modified by: Jessica Meaney Created Date: 6/13/2008 11:02:22 AM Document presentation format – PowerPoint PPT presentation

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Title: TaxAssist Accountants Annual Conference 2013


1
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2
TaxAssist Accountants Annual Conference 2013
3
Agenda
  • Welcome
  • Business development updates
  • Technical updates
  • Coffee
  • Network Update
  • Practice Management
  • Break out sessions
  • Lunch
  • Fireside chat with Mark Fordham

4
Business Development updates
  • Industry trends
  • Our brand
  • New marketing material
  • PR
  • Customer satisfaction
  • HR

5
Fees
  • Fees have stabilised in all areas. Downward trend
    has ceased but have not returned to 2006 levels.

6
Fees
  • 76 of firms have same staff levels as 2011 and
  • 72 expect no change next year

7
Fees
  • Number of firms with over 500 clients is dropping
  • 2 (from 4.5)

8
Issues
  • Billing and collection number 1 concern

9
CPA Practice Survey 2013
Income sources
Audit Down from 21 - 17
Accountancy 48 (up from 43)
Taxation 17 of practice income
Payroll and bookkeeping Down from 21 - 16
10
Growth in the top 20
  • Number 20 in 2013
  • Feature article and advert
  • Aiming for number 17 or 16 this year

11
  2012 (m) 2013 (m) Growth YOY
PWC 299.0 300.0 0
KPMG 233.0 246.0 6
Deloitte 135.0 144.0 7
EY 125.0 130.0 4
GT 71.0 82.1 16
BDO 54.6 50.6 -7
RSM Farrell Grant Sparks 32.0 32.0 0
Mazars 27.5 27.5 0
Baker Tilly Ryan Glennon 13.7 14.3 4
Moore Stephens Natans 13.7 13.8 1
Crowe Horwath 12.6 13.0 3
IFAC Accountants 12.1 12.0 -1
Russell Brennan Keane 9.5 9.6 1
Smith Williamson 6.8 7.0 3
PFK O'Connor Leddy Holmes 4.9 5.1 4
JPA Brenson Lawlor 4.6 4.7 2
Ormsby Rhodes 4.7 4.6 -2
OSK 4.3 3.8 -12
Hughes Blake 4.0 4.0 0
McInerney Saunders 2.9 3.0 3
TaxAssist 2.0 3.0 50
12
  Growth YOY 2012 (m) 2013 (m)
TaxAssist 50 2.0 3.0
GT 16 71.0 82.1
Deloitte 7 135.0 144.0
KPMG 6 233.0 246.0
Baker Tilly Ryan Glennon 4 13.7 14.3
PFK O'Connor Leddy Holmes 4 4.9 5.1
EY 4 125.0 130.0
McInerney Saunders 3 2.9 3.0
Crowe Horwath 3 12.6 13.0
Smith Williamson 3 6.8 7.0
JPA Brenson Lawlor 2 4.6 4.7
Russell Brennan Keane 1 9.5 9.6
Moore Stephens Natans 1 13.7 13.8
PWC 0 299.0 300.0
RSM Farrell Grant Sparks 0 32.0 32.0
Mazars 0 27.5 27.5
Hughes Blake 0 4.0 4.0
IFAC Accountants -1 12.1 12.0
Ormsby Rhodes -2 4.7 4.6
BDO -7 54.6 50.6
OSK -12 4.3 3.8
13
Growth rates
  • TaxAssist posting 50 growth YOY
  • 16 next highest- Grant Thornton
  • Average growth 1-3

14
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15
Where are we going with the brand?
16

Its the small guy versus the big guy
17

What is a challenger brand
  • Not the market leader, late to the category
  • Look at their category with fresh eyes
  • Plucky underdog
  • Impact is out of proportion to budget
  • Asking you to pick a side

18

What is a challenger brand
  • Challenge the way the customer shops
  • Challenges what people think about the industry

19

Avis
20
Challenger brand examples RaboBank
  • Irelands first online bank
  • Lifes more interesting when youre direct

21
What can we challenge?
  • Communication issues
  • How people buy the service
  • The industry stereotype

22
New creative
23
National marketing
  • Newstalk campaign
  • 4 month campaign
  • 2 week bursts followed by 1 week in the month
  • Mixture of 30 second ads and 5 second stings
  • More primetime slots

24
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27
New creative
28
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30
New creative
  • Creative Director at McConnells, Leo Burnett
    Irish International
  • Best Copywriting 2012 at the Newspaper Awards
  • Black Shark at Kinsale 2000 for Radio Ad of the
    Millennium.
  • Campaigns for Nissan, Kerrygold, Donegal catch,
    Centra

31
New Marketing toolkit pages
32
Where to find the Marketing Toolkit
33
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34
Switcher campaign Q1 2014
  • Updated tools available including
  • New adverts
  • New leaflets
  • Letter to clients
  • Business review guides
  • Poster
  • Tweets
  • Editorial/ press releases

35
State support Q2 2014
  • Updated tools available including
  • Start-up guide
  • Presentation
  • Template business plans
  • 9 point cash collection system
  • Adverts/Flyers
  • Tweets
  • Editorial/ press releases

36
Innovation Vouchers
  • 5,000 innovation voucher from Enterprise Ireland
  • Voucher used to research new product or service
  • Used in conjunction with research/education
    institutions, e.g. ITs, universities

37
Start Your Own Business SYOB
  • Announced budget 2014
  • Eligible for people unemployed for over 12 months
  • Set up as sole trader
  • Exempt from income tax for first 2 years

38
Seed capital
  • Available for new businesses if the individual
    starting was previously PAYE employee
  • Claim back income tax for previous 6 years
  • Maximum of 100,000
  • Most sectors qualify for this scheme now

39
Jobs Plus
  • Rewards employers for taking on previously long
    term unemployed staff
  • 7,500 - unemployed for over 12months
  • 10,000 - unemployed over 24 months
  • Paid monthly over 2 years

40
State support
  • Panel of representatives
  • Starting Jan 2014

41
Farmers
  • Marketing materials
  • Letter
  • Poster
  • Advert
  • Tweets
  • Presentations

42
Public relations
43
PR Tracker
44
Local PR
45
National PR
46
Public Relations
Year AVE
2013 (to date) 187,000
47
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48
Customer satisfaction
  • If you dont measure it, you cannot manage it!
  • CX Index can help us capture feedback, to
    measure, identify and retain at risk clients.
  • Drives people on to social media

49
Customer satisfaction
50
Customer satisfaction
  • Survey 4 times a year
  • Lets clients tell you what they wouldnt in
    person
  • Opt-in
  • Benchmarking against other practices available

51
Client Factsheets
52
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53
Network news
  • Spring 2014
  • We need your ideas!

54
Leads
  • Tuesdays Wedesndays the busiest days
  • 11am- 12pm our busiest time
  • Sunday twice as busy as Saturday
  • 30 of lead data being filled in!

55
BACA
  • Daily Newsfeed
  • Google places
  • Client factsheets
  • Digital leaflets
  • Social media
  • Marketing toolkit
  • Content for website
  • Google AdWords
  • Search Engine Optimisation
  • Radio
  • Marketing Literature
  • Public Relations activity
  • Website Development/Support
  • Email Newsletters

56
Staff
  • Staff day 10 staff attended
  • Purpose of day
  • Retention of key staff, make then feel a valued
    part of the network
  • Encourage relationships between staff from
    different practices
  • Sharing of TaxAssist culture
  • Sharing of TaxAssist structure
  • A voice for staff
  • Potential for future partners / buyers

57
Staff
  • Key issues
  • Communication support site, weekly email
  • Awareness - tools, helpdesk, marketing toolkit,
    support, Support Centre structure)
  • Involvement/delegation
  • Training needs CCH, Kashflow
  • Staff forum

58
HR
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60
Technical updates
61
Training academy
  • New courses
  • CCH Central 2 phases
  • 5 per class
  • Practical, hands on sessions
  • January 16th 23rd
  • July for Tax update day

62
Technical
  • Finance Bill (No. 2) 2013
  • Current issues with Revenue

63
Finance Bill (No. 2) 2013
  • Home Renovation Initiative
  • Advanced approval from Revenue
  • Revenue assign unique contract code
  • Contractor informs Revenue of payments received
  • Individual applies to Revenue for tax credit

64
Finance Bill (No. 2) 2013
  • Changes to VAT
  • Refund Revenue any VAT claimed on invoices not
    paid within 6 months
  • Cash receipts basis threshold increasing to 2
    million from 1st May 2014

65
Finance Bill (No. 2) 2013
  • Extension of certain reliefs for farmers
  • Stock relief
  • Retirement relief on leased farmland
  • Top slicing relief abolished
  • PSWT for incorporated practices
  • Entrepreneurs Relief
  • Start your own business relief

66
Finance Bill (No. 2) 2013
  • Other measures
  • Reduction in tax relief on medical insurance
  • Increase in DIRT rate to 41
  • Expansion of living city initiative
  • Reduction in Pension fund threshold to 2 million
  • Extension of CGT relief on purchase of investment
    property to 31st December 2014

67
Finance Bill (No. 2) 2013
  • Other measures (contd)
  • Jobsplus payments added to list of exempt income
  • Changes to RD tax credits
  • One parent family credit replaced with Single
    Person Child Carer credit

68
PRSI Changes for 2014
  • PRSI to be paid on investment income
  • Lower rate of employers PRSI reverts to 8.5
    from the 1st January 2014

69
Current Issues with Revenue
  • Contractors project
  • Motor and travel
  • Employment of family members
  • Revenue enquiries based on accounts extracts
  • VAT registrations
  • SEPA changes

70
Network Update
71

31.10.12 31.10.13 Growth
Franchise Areas 21 25 4
Fee Bank 2,758,217 3,763,178 1,004,961
Number of clients 2,709 3,921 1,212
Average Spend 1,018 960 829
72
2013 Clients Fee Bank
October 281 228,018
June 107 89,108
January 139 131,739
December/August
73
UK
  • UK FAMBO progressing final stages to be
    completed by year end. European investors.

74
International
  • Canada - Due to sign a Master Franchise Agreement
    with Rina Mancini this side of Christmas.
    Territory will be the Greater Toronto Area of
    Ontario which has a population of circa 6
    million.
  • Australia NZ - In initial stages of
    conversations with interested accountants.
  • USA Finalising the US franchise disclosure
    document.

75
SEPA Standing Orders
  • Existing standing orders will convert
    automatically
  • After 1st February 2014, all new standing orders
    must be set up using BIC and IBAN details instead
    of NSC and Account Numbers.
  • Bank of Ireland

76
Additional services
  • 80 want to sell additional services
  • Not at this stage
  • 67 dont want to outsource this
  • Heavy sales approach

77
Additional services
  • 200 300 majority consider this a worth
    their while commission

78
Additional services Top 4
  • Pensions
  • Insurance
  • Mobile phones
  • Financial advice

79
Additional services
  • Local referrals
  • Blue Face
  • Audit Insurance
  • National Relationships

80
Practice Management
  • Have a plan
  • Have a structure
  • Hire the right staff
  • Set targets for staff
  • Rate your clients
  • Price correctly
  • Manage your cash flow

81
Have a plan
  • Where are you now?
  • Where do you want to get to?
  • How are you going to get there?

82
Have a practice structure
  • Sales/Marketing
  • Production
  • Admin

83
Hire the right staff
  • Manager
  • Qualified
  • Senior
  • Junior
  • Admin

84
CPA salary survey 2013
  • Managers - 37,000
  • Other qualified - 30,000
  • Senior 23,000
  • Junior - 16,000
  • Admin - 18,000

85
Set targets for staff
  • Monthly billing targets
  • 65 do set a weekly work programme
  • 65 no billing target
  • 3 times salary

86
Rate your clients
  • A,B,C,D
  • Profitability
  • Quality of the records etc.
  • Getting books and records in
  • Delay in responding to queries
  • Train your clients/Standard operating manual

87
Price correctly
  • Everyone under prices
  • Legacy issues
  • D Clients C Clients
  • CPA Survey

88
Fees
Sole trader income less than 250k 1,159
Limited co. turnover less than 1m 2,172
Income tax PAYE earner 223
Self employed tax return rental income 427
89
Cashflow
  • Standing Orders
  • Dont file/Half up front New clients
  • Manage work flow
  • Dont start work that cant be finished
  • Consistent/persistent/delegate/process
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