Future Proofing Your
Firm
REMAINING
RELEVANT
B U S I N E S S A D V I S O R Y S O F T W A R E F O R A C C O U N T A N T S
Rob Nixon Colin Dunn
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The 10 Chapters of your future
1. The way of the dinosaur
2. A new plan is needed
3. The Real Time Accountant
4. People are still needed
5. Over-delivering on the service
6. Productising what you know
7. Making targeted noise
8. Noise without follow up is just noise
9. It’s a business that makes money
10.It’s all about you.
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Promise
Chapter 1:
The way of the
dinosaur
B U S I N E S S A D V I S O R Y S O F T W A R E F O R A C C O U N T A N T S
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THERE’S A STORM BREWING!
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New Zealand – cloud since 2009
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www.indinero.com
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www.indinero.com
Chapter 2:
A new plan is needed
B U S I N E S S A D V I S O R Y S O F T W A R E F O R A C C O U N T A N T S
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Business by Design
Your business
life
The numbers
Services offered
Your culture
Your clients
Chapter 3:
The Real Time
Accountant
B U S I N E S S A D V I S O R Y S O F T W A R E F O R A C C O U N T A N T S
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REDUNDANT OR REAL TIME
Redundant Data Accountants
Real Time Accountants
Offers advice late or not at all Offers advice before it happens
Processes work and administration
Value added services that help
Waits for things to happen On front foot making it happen
Majority of revenue in compliance
Majority of revenue in Business Advisory
Prices in arrears Prices every project upfront
Doesn’t visit / call me Visits and calls on systematic basis
Doesn’t follow up Follows up on every opportunity
Doesn’t promote the latest thing
Always promoting
Most clients on ‘hard drive’ accounting
Most clients on ‘cloud’ accounting
Numbers power with the client Numbers power with the Accountant
Chapter 4:
People are still
needed
B U S I N E S S A D V I S O R Y S O F T W A R E F O R A C C O U N T A N T S
W W W. P A N A L I T I X . C O M
The future of employment – how susceptible jobs are to computerisation – C Frey & M
Osborne 2013
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Accountants salaries in the Philippines
Qualifications / ExperienceAnnual Salary
PH Peso*Annual Salary
USD$Per Hour USD
(1800 hrs)
Newly Grad Accounting (non CPA) P130k – P156k $2,900 - $3,500 $1.60 - $1.95
Accountant (non CPA) few years experience
P182k – P260k $4,000 - $5,800 $2.22 - $3.22
CPA Accountant (just qualified) P234k – P286k $5,200 - $6,300 $2.88 - $3.50
CPA Accountant (5 years experience + can supervise)
P286k – P390k $6,300 - $8,600 $3.50 - $4.77
CPA Accountant (CFO, Head of Audit level)
P390k – P585k $8,600 - $13,000 $4.77 - $7.22
* These salaries are what the team member is paid as at February 2014
* Plus BPO (business process outsourcing) “seat fee” costs of approx. US$600 - $850 per person per month
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What can your virtual team do?
Administration
Your internal finance team
Marketing team – all functions
Sales coordinators
Client Services assistants
Technology creation and support
Accounting processing team
Bookkeepers
Para-planners
Product & systems developers.
Chapter 5:
Over delivering on
service
B U S I N E S S A D V I S O R Y S O F T W A R E F O R A C C O U N T A N T S
AGM PANALITIX
6 monthly Visits
Phone calls –3-4 times per year
No Charge email /
phone calls
What if planning
ServiceNew OppsAdd value
Sporadic emails / letters
SeminarsCAB’sSocial Media
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What clients need – the Awesome 8
Growth
Profit
Cashflow
Asset Protection
Tax minimise
Financial Retirement
Succession
Estate planning /
legacy
Clients
Chapter 6:
Productising what you
know
B U S I N E S S A D V I S O R Y S O F T W A R E F O R A C C O U N T A N T S
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20 new products1. Revenue growth program2. Cash flow analysis, forecasting &
monitoring program3. Profit improvement program4. Debt re-structuring program5. Receivables management service6. Inventory management service7. Bookkeeping (serviced from lower cost
countries)8. Virtual Management Accounting9. Cloud conversions10.Sort out the numbers program.
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20 new products11. Monitoring & Accountability program
12. Webinar / Seminar / Workshops / events
13. Planning sessions – face2face, group or remote
14. Boxed product (DVD, etc.) for a niche market
15. Books / Manuals / Podcasts / Video subscriptions
16. Software or online learning –subscription based
17. Challenges – 100 day / 6 week, etc.
18. Leveraged training or consulting
19. Group coaching
Chapter 7:
Making targeted
noise
B U S I N E S S A D V I S O R Y S O F T W A R E F O R A C C O U N T A N T S
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Niche markets• Geographic niche – we are the small
business experts in New Zealand
• Services niche – we help business owners to be financially retired
• Behavior niche – we help Entrepreneurs start and then exit their businesses
• Industry niche – we help Restaurateurs to grow and develop their businesses
• Mixed niche – Entrepreneurial Restaurants in New Zealand.
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Niche market criteria
1.Are there lots of them?
2.Do they have the ability to pay?
3.Can your IP make a difference to them?
4.Are they enjoyable to work with?
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Leveraging the Internet
Chapter 8:
Noise without follow
up is just noise
B U S I N E S S A D V I S O R Y S O F T W A R E F O R A C C O U N T A N T S
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Sales system – step by step process
Chapter 9:
It’s a business that
makes money
B U S I N E S S A D V I S O R Y S O F T W A R E F O R A C C O U N T A N T S
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Key Area Now
Partners
Accountants
Administration & Marketing
Client numbers - groups
Average client project value
Number of client projects per year
Average fee per client group per year
Revenue
Salaries – excluding partners
Office overheads
Total costs
Profit before partner salaries
Profit per partner
Productivity / Utilization – Partners
Productivity / Utilization – Accountants
Average hourly rate / Net firm billing rate - client hours
Average hourly rate / Net firm billing rate - all hours
2
10
4
600
$1,750
4
$4,200,000
$1,280,000 (30%)
$920,000
$2,200,000
$2,000,000 (48%)
$1,000,000
30% (506 hours)
75% (1265 hours)
$307
$155
$7,000
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Packaged Pricing
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Chapter 10:
It’s all about you!
B U S I N E S S A D V I S O R Y S O F T W A R E F O R A C C O U N T A N T S
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It’s all about you!
Co
re p
urp
ose
Thirst for learning
Self b
elief
Fun every day
W W W. P A N A L I T I X . C O M
It’s all about you!
Co
re p
urp
ose
Thirst for learning
Self b
elief
Fun every day
W W W. P A N A L I T I X . C O M
It’s all about you!
Co
re p
urp
ose
Thirst for learning
Self b
elief
Fun every day
W W W. P A N A L I T I X . C O M
www.panalitix.com/remainingrelevant
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