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In Practice

A New Way of Doing Business

During man and womankind’s time on this planet,we have had the AgriculturalRevolution,then the Industrial Revolution and now the Digital Revolution. In fact,to be strictly accurate,we have not had the DigitalRevolution;we are in fact starting it!

Aug 31, 2010

Want to Earn More New Business?

Ever been in a sales presentation and had your eyes glaze because you couldn’t relate to what was being said? Unfortunately this scenario happens quite frequently in the accounting sector.

Aug 31, 2010

Ireland’s smart economy – It is not all gloom and doom !

While the Irish economy continues to be stuck in a long lasting and (at least in the eyses of some pessimists) an apparently never ending recession it is more important than ever that we appreciate the fact that there are still incentives to develop and grow businesses in Ireland.

Aug 17, 2010

Listening to Your Clients

You’ve probably heard the statistic many times. The most significant reason clients leave one accountant for another, coming in at a whopping 68 percent, is “perceived indifference.” Simply put, clients don’t feel like their accountant cares about them.

Aug 17, 2010

A New Obstacle for Accountants in their Role as Investment Business Advisors

Does Investment Business or Insurance Activity currently provide your practice with an income stream? Do you provide investment business activities as part of your overall services to clients, either to offer a rounded added value service or to add to your practice income?

Aug 3, 2010

How to Write a Winning Proposal

In today’s economy, sales people have to write more proposals, and better proposals, than ever before. As the industry has become more competitive and complex, customers have become both more confused and more demanding. As a result, they are likely to listen to a presentation, nod their heads, and mutter those dreaded words, “Sounds good! Why don’t you put that in writing for me?”

Aug 3, 2010

Dealing with Dismissal Legally & Fairly

The legislation regarding a dismissal can be tricky and difficult enough for any individual and it is more difficult when you are agitated when something has gone wrong and you are tempted to make a decision on the spur of the moment

Aug 3, 2010

Absolute Returns – An Investment approach for uncertain times

Generally speaking there are two main schools of thought when it comes to Investment philosophy. Firstly there is the low cost passive investment school of thought. The strengths of this approach are both clear and intuitive; all costs or charges involved with investments reduce the prospective return. Advocates will argue that in efficient markets, active management does not deliver the superior returns required to offset the higher charges.

Jul 20, 2010

Blog and Tweet Your Way to Firm Growth

Remember the movie Field of Dreams in which Kevin Costner’s character was led to build a baseball diamond in his backyard by a voice saying “If You Build It, They Will Come?” The result was nothing less than a miracle as people traveled from near and far to watch legends play in a cornfield.

When you take a closer look at the recent popularity of blogs and twitter you might realize there are many similarities to Costner’s baseball diamond in attracting a targeted audience to your firm through cyberspace. Ponder on these stats that continue to grow exponentially:

Jul 20, 2010

Solicitor’s Accounts – A Brief Advice

We are all too familiar with the expectant feeling that we get when the post arrives each morning and sifting through the envelopes looking for one that resembles the contents of a cheque.

Our solicitor clients are no different and many share the similar cash flow constraints many of us accountants are experiencing at present with clients taking longer and longer to settle their outstanding fees.

So when the fee cheque does eventually arrive, the temptation is to lodge it immediately to the office bank account. However, before such a lodgement decision can be made a solicitor must ask himself the following questions;

Jul 20, 2010

IFAC SMP Committee releases Practice Management Guide

The Small and Medium Practices (SMP) Committee of the International Federation of Accountants (IFAC) today issued the Guide to Practice Management for Small- and Medium-sized Practices, which provides guidance on how this sector can better manage their practices and ultimately operate in a safe, profitable, and professional manner.

Jul 6, 2010

The National Pensions Framework: Notable Omissions

There has already been a wealth of media coverage in relation to the National Pensions Framework document (“the Framework”) since its publication in March 2010. However, there are also a number of significant omissions from the Framework.

Jun 29, 2010

Recruitment Referral Bonus

Jun 21, 2010

Download attachment(s): [ Practice_Support_Executive_-_Technical_Advisor_to_Accountants.pdf ]

New CPA Bye Laws – What do the changes mean?

Certainly the new version of the CPA Bye Laws has several changes and new additions which are worthy of a mention and which will substantially affect members who are in practice and practising firms with immediate effect. Omni pro has prepared a guidance document which outlines the changes in detail, however listed below are the more significant of the changes and additions to give you a flavour of the overall document. Click onto the change to link to the appropriate section of the guidance document.

Jun 8, 2010

Connecting on a personal level with clients

You don't have to become friends with clients, but it's essential to understand them as individual human beings. Here are 10 suggestions for getting to know your clients as people:

Jun 8, 2010

Portable Device Security — Protect Your Client’s Data

As more portable devices allow Accountants to have 24/7 access to client information, many firms are now looking to protect private and sensitive data that may be stored on them.

Jun 8, 2010

Essential Marketing Practices for Accountants

There’s a proven marketing strategy that allows businesses to generate and retain high quality clients, without hiring external consultants. By implementing some simple marketing practices, businesses will be able to effectively promote their products and services to specific audiences and target markets. Following are some practical marketing strategies that generate real results.

May 25, 2010

Fortifying Client Relationships: A Sure‐Fire Strategy for Enhancing Key Client Loyalty and Current Client Engagements

Client retention is an essential ingredient for a solid marketing plan. Often times,accounting firms get bogged down looking for new clients and miss important opportunities to serve their current client base. Further, firms leave their most precious client relationships open for competitors to target when they don’t use effective client retention strategies

May 25, 2010

The Future for Bank Auditors

The current Audit structure for Banks and Insurance companies is inherently faulty & cannot be allowed to continue. In the case of Banks and Insurance Companies, the Auditors impact over the last few years has been at best neutral, or at worst seriously lacking when it came to acting in the Public Interest.

May 11, 2010

Consistently Improving Workplace Performance!

‘What I expect from you all is to consistently improve your performance!’ When have you last expressed this message to your staff members? If you haven’t mentioned anything like this in the last six months you must not be aware of the economic difficulties we are in.

May 11, 2010

What is it that clients really want from their Accountant, but rarely ask for?

We're not pulling any punches in this issue. Let's face it (I've said it many times before), clients don't want a set of financial statements or a tax return done. They HAVE to have those prepared as they're not capable of doing it themselves and so they come to us.

There are, however, a number of services that they'd love to have, but they probably don't even realize that you can help them.

Apr 27, 2010

Emotional Intelligence is Critical to Personal and Firm Success

As businesses seek to turn information into knowledge, CPAs will assume more advisory roles by combining traditional services with consulting services. Accountants must have the sales and presentation skills not traditionally used in the profession. They must be able to explain financial data in non‐financial terms and offer clear and concise recommendations that lead to business results.

Apr 27, 2010

20 Opportunities to Grow a Client Relationship

Are your client relationships growing, staying the same, or shrinking? How much influence do you really have over the direction they take? The answer, I believe, is a whole lot. While many factors influence whether or not a relationship grows, you and your team can have an enormous impact on the trajectory that it takes.

Apr 13, 2010

Charities must deal with implementation of New Charities Act during 2010

The current economic climate presents many challenges for charities and not for profit organisations. Escalating pressures have impacted on fundraising and many charities are experiencing an unprecedented demand for services.

Apr 13, 2010

Incorporation of business – not just a tax issue

Significant increases in personal taxation in both the October 2008 and April 2009 budgets have greatly increased the attractiveness of trading through the medium of an incorporated entity. However as Alan Lawlor, Tax Partner with Wallace O Donoghue Accountants now explains it is important that due regard is had for all business and regulatory issues before making such a move.

Mar 30, 2010

Accountants no longer need a solicitor to talk to a top Irish barrister. But why would you want to?

THE Irish Bar is changing and innovative barristers now recognise that their professional client base extends far beyond solicitors. Many accountants are still not aware that their own profession can obtain the cost-effective services of Irish barristers without the need to instruct a solicitor first.

Mar 30, 2010

You Are Always Selling

The accounting field may appear at first to be almost the opposite of sales. After all, you’re not trying to get a hospital to buy the latest x‐ray machine. But the truth is: If you’re in business, you’re in sales. That’s the only way you can sustain and grow your accounting practice.

Mar 16, 2010

ISME Reports a Deterioration in SME Bank Lending

Details of the ISME Bank Watch Survey, issued today (Monday, 1st March), confirm deterioration in bank credit for SMEs, in the three months to end of February. More than half of loan and overdraft requests have been refused, despite the banks assertions that they are ‘open for business’. The Association outlined that the Government now has no option but to immediately intervene through the NAMA process and force the banks to start opening up lending channels to small businesses. Any banks that fail to comply should automatically be refused any further state assistance with their recapitilisation programme.

Mar 2, 2010

Place of Supply of Services Rules 2010

As you know 1 January 2010 saw the introduction of the new place of supply rules for services. Now that the rules have had time to bed in it is a good idea to benchmark how business is coping with the changes.

Mar 2, 2010

Why Most Accounting Firms Websites Fail

The success of every website revolves around being found on the search engines. In other words, your website needs to be towards the top of the search engines in order to generate new business for your practice. Otherwise, it’s just another website that is lost in space, which is useless.

Mar 2, 2010

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