The future tax practice
Download
1 / 64

The Future Tax Practice - PowerPoint PPT Presentation


  • 111 Views
  • Uploaded on

The Future Tax Practice. Sandra Wiley Shareholder Boomer Consulting, Inc. POLLING: The number of individuals in our firm is:. 1-5 6-25 26-75 76 – 150 >150. POLLING: My position at the firm is:. Owner/Partner Manager Staff Administrative Other. Today’s Journey. Introduction

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about ' The Future Tax Practice' - dexter-short


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
The future tax practice

The Future Tax Practice

Sandra Wiley

Shareholder

Boomer Consulting, Inc.



Polling my position at the firm is
POLLING: My position at the firm is:

Owner/Partner

Manager

Staff

Administrative

Other


Today s journey
Today’s Journey

Introduction

It Starts With Technology

Impact Factors

Planning

It Ends With Technology

Change – Vision - Leadership



Your 1 priority

Your # 1 Priority

Maintain Confidence


Trust the waves determine the speed of change
Trust—The WavesDetermine the speed of change.

Societal

Market

Organizational

Relationship

Self


Your firm s decision
Your Firm’s Decision

From The Speed of Trust by Stephen M. R. Covey


The economics of trust
The Economics of Trust

Low Trust =

=

From The Speed of Trust by Stephen M. R. Covey


The economics of trust1
The Economics of Trust

High Trust =

=

From The Speed of Trust by Stephen M. R. Covey


Management Leadership

1 2 3 4 5 6 7

Efficient Effective Improving Cutting Copying Different Impossible

The 7 Levels of Change



Integration the complexity of firm systems

Integration…the complexity of firm systems


Applications
Applications

  • Personal tax

  • Business tax

  • Estate tax

  • Time & billing - AR

  • Trial Balance - Work Papers

  • Write-Up

  • Document/Content Management

  • General ledger – AP

  • Payroll

  • Accounting Research

  • QuickBooks

  • Learning Mgmt. System

  • Depreciation

  • Email – Exchange

  • Word – Excel – PowerPoint

  • Project management

  • Tax Planning

  • Website – Intranet

  • Tax planning

  • Tax research

  • SharePoint - Portals

Most firms have a minimum of 15 applications.



Why?

  • Firm decision making process

  • Lack of partner knowledge/involvement

  • Lack of an IT Leader

  • Department versus a firm approach

  • The vendors

  • The IT Industry

    • Hardware

    • Software

  • Lack of plans

    • Strategic

    • IT



Definitions
Definitions

Middleware is computer software that connects software components or applications.

Web service is defined by the W3C as "a software system designed to support interoperablemachine-to-machine interaction over a network"




Solutions
Solutions

Simplify

Leverage processes

Train

Eliminate “Wizards”


Wizardry

Wizardry

The end user is unreasonably committed to keeping the old system even though it offers low productivity to the rest of the employees, particularly non-wizards. This applies to paper based systems as well as digital.

Requires change management.

Boiling the IT Frog by Harwell Thrasher


Communication
Communication

  • Increase perception and trust

  • IT people & doctors

    • The similarities

    • The differences

Boiling the IT Frog by Harwell Thrasher


Improving communications
Improving Communications

Clear and consistent objectives

Use simple terms

Disclose risks early

Provide strategies to minimize risks

Under promise – over deliver

Focus on results and process changes – not the technology


Firms without an it strategy
Firms without an it strategy

Are like sailing a ship without a destination

Expensive in the long-term

Strategy starts with business objectives -multiple levels of strategy



It strategies to save
IT Strategies to Save

Virtualization

Printing

Get Digital

Software licensing

Email Management

Document – improve processes

Training


Training learning
Training & Learning

People Development

Leadership Development

Cultural/Orientation

Allocation of Learning Hours

Personal/Self Development

Ongoing Development

Client Service/Practice Development

Core Technical Training

Role/Position Training

Technical/Updates

Entry Retirement

Source: Plante & Moran LLP


The tax practice your peers speak out
The Tax Practice(Your Peers Speak Out)



Why is it not as profitable as it should be
Why is it not as profitable as it should be?

  • Lack of efficient processes.

  • Lack of the “right people” – skills.

  • Too many clients that don’t fit our client profile.

  • Poor technology.

  • Other


Do you have a current document outlining you processes for business and 1040 series returns
Do you have a current document outlining you processes for business and 1040 series returns?

  • Yes

  • No


What worries you most about the future
What worries you most about the future? business and 1040 series returns?

  • Regulation/law changes

  • Technology

  • Competition - fee pressures

  • Lack of trained people

  • Other


When do you scan client data
When do you scan client data? business and 1040 series returns?

  • Up front

  • At the end of the process.

  • We don’t scan – still use paper.


Do you utilize a workflow system
Do you utilize a workflow system? business and 1040 series returns?

  • Yes

  • No


Do you believe in the concept of one way workflow
Do you believe in the concept of one-way workflow? business and 1040 series returns?

  • Yes

  • No

  • What is it?


Do you use portals
Do you use portals business and 1040 series returns?

  • Yes

  • No

  • We will for the first time this coming year.


Do you bill with the return
Do you bill with the return? business and 1040 series returns?

  • Yes, the majority of the time.

  • No, we bill monthly.

  • No we use fixed price agreements.


Do you utilize electronic billings
Do you utilize electronic billings? business and 1040 series returns?

  • Yes

  • No


Does your firm allow social networking tools like im fb youtube in the office
Does your firm allow social networking tools like IM, FB & YouTube in the office?

  • Yes

  • No

  • To limited users


Do you monitor federal state privacy security laws
Do you monitor Federal & State privacy & security laws? YouTube in the office?

  • Yes

  • No

See Resource Page


Impact factors processes
Impact Factors YouTube in the office?Processes


Workflow mapping results
Workflow Mapping Results YouTube in the office?

Too many touches

Acquisition & organizing client data requires time and touches

Loops in the process

Printing vs. onscreen

Applications rather than systems

Print/scan???

Workpaper containers vs. doc management systems

Delivery methods are inefficient

Use of email



TEAM the past 12 months?

More preparers will work out of the office in the future

More firms will share resources (staff) among offices?


Six sigma
Six Sigma the past 12 months?


Planning
Planning the past 12 months?


Identified best practices
Identified Best Practices the past 12 months?

Planning opportunities memo

Multiple or split monitors

Degree of difficulty

Barcoding

Standard organization of files

Use of OCR (GruntWorxs-AutoFlow-SurePrep)

Workflow software (TaxFlow & XCM)

Scheduling

Billing/collecting with return

Portals

Billing for 2009 1040s in 2009


Some ideas for improvement
Some Ideas for Improvement the past 12 months?

  • Grading each return

  • One-way workflow

  • Training

    • Basic/annual updates

    • Just-in-time

  • Improved management

    • Clients (getting information timely)

    • Staffing (revenue per FTE)

    • Scheduling

    • Workflow

    • Revenue/cash flow

    • Sales


Transition to the future your firm s game plan
Transition to the Future the past 12 months?Your Firm’s Game Plan

Objectives

Measurements of success

Initiatives

Due Dates

Responsible party (ies)


Sample objectives
Sample Objectives the past 12 months?

Grow tax revenues by 15% per year.

Develop and implement strategies to improve the profitability of the tax department.

Improve processes in order to reduce turn-around time.

Leverage technology in order to become more efficient.

Implement a firm learn/training program in order to hire and retain quality personnel.


Measurements of success
Measurements of Success the past 12 months?

Revenue per FTE

Comparison with peer metrics

Elimination of paper

Client satisfaction survey results

Employer of choice

Growth in revenue from existing clients

Growth in revenue from new clients


Accountability
Accountability the past 12 months?

…it starts at the top


Most of your problems are behavior
Most of your problems are behavior! the past 12 months?

Leadership

Management

Compliance with firm standards, policies & procedures


Change vision leadership
Change the past 12 months?visionleadership


10 actions to produce cash increase profits
10 Actions to Produce Cash – Increase Profits the past 12 months?

Tie partner compensation to the strategic plan.

Utilize a CVO (Chief Value Officer) and pricing committee.

Utilize contracts rather than engagement letters - with money upfront and scheduled payments. Provide for and use change orders.

Stop work on projects where non-payment is over 45 days.

Have a D.O.S. conversation with clients. Listen.

Provide a training/learning culture for partners & employees. (Per Gartner, you gain 5 hours of capacity for each 1 hour of training.)

Technology - implement, leverage and train. Get digital.

Retain quality… “cull the herd” at all levels including partners.

Let managers manage. Provide authority with responsibility.

Communicate with partners, staff and clients.


Polling are you confident that you can now make changes that will improve your tax practice
POLLING: Are you confident that you can now make changes that will improve your tax practice?

Yes

No


Security Regulation Resources that will improve your tax practice?

http://www.ncsl.org/IssuesResearch/TelecommunicationsInformationTechnology/SecurityBreachNotificationLaws/tabid/13489/Default.aspx

http://www.perkinscoie.com/news/pubs_detail.aspx?publication=26596137-b74f-4b68-8063-93f996f233e9


Thank you
Thank you! that will improve your tax practice?

[email protected]

www.boomer.com


ad