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Profiting as a connected practice

Profiting as a connected practice. Gary Turner, Managing Director. The Changing Environment. Challenging economic climate for clients. Commoditisation of compliance. Increasing costs of labour. Your clients need your help. Efficient. Integrated. Real Time. Demystified. Connected.

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Profiting as a connected practice

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  1. Profiting as a connected practice Gary Turner, Managing Director

  2. The Changing Environment Challenging economic climate for clients Commoditisation of compliance Increasing costs of labour Your clients need your help

  3. Efficient Integrated Real Time Demystified Connected The cloud impact

  4. The efficiency paradox Achieved = Extra Capacity

  5. The efficiency paradox FIXED OVERHEADS Achieved = Extra Capacity

  6. How do we fill the void?

  7. More clients More compliance or More value for existing clients

  8. Tax done right Be proactive

  9. Clients want to be surprised once in a while

  10. How do we measure up? Average hourly rate Write offs WIP/lock up days Revenue : Salary ratio Average fee per client Debtor days Net profit before tax %

  11. The KPI Spotlight

  12. The Practice Manager’s Dilemma 1600HRS £60 £96,000 Annual revenue capacity

  13. The £2,500 Challenge

  14. Bundling: The Desktop Way Service Hours Annual Reports Tax Returns Tax Management ¼ly VAT ¼ly Management Reports ¼ly Meeting Tax Forecast 20 1 1 4 6 6 2 40

  15. KPI: AVERAGE HOURLY RATE £60

  16. ANNUAL REVENUE CAPACITY £96,000

  17. Efficiency Magically creates more time Bundles Bronze Gold Silver Management Reports = Opportunity

  18. Bundling with Cloud Productivity Improvements Service Hours Annual Reports Tax Returns Tax Management ¼ly VAT ¼ly Management Reports ¼ly Meeting Tax Forecast 10 1 1 2 2 6 1 23

  19. KPI: AVERAGE HOURLY RATE £60 £104

  20. ANNUAL REVENUE CAPACITY £96,000 £166,400

  21. It’s not about time Build in efficiency More Services Capacityincrease Proactive Advice 1/4ly MgmtReport

  22. Value-add service £100 per month debtor recovery business £2,500 Add this to

  23. KPI: AVERAGE FEE PER CLIENT £2,500£3,700

  24. My challenge to you Stop billing time Become collaborative Build efficiency Sell value via bundles Use Xero

  25. How far along the curve are you?

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