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UK FIRMS CLOSING THE INNOVATION GAP TO PURSUE REVENUE GROWTH

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UK FIRMS CLOSING THE INNOVATION GAP TO PURSUE REVENUE GROWTH

UK accounting and bookkeeping firms catching up with leading foreign markets to accelerate client migration to the cloud ahead of new digital tax laws

  • 18 per cent of firms now work exclusively with clients online
  • The number of UK firms with at least 80 per cent of online clients is expected to rise within two years, from nearly a third (31 per cent) to over half (56 per cent)
  • 28 per cent of UK firms currently have mostly desktop clients compared to 9 per cent in Australia and 5 per cent in the US – but the gap is closing
  • Firms with 100+ online clients experience 16.3 per cent year-on-year growth compared to 9 per cent for those with up to five online clients

A new report revealing how UK accountancy and bookkeeping firms measure up against their peers has revealed that the UK is closing the gap behind the US and Australia in the percentage of firms with most of their clients online, as the findings suggest that moving to the cloud helps accelerate practice revenue.

The Benchmarking Report, which surveyed 400 UK accounting and bookkeeping firms of all sizes and types, revealed aggressive targets from UK firms who are encouraging more clients online before new HMRC digital tax laws come into force in 2018.

Whilst UK firms have the highest number of mostly desktop clients at 28 per cent – compared to around 9 per cent in Australia and 5 per cent in the US – the report suggested that UK accountants are intent on moving more clients online. Firms with fewer than 40 per cent of their clients online is set to drop to just 9 per cent by December 2018 (from 46 per cent). Positively, 31 per cent of ‘pace setting’ UK accounting and bookkeeping partners currently with at least 80 per cent of their clients online is expected to rise to 56 per cent of partners within two years.

Currently, 18 per cent of UK firms surveyed have between 98-100 per cent of their clients online, suggesting that this percentage is the most ahead of the curve in preparations for the Making Tax Digital rollout, which will require the vast majority of businesses to keep digital tax records and update the HMRC quarterly. The firms with the fewest online clients are at most risk of falling dangerously behind in the preparations to be compliant ready for the roll-out.

The report revealed that UK firms with larger numbers of clients using online accounting are adding more new clients and growing revenue faster. Those with 100 or more business clients using online accounting experienced 16.3 per cent year-on-year revenue growth compared to 9 per cent for those with between 0 and 5 online clients.

Revenue per employee also increases to become 33 per cent better than average in the group with 100 or more online clients, and firms that build up at least 125 online accounting clients get more word-of-mouth referrals which bring in new clients.

These findings point to how the industry is evolving, as Xero accounting and bookkeeping partners experience increased growth and revenue as a result of operating online.

Firms of all sizes most intrigued by their competitors’ MTD preparations and use of business apps

The participating firms were asked which areas of their competitors’ businesses they were most interested in. While the results showed that interests differ depending on business size, Making Tax Digital preparations and the use of business apps were of particular interest to firms regardless of their size.

Marketing appears to become more important as businesses scale up their online client portfolio. The report found there to be a clear step up in the interest in marketing when firms shift from fewer than 35 online clients to larger portfolios.

Concern about switching clients from hourly to monthly billing plans drops quickly and significantly as the online client portfolio grows. This indicated that monthly billing is a positive step for those who’ve made the move.

Learning which apps are the most useful for accounting practices was found to be of high importance to firms of all sizes. Those with small online client portfolios want to know where to start, while larger firms are looking to confirm their choices and add to the range of apps they use.

Gary Turner, co-founder and managing director of Xero commented: “The report shows HMRC’s new digital tax rules are informing a growing preference for cloud accounting in the profession with good reason; many professionals recognise the need to shift away from compliance services to adding value. However, if not managed correctly, Making Tax Digital does run the risk of pushing some firms back to the Dark Ages of compliance accounting, a loss for both the profession and the clients.”

For more information and to read the full report please click here.

Business

Motivate Your Management Team

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Motivate Your Management Team 1

A management team, typically a group of people at the top level of management in an organization, is a team of people in the top level of managerial leadership of a business or an organization. It may consist of one person at the top level or more than one person at the top level. In this article, we are going to talk about what it takes to become a successful manager of a company and the different types of managers that can be found.

Team members will usually work in teams of two or three people. They will work together to accomplish a specific goal that the organization has set for them. These goals and the ways to reach them vary. Sometimes a management team will work in teams to achieve the same goal but in different ways. Sometimes they will work in teams to solve a particular problem.

When a team begins working, they will usually meet for the first time at their office building or another place where they will gather. They will be given a specific mission statement that they will be working towards. There will usually be meetings on a regular basis so that the team can discuss what they have done so far. If there is anything that needs to be worked out, this meeting will occur to ensure that all questions have been answered.

When it comes to meeting deadlines, there are often things that the team members will need to do in order to meet their deadline. They will have to come up with the proper solutions. Once they have done this, the next thing that needs to be done is to ensure that the other members of the team are aware of what the solution is.

Sometimes, the team members will meet at different times. This is very common for people who will have different duties and who are not always available at the same time. They can meet at random times but it is very rare for there to be meetings that occur during the night. Sometimes these meetings are held after lunch and sometimes they happen after dinner.

When the team members meet, they will need to be organized. They will need to take all of the necessary items and papers to the meeting and not leave any behind. The meeting will begin with a presentation that will be made by the team leaders that will describe what they have done so far.

After this presentation, the team members will then have to sit down with the other team members to discuss what they have discussed. This is often a very productive way to get everyone talking about what they have accomplished so far.

To be a good manager, you must be able to organize yourself and your team. This is also necessary in order for you to be able to motivate your team.

One of the ways that you can motivate your team members is by encouraging them to get things done that they want to do. By doing this, they will be able to get excited about what they are working on. The excitement that they will feel will motivate them to work even harder and to complete the task as soon as possible.

Another way that you can motivate your team members is to give them rewards. In this case, they will know that there is something for doing a great job. They will know that if they have good performance, there will be a reward for their hard work.

It is also important for you to provide support to your team members. by helping them find jobs and making sure that they are able to find employment. This will encourage them to be self-motivated and to perform better on their jobs.

When you provide support to your team members, they will feel valued and respected. This will allow them to feel as though they have an employer who is willing to put in a lot of effort in order to help them get what they want out of their jobs.

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Business

The Income Approach Vs Real Estate Valuation

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The Income Approach Vs Real Estate Valuation 2

The Income approach is only one of three main classifications of methodologies, commonly referred to as valuation approaches. It’s particularly popular in commercial real estate valuation and other business valuation. The key difference between the three methods is that the Income Approach relies on the idea of income as a measurement rather than an absolute number.

As with all three different types of valuation methods, the underlying assumption is that price is determined by cash flows. This means that in order to determine the value of a particular asset or business, there must be an exact amount of money spent. When an individual or firm makes a purchase, they will pay money for the product and they will make payments for the privilege of continuing to use that product over time. These payments are called “cash flows.”

Real estate appraisals are based on this simple concept. There are many realtors who work at the level of measuring the net worth of a home or building by considering the current mortgage and interest owed on that loan. The appraiser uses these numbers as the basis of his or her opinion about the fair market value of the property.

On the other hand, when the method you choose is the income approach, the appraiser focuses instead on the income earned by a person or entity. This can be based on both sales volume and earnings of each employee. A company may use the income approach to calculate the value of its inventory and accounts receivable based on the income earned by the company or group of employees.

The basic concept behind the approach is that cash flows should be considered as the basis for making decisions about what kind of business or service is right for a person or group. These cash flows include the income earned by employees, purchases made by the company, and the sales volume of goods or services produced by the company. The income model is often used to value homes, businesses, real estate, and other valuable assets. in order to determine their fair market value.

The primary difference between the realtors’ method of valuing the home and that of the income approach is that the former considers only one way that the value is going to change in value over time. While realtors look at the home’s market value to determine if they can sell it and the approach works out the value of the home by using the current sales price plus the future sales price plus some percentage of the gross value of the home, the income approach values the property only by the amount of money paid out over time. on monthly or annual payments. The difference in the two approaches is that the realtors use the gross value of the home as their basis and the approach uses the net cash payments.

Because of this difference in the valuing models, some people prefer the income approach over the realtors’ approach. Because realtors’ models involve an element of forecasting, they aren’t as helpful in determining the fair market value of a property, and they are not very useful in making long-term financial plans. On the other hand, the income approach can be very helpful in helping you decide if your home or business is worth buying.

While tax benefit of the income approach can also play a part in determining its value, it will not be nearly as large as the tax benefit of the realtors’ approach. In addition to providing tax benefits, the approach allows the person or organization to buy a home or business that is under-priced because it may increase their tax benefit. in the long run. Because this is not the primary reason that most realtors use the approach to value properties, it is not as well known as the realtors’ method, but it can be very useful for some people who don’t want to invest a large amount of time in planning their future, so they may want to consider it.

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How To Create A Leadership Philosophy

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How To Create A Leadership Philosophy 3

A leadership philosophy describes an individual’s values, beliefs and principles that they use to guide a business or organization. Your leadership philosophy can be based on your personal traits and beliefs or it can be based on what you believe is best for the organization you work with. In order to improve your management style and leadership style, you need to understand your leadership philosophies. It can either help or hinder you.

Your personal philosophy, or personality, is largely influenced by your personal beliefs and character. It helps guide you and keeps you on track. If your personal philosophy supports the goals and mission of the organization, it will motivate you to pursue those goals. If it doesn’t, it can hinder you from achieving your goal. Your personal philosophy can be as varied as your own personality and beliefs.

A good leadership philosophy can be created through the development of personal values, goals and dreams. Through this process you will discover that some personal values are important and others aren’t. You can make the difference and decide which ones are more important than others. Once you have a firm foundation established, you can move on to finding a way to achieve your objectives.

Personal philosophies need to be examined in terms of their relevance to the organization’s mission. Your leadership philosophy needs to be based on whether the organization or the leader wants to help people or just help themselves. If it is the former, then your personal philosophy should focus on providing the resources needed to make it happen. If it is the latter, then your personal philosophy should focus on helping those who need it most.

Another part of your personal philosophy should look at the individual needs of the organization. If the organization is looking to help the underprivileged, your leadership philosophy should be focused on assisting them in getting a better education so they can get a better job and earn more money. This is a prime example of a personal philosophy that would not benefit the organization in any manner.

Leadership is a process, not a person. Leaders need to be willing to change and adapt in order to get the job done right. Leaders should always try to learn from the past mistakes and try to improve on the mistakes that they made. have made and this is not possible if a leadership philosophy doesn’t allow them to grow and change as individuals in the organization.

Your personal philosophy should be aligned with the values of the organization in which you are working with. You need to create a vision that your organization has. Your vision can be anything from the improvement of the organization to the success of the employees. Your vision can be a company motto, mission statement or a corporate image.

Leadership isn’t about being the leader of all or nothing. It is about bringing in the right people to make the organization the best it can be and growing it over time. There are a lot of people who are qualified to lead an organization but don’t get the opportunity because they don’t have the right leadership philosophy. The more qualified individuals you can hire, the higher your chances of success and the better results you will see.

The best leaders aren’t the ones who walk into the building and are the leader but are the one who goes out of their way to show the organization how they feel. They do something that no one else in the room is doing. They give their time and effort in order to make their organizational goals come true. They work hard and are willing to do the work, but not do it for others, they do it for themselves and they don’t let anyone else take advantage of them.

Creating a leadership philosophy can be a good idea to help you in building your leadership team. When you create a good leadership philosophy, it creates a level of respect and integrity within the organization.

Developing a personal philosophy can be very beneficial to an organization. It can be the thing that gives your organization a sense of self worth.

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