Archive for the ‘Useful links’ Category

Readers may be interested in this Radio 4 series starting tomorrow Monday 8 March. There are ten episodes to the series so thank goodness it’s only a ‘brief history’!

1. 8 Mar 2010 15:45–16:00

   BBC Radio 4
   Episode 1

   1/10. Jolyon Jenkins traces the religious roots of some accounting practices.
2. 9 Mar 2010 15:45–16:00

   BBC Radio 4
   Episode 2

   2/10. Jolyon Jenkins goes back 5,000 years to see how accountants invented writing.
3. 10 Mar 2010 15:45–16:00

   BBC Radio 4
   Episode 3

   3/10. How a corrupt Roman governor was tried in court using his own forged account books.
4. 11 Mar 2010 15:45–16:00

   BBC Radio 4
   Episode 4

   4/10. The rise of double entry book-keeping in medieval Italy.
5. 12 Mar 2010 15:45–16:00

   BBC Radio 4
   Episode 5

   5/10. Jolyon Jenkins examines accountancy fraud in the Middle Ages.

It will also be available on BBC iplayer Radio for those who cannot listen live.

This is a first. A friend of mine, Tom Ball, is the brains behind a unique idea that could be of use and interest to many professional firms. Hence the reason I’m blogging about it.

AllABoardroom is a meeting room and bar aboard a customised bus. They removed the seats and put in a proper boardroom for 8 people and a bar – and a fireplace.  It’s an inspired idea and provides an innovative working environment for upto 8 people. A boardroom and an executive bar so you can work together and have fun as you travel.

I think it could work well for small team away days so you can work while you travel to your eventual destination. It can also be used for meetings on the go between clients, meetings with prospects – you take the boardroom to them, touring offices and at an exhibition. I’m sure there are many more uses too.

They’ve got a competition to win a free day for your team. Have a look if the idea intrigues you: www.allaboardroom.com

This blog has been a labour of love for well over 3 years now and contains in excess of 300 posts. Many have either come from my talks or have been incorporated into my talks and seminars. As 2009 draws to a close, you may be interested to see this personal choice of my posts over the last 12 months.  This has been an interesting review for me as it’s revealed a different way of categorising the subjects I have enjoyed writing about.

Summary

My output here dropped significantly as I only managed 60 posts in 2009.  I don’t feel bad about that though as I’ve also written well over 100 pieces for the TaxBuzz blog and posted almost 150 items to the Accountant jokes and fun blog.

Commenting on news items

The year started with me questioning whether it was true that “One in four firms expects to lose clients” and that there would be “A flood of mergers in 2009″ I also suggested that Clients WANT more support in these trying times.

Other such posts in 2009 have addressed:

• The future of compliance services for accountants
• The future of auditing and assurance services
• Two new accountancy consolidators by 2011? I don’t think so

Conventional wisdom

Another theme on the blog this year was to challenge conventional wisdom:

• Why bigger isn’t always best;
• Are your fees high enough?
• What do accountants sell? The answer is NOT ‘time’; 
• Do you offer a service guarantee? I bet you do;
• Limited Liability Partnerships – additional protection?
• Do your timesheet procedures reduce new fees?
• Accountants’ adverts are not working any more
• “Added value” – what do you mean?
• Not all Accountants are business advisers

Professional negligence

One of the most popular and frequent talks I’ve presented to groups of accountants over the last few years has been on the risks accountants run and how they can reduce these without tying themselves in knots. Among the related items I’ve posted to the  blog this year have been posts titled:

• Do you treat clients like lab rats?
• What is it that can go wrong?

Face to face networking

The importance of effective networking skills is generally recognised but how do we improve our skills in this area? Here’s a selection of my posts offering tips and advice on this subject in 2009:

• Networking strategies for accountants
• Networking strategy – plan your follow up beforehand
• What does Networking have in common with inheritance tax planning?

Social networking

A year ago I wrote a piece explaining why, in my view, Twitter is not for accountants. What I was saying was that accountants need not bother with twitter especially if they think of it as a route to securing new clients. Since then twitter’s popularity has increased and I’ve noted more and more accountants are experimenting with it. As a result I then wrote a number of more positive and helpful pieces which are summarised on the twitter page of this site.

Other related posts this year included:

• “Social” vs anti-social networking
• Is it worth the time it takes to learn how to use social media?

Top tips

I’ll complete this review of blog posts in 2009 with these reminders of key tips for accountants who are keen to be more productive and more successful:

• Expect more clients to seek advice on Tax Credits
• Why your clients are indifferent and don’t recommend you
• 7 ways to ensure your pitch is not a waste of time
• Why aren’t more accountants talking about LLPs with clients?
• Advising your most important client
• 3 time management tips
• Two top interview tips
• Bookkeeping services and options
• Do as you would be done by….

With all best wishes for the New Year.

The facility to operate as an LLP became a reality in the UK on 6 April 2003. That’s more than 6 years ago. Whilst an increasing number of professional service firms are migrating to an LLP structure the concept it still relatively unknown to most clients.

Why is that?

Given how many presentations that I and others have given at seminars and training sessions for accountants I am sure that most of them understand the key issues, differences and benefits of LLPs.  When I lectured on this subject from around 2001-2007 I used a matrix to highlight the key distinctions as between the 4 principal alternative business structures in the UK:

• a sole trader;
• a conventional partnership (where the individual works with one or more partners in the business);
• a limited liability partnership – LLP – (this provides the individual and their partners with the protection of limited liability, just as with a company); or
• a limited company.
There is also a fifth option – the Limited Partnership (as distinct from LLP) – but this is rarely an attractive or feasible choice for smaller businesses. These old style Limited Partnerships were very restrictive, required at least one partner to have unlimited liability and precluded the limited partners from being involved with the management of the business. The LLP is a very different animal.

So why the apparent reluctance to discuss LLPs with clients?

I think it has much to do with something I never had cause to fully understand or to speak about. But it is a critical issue for accountants in practice. And until and unless they are clear on this issue I entirely understand why they don’t advocate LLP structures as an option when talking with their clients.

Quite simply it’s How do you prepare LLP accounts? Do the accounts prep software packages include an LLP option? Does the accountant fully understand the issues so as to be able to anticipate the accounting issues that are especially relevant? And so on.

In this connection I was inspired to write this piece after noting a CPD seminar “LLP Accounts Preparation” being promoted by Tolley in a flyer that arrived this morning. Sadly the event took place on 11 May and 1 June so it’s too late for now. If the content matches the title then this seminar could be very useful and deserves to be well attended if it is rerun.

If you’re already an advocate of LLPs, are aware of other sources of information on this subject or of accounts prep software that facilitates the preparation of LLP accounts, please add your comments below.

(If you want more on this subject I wrote an outline piece on another blog here: Limited Liability Partnerships (LLPs) – a better business structure than a limited company?)

A friend suggested I should write a piece about Twitter for accountants as I’m increasingly active on Twitter. Surely then I’m well placed to explain what Twitter is and how accountants can benefit from it.

Instead let me explain why I think that Accountants really don’t need to bother with Twitter.  This is much the same approach as I adopted recently when I wrote about Blogging myths for accountants.

Let’s be clear I am NOT against any of these new communication techniques. Far from it. I love blogging (this is one of three that I write regularly – see links in right hand column of this page). I’m enjoying Twitter and have benefited in a number of intangible ways as a result thereof. I’ve explained how I use it on a separate page of this blog.  I know dozens of people who tweet regularly and I have over 300 followers on Twitter (at the time of writing).[edit: Now 600 at 29 April]

But I also understand the accountancy profession.

Accountants

Whilst other commentators may seek to encourage accountants to try new technology, to experiment and to explore new forms of communication I adopt a different approach. I accept that the vast majority of accountants do not apsire to try out these new ideas. They don’t think many (any?) of their clients or target clients are using such tools. They don’t have the time to experiment and to test new ways of doing things.  They don’t perceive the need to do these things.

And actually – I think they’re right. There is no pressing need for them to do so.

Yes, there are ways that accountants COULD use and benefit from Twitter .  Yes, they MAY find ways to use Twitter to help them build their practice and Yes, to do so would put them ahead of the field.

But, will being on Twitter help them avoid client losses? No.

Will it help them to provide pro-active advice to clients? Unlikely

Will it help them to secure more profitable clients of the type they seek?  No faster than any other marketing activity and it’s even less area specific than blogging.

Will it help them to make more money or to increase their profits? No.

Will it help them solve their succession issues? No

The bottom line is that Twitter will not do any of the things that accountants are most concerned about at the moment. As such I cannot advocate the idea that they should explore Twitter as a business tool.

What is Twitter?

I should explain that Twitter is a free online social networking and micro-blogging service that allows its users to send and read other users’ updates (otherwise known as ‘tweets’). Each post or ‘tweet’ is limited to 140 characters in length.

Updates are displayed on the user’s profile page and delivered to other users who have signed up to receive them by ‘following’ people in who they are interested.  Users can also send and receive tweets through third party web based applications, iphones and Blackberry devices.  Many tweets contain links to web pages and blog posts.

Anyone with access to Twitter (and one of the third party applications that make it easier to use and understand) can follow the flow of messages and comments, contribute, reply or simply keep up to date.

Regular readers will recall that i recently posted an item: If you’re not on Facebook you need to be on LinkedIn. It’s worth noting that, unlike the Facebook status updates, tweets can be directed at specific twitter users, people tweet much more often than they update their Facebook status, and it is much more acceptable to follow people you have never met on Twitter than it is on Facebook.

For more on Twitter (which is only 2 years old), have a look at this recent article from the Times by Sathnam Sanghera.

So why do I use Twitter?

For the same reason as many other people. I’m experimenting, testing, having fun. I’m not in practice as an accountant. I use it to promote my business activities, blog posts and seminars. I use it to keep in touch with people, to learn from others and to find interesting people with whom to connect.

Twitter has a number of potential business benefits to me. But none that I think would justify me spending time on Twitter if I were still in practice. I have explained my approach on the special Twitter page of this blog.

Conclusion

I have a number of ideas as to who does and can gain most benefit from Twitter but none of them are remotely connected with accountants in a business capacity so I won’t post them here.

If you are an accountant and you’re experimenting with Twitter do please get in touch, equally if (despite the tenor of this piece) if you decide to try it out. And of course if you disagree with my perspective please add your views as comments to this piece.

This is my advice to all accountants in business and to those in practice who could face redundancy at some stage in the future.

My reasoning for such advice became clear when talking to my son and his friends on their return from University for the holidays.

A significant majority of the current twenty-something generation have Facebook accounts. When they bump into old friends or meet new people they don’t exchange phone numbers, addresses or business cards(!). They simply undertake to link up on Facebook. This generation instinctively understand how to maintain and build networks. They are networking before they need to do so for business purposes. In the 21st century your network is your key to the future.

Through Facebook the younger generation has the facility to remain in touch with or to get back in touch with all their friends from school, from college, from Uni and their colleagues when they start work.  I have written a number of posts previously on this blog about Facebook which is principally a ‘social’ networking website.  It’s not the exclusive domain of the younger generation and a significant proportion of ‘users’ are over 35 (or even over 50 as I am!).

LinkedIn, unlike Facebook is largely a ‘Business’ networking website. I’m always amused when commentators describe them both as ‘social’ networks.  I think this confuses people who are unfamiliar with them and assume that they are very similar.  A more accurate collective noun is ‘online networks’.

I heard about an accountant today who is between jobs. The company he used to work for as FD has been sold and he’s now looking for a new role. He may have a strong offline network of business contacts on whom he can rely to help him find a new job/opportunity. In the current economic climate this may not be sufficient.

I would encourage him and anyone else without the perfect offline network to register on LinkedIn for the following reasons:

• You can put your generic CV ‘out there’ showing your career history and key skills;
• This will make it easy for you to be found by the recruiters who use LinkedIn to source candidates to fill vacancies;
• You can reconnect (online) and remain in contact with ex colleagues and other business contacts – ie: build and enhance his network;
• You will have a business environment in which you can communicate without using an unprofessional ‘personal’ email address and as distinct from the Facebook ‘fun’ environment;
• You can be found online by new contacts who you meet on a day to day basis;
• New contacts can get in touch with you without having to rely on a scrap of paper containing your scribbled phone number and email address.

Better than this would be to register on LinkedIn before your job/role goes. The additional reasons for doing this are:

• Your profile can include reference to your current role as your current role;
• You can get to grips with the LinkedIn website and features before you NEED to use them;
• You can build your reputation as a helpful person before you start needing help;
• Those who try to use any online network solely for what they can get out of it will be less successful than those who seek first to contribute to the network.

Readers of this blog who are registered on Facebook or LinkedIn – or who register on them are welcome to look me up and connect with me on those networks.

And if you are on LinkedIn and feel there are other reasons for our fellow professionals to register a profile there, please add your comments below. Equally if you disagree, please provide a contrary view.

One of the podcasts I enjoy listening to is Guy Kingston’s Antidote to Business Advice - Mind Your Own Business.   I don’t often agree with him but I like the style of the show and particularly enjoy John Richards‘ contributions to the debates.

I’ve just found Guy’s Mind Your Own Business Blog and his current posting titled: 9 SIGNS OF A BAD PR AGENT

The thought immediately occurred to me that most of these would equally be signs of a bad accountant. What do you think?  I’ve added my comments in square brackets.

1 To demand to be paid by the hour rather than quote for a job  [Yup. I'm beginning to come round to the view that this is a tough one to argue to a new client who wants a recurring service]

2 To not set specific objectives [No point quoting a fee or starting work without being clear what the client wants and needs]

3 To start doing his own thing rather than what you asked him to do [If you need to do more than the client has asked for, best to get authority beforehand rather than doing the work and trying to bill for something that client didn't ask for and wasn't aware he needed]

4 To boast about big-name contacts [perhaps less likely with accountant. If you're going to try to evidence your credibility it will often be best to talk about other clients that are similar in some way to the person you're talking to]

5 To show a lack of urgency and disrespect for deadlines [ok - this is more likely to be the client than the accountant]

6 To make elementary spelling mistakes and grammatical errors in press releases and publications [letters, accounts, emails and reports]

7 To be vague  [like, you know ]

8 To spend time and effort on elaborate plans rather than making phone calls  [perhaps the equivalent here is when the accountant makes grand promises and has big ideas during a meeting but doesn't follow through either at all or not on a timely basis]

9 To blame the client when things go wrong  [ok - this one's specific to PR]

What do you think?

It seems to be customary to post anniversary notes on blogs – partly because it’s quite an achievement to keep going for a decent length of time.

I started this as a blog for ‘Ambitious Professionals‘ in May 2006 after a new business contact suggested that it would be far more beneficial than a conventional website. He was right. It’s also been more fun!

When I started blogging I think I saw it primarily as a way to promote my talks and my business coaching services. It still is, to a degree, but I also use the blog to float ideas, start discussions and to, effectively, draft new material to support my talks and training sessions. Recently I collated twenty posts from this blog and provided them as the supporting material for a talk I have been presenting in various forms for over 6 years. In the past I had merely supplied copy slides when speaking about How to make more profits from your smaller clients.

Six months ago I launched the Tax Advice Network – a further service for accountants although this one is focused on the provision of tax support and advice, especially when clients need tax help that goes beyond the accountant’s comfort zone. The Network website contains it’s own (tax focused) blog and we also publish a free weekly practical tax update written specifically for accountants in general practice.  Around 900 accountants have already registered on our website and feedback is very positive. We also have 20 tax advisers around the country providing tax support when they are contacted by our users who choose who to use by reference to the tax advisers’ profiles, ratings, testimonials and articles.

These days most of my time is devoted to promoting and developing the Tax Advice Network, both 1-2-1 and through my writing, blogging and talks around the country – but I still make time to undertake a small number of business coaching assignments as I get a buzz from being able to make a difference and helping people close the gap between where they and the practice are and where they want to be.

I also realised that most of my work was with accountants and tax advisers so recently changed the title of the blog to Ambitious Accountants although many of the topics I write about are equally relevant to other ambitious professionals.

And let’s not forget the other (far more popular) blog I update regularly: Accountant jokes and fun. I thought it best to keep that separate from this one to avoid confusing my audience and the search engines. Maybe I should combine them now. What do you think?

I’m not one for making annual new year resolutions – or indeed ‘predictions’. Indeed, rather than risk ‘predictions’ for 2008 I offer instead three of my hopes for the new year, that Accountants will:

1 – earn more money by advising their clients about their menu pricing models – so that clients know they’ll pay higher fees if they leave things to the last minute;

2 – stop risking PI claims by advising on tax issues where they’re not sure how the legislation really works;

3 – engage a professional business coach to help them achieve their potential;

On a related point I have updated my business cards so that these make clear that I specialise in:

Improving the results of businesses that target or operate within the UK tax and accountancy professions

Three of the principal ways in which I do this are related to my 3 hopes above:

1 – Speaking at conferences and seminars for accountants and tax advisers on business development related and Risk reduction issues;

2 – Running the Tax Advice Network – which provides accountants in general practice with access to their choice of specialist tax advisers; and

3 – Providing mentoring/business coaching to ambitious professionals to help them to achieve more success, peace of mind and confidence at work.

I can recommend two separate organisations here:

The Low Incomes Tax Reform Group (LITRG) website contains information specifically relevant to pensioners, students and low income workers

TaxAid is a separate UK charity providing free tax advice to people who cannot afford to pay a professional adviser.

Both  LITRG and TaxAid are worthy causes that do wonderful work. Their websites also contain much information that might be of interest to taxpayers in general and to tax advisers and accountants.