THE TAG ALLIANCES™ Fall International Conference - …...3 Strategy(and(Governance(competetive +...
Transcript of THE TAG ALLIANCES™ Fall International Conference - …...3 Strategy(and(Governance(competetive +...
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T H E TA G A L L I A N C E S ™Fall International Conference - October 21-23, 2013
TM
TIAG
Fall Conference, Munich Panel Discussion
Op:mizing Your Prac:ce: How to Improve the Quality of Your Firm’s
Work Product
22nd October 2013
Topic Time (minute
s)
Member Content
Introduction 5 Dr. Kay Jess (GGV, Germany) - Topic - Panel members
Strategy & Governance
15 Dr. Kay Jess - Project plan - Partner interviews - Portfolio analysis - Management structure and organization - Strategy teams
Country Standards
10 Wynke Möller (Witlox, Netherlands)
- Standards in the Netherlands
Software 10 Norman Posner (Samet & Company, USA)
- US Standards, esp. implementation of software XCM
Country Standards
10 Eric Pritsch - German Standards
Country Standards
10 Kurt Baker (ESV, Australia) - Australian Standards
Final words 5 Dr. Kay Jess, Wynke Möller, Norman Posner, Eric Pritsch, Kurt Baker
AGENDA
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Introduc:on
Goal of quality High quality work product § Constantly § Across all service areas and level of experience
Strategy Requirements § Business sense § Understanding of people
initial position, expectations and ideas from the partners for the project
single partner interviews in the 3
offices 5th, 11th, 19th Feb 2013
guiding principle: vision / mission segmentation of markets and activities
meeting of the mana-gement committee 12th-13th Feb 2013
definition & analysis of businesses workshop strategy
team 18th- 20th March 2013
workshop strategy team
strategies of business fields requirements of resources and processes
10th -12th Apr 2013
analysis of resources & business processes workshop strategy
team 18th-19th June 2013
workshop strategy team strategic action plans
9th-10th Oct 2013
Strategy & Governance
meeting of the mana-gement committee general strategy and structure
27th-28th Aug 2013
23rd Nov 2013 workshop strategy team presentation of the results
Project Plan
-‐4-‐
Averages of the 3 GGV offices: H=Hamburg, F=Frankfurt, P=Paris
1: high human competence – low human competence : 5
1: innovaJve -‐ lacking in ideas : 5
1: leader -‐ follower : 5
1: flexible -‐ unflexible : 5
1: serious -‐ unserious : 5
1: young -‐ old : 5
1: successful – unsuccessful : 5
1: clear objecJves – no objecJves : 5
1: well organized – not organized : 5 1: reliable -‐ unreliable : 5
1: upscale – low-‐priced : 5
1: strong service-‐orientaJon – low service-‐orientaJon : 5
1: high consultancy level -‐ low consultancy level: 5
1: wide service range -‐ small service range : 5
1: high level of experJse -‐ low level of experJse : 5
Strategy & Governance
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Strategy and Governance
competetive position
+
- +
mar
ket a
ttrac
tiven
ess
3 4d 1
4f
2
5
IST 2012
12.550.000 €
competetive position
+
- +
mar
ket a
ttrac
tiven
ess
1
target value 2018
20.000.000 €
2
4
3
5
actual value 2012
1 – ongoing consulting 2 - projects
3 – actual: consulting GER/FR
target: consulting GER/FR + new country packages
4 – acutal : properties, fonds (GER/FR)
target: property fonds (GER) 5 non profit, foundations
Portfolio Analysis
Strategy and Governance
u Board of partners: l Governing body, approves strategy and business plan.
u Management commiPee: l Develops strategy and business plan l Leads business on basis of internal rules (made by the board)
u CommiPees (some only temporarily) l strategy l profit distribuBon l accounBng l liquidity
Management committee
Board of partners
Ongoing consulting
Fond
s &
pro
perti
es
Operations
partners make returns and get customers
The partners are responsible for the „operations“, in a dynamic organisation which:
• builds up an image
• generates high returns
supp
ort
Team
leader
IFR
S
rede
velo
pmen
t &
rest
ruct
urin
g
Projects
M &
A
Internat. Beratung
GE
R /
FR
GU
S
US
A.
Non
Pro
fit O
rgan
izat
ions
optim
izat
ion
& d
esig
n
BU 1 BU 2 BU 3 BU 4 BU 5
Management Structure & Organisation
Strategy and Governance
u Teams + Team leader: (across locaBons) l brings the business unit (BU) forward together with the team and reach qualitaBve und quanBtaBve objecBves.
u Support-‐experts and support funcBons: (across locaBons) l Experts per ressort , „Inhouse" or "Outsourced" l Experts take responsibility for their units (authorized to make decisions)
l Support funcBons across locaBons: Controlling, IT, MarkeBng, Human Ressources
Exp
ert
IT E
xper
t C
ontro
lling
E
xper
t M
arke
ting
Exp
ert
H.R
.
employees
office Frankfurt
employees
office Hamburg
employees
office Paris Sup
port
Func
tions
Team
s und
Team
leite
r
BU
1
BU
2
BU
3
BU
4
BU
5
OPERATIONS
MK
IT
HR
CO
MK
IT
HR
CO
MK
IT
HR
CO
Par
tner
Par
tner
Par
tner
Par
tner
Management Structure & Organisation
4
Strategy and Governance
Strategy Teams
Quality a set of standards
or a mind set?
3,470,00
0,000 hi
ts on Go
ogle
Standards in the Netherlands
Standards in the Netherlands
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RegulaBon/law: ü VGC ü NV COS ü RJ (Dutch GAAP) ü Audit procedures ü (conBnuing) EducaBon (40 hours a year)
Standards in the Netherlands
VGC: (De Verordening GedragsCode = Code of ethics, Code of conduct) ü Integrity ü ObjecBvity ü Competency and accuracy ü DescreBon ü Professional conduct
Ø Principle based audit advisory
compilaBon
tax/legal
others
board >50% CPA
VGC
Standards in the Netherlands
NV COS: (Nadere Voorschrieen, Controle-‐ en Overige Standaarden = Dutch Standards on AudiBng)
ü Based on internaBonal standards ü Rules for audiBng, compilaBon, etc
Standards in the Netherlands
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Audit: ü Permit ü Monitoring by the AFM: Authority Financial Markets ü Compliance officer required
Standards in the Netherlands
Training Coaching
Communicating Cooperating Discussing
Standards in the Netherlands
Today’s Agenda
IntroducBon to Workflow AutomaBon
Bill Hamrock Director of Business Development
781-‐348-‐9883 [email protected]
www.xcmsoluBons.com Twioer: @XCM_SoluBons
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Today’s Agenda
Group Demographics
Types of Firms
Sole Prac
MulB Partner
MulB Office
Working less papered
Scanning
Digital review
MulB Monitors
What is Workflow? • The process that allows you to get things done
• The system(s) that you developed to track the progress of your processes
• The controls that allow you to maintain compliance over your policies
• The reporBng that allows you to manage people, process and deliverables
• The tool that allows you to manage your desk, your client, your book of business, your firm
• The mechanism you created to communicate inside and outside your firm
Today’s reality Mul:ple Control Points Rou:ng Sheet (Paper/Electronic) Physical Folder Hand wriRen notes/PDF/Word Excel, Excel & more Excel Outlook Calendar Email Engagement Binders Document Management Checklists & Signoffs Project Tracking & Due Date Systems
Weekly Staff Mee:ngs
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How much Bme is spent determining…
• Who… • What… • Where… • Why… • When…
Reduce Non-‐Billable AcBviBes
PROFITS
INCREMENTAL TIME SAVINGS
What is your realiza/on rate?
Workflow is what you do all day, everyday • Improve Efficiency & Profitability
ü Workflow AutomaBon Saves YOU Time on every project
ü Eliminate and/or streamline manual and redundant processes
ü Standardize Process – One Firm • Visibility and Accountability
ü Centralized, Real Time InformaBon Management ü Automated Task Movement & Tracking ü Automated Tickler System for all Users ü Beoer Firm Metrics ü Workload Balance / resource share
• Improves Client Service ü Single Point of Control for clients – real Bme info
for all pracBce areas
• Automates Compliance Policies ü Don’t miss Deadlines ü Drives Internal Controls ü Mirror Your ExisBng Process
PROCESS VS. PRODUCTION
How many tools to manage…
Workflow SoUware
INFORMATION MANGEMENT
SCHEDULING / UTILIZATION TRANSPARENCY
TRACKING TASK MOVEMENT
COMPLIANCE
ACCOUNTABILITY
TIMELY COMMUNICATION
ONE PROCESS = ONE FIRM
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Impact to Firm 20 people X 10 Minutes ProducBvity per Day 200 Minutes per day / 60 Minutes 3.33 Hours per day X 250 Days 833.33 Hours of Produc:vity per Year OR .5 FTE for every 10 minutes of produc:vity
QUOTES – NEW WF CLIENTS 2013 • We saw a significant reducBon in the wasted Bme spent
running around the building trying to figure out who had a return. Widespread agreement on this among partners, execuBve assistants and tax staff. We also used it to effecBvely monitor and shie workloads so our returns kept moving through the system. We heard a lot of stories about firms saying what a rough tax season they had, but we had our best season ever and XCM definitely contributed to that. There is complete agreement in our firm that it is a great tool and that we’ll benefit even more in year 2. – COO 90 person firm in mid-‐west
QUOTES – NEW WF CLIENTS 2013 • For our firm the first year was certainly a success and we sBll have more to
learn as we conBnue with XCM. The ROI for us was the Bme savings by using XCM to track each project through the office. It is hard to measure, but there were many Bmes that I was out of the office and used XCM to track what was on my desk, so I knew if I had to come in early the next day to get tax returns reviewed or if I had clients contacBng me, I could easily see where a return was in the process. I would esBmate that we saved a few hours a week per person, maybe in the 5% to 7% of our Bme savings. So that mulBplied by our cost would be actual dollars saved. You could also say that it was more Bme that we had to spend on billable tasks, so that amount Bmes our billable rate would yield more revenues. We have not made an effort to actually try and calculate the numbers, as we don’t feel we need to spend Bme on this. We know we experienced the value which is what maoers most to us.
– Partner 45 person firm in Capital region
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QUOTES – NEW WF CLIENTS 2013 • "I know that many firms said this past tax season was one of the worst in memory. To be honest, because of the efficiency we were able to realize with XCM, we had a great tax season. In fact, I felt like we could have done even more work this year. I am ramping up markeBng this summer to help us bring in more clients that we can assist.“ – MP 12 person firm in Capital region
Digital RouBng Sheet
Virtual Folder – Beyond Tracking!! • Knowledge Management – centralized capture of quesBons, review points & standing instrucBons • Automated Due Date system & Monitoring ; Extension Tracking • Mapped workflow processes by task type • Link to 3rd party soluBons and on-‐line resources • Firm Specific sign-‐offs by task type • Standardized Milestones (Checklists) by task type • Automated audit history of task movement • Centralized Assembly InstrucBons and Shipping History • Automated Checks & Balances to miBgate risk and liability • Resource AllocaBon • Calendar based scheduling • Real Bme access to the informaBon important to team members on demand
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Digital Ticklers / Virtual Desktop
Robust Search
QuesBons to address • Flexibility – Is WF designed for all pracBce areas? • Firm Wide SoluBon – Will all levels in Firm access WF? • Ease of Use – Will all levels actually use WF? • CustomizaBon – Can you add your secret sauce? • Ease of Mind – What controls allow firm to let go of old process? • Ease of Set up – What does implementaBon entail and resources required? • ImplementaBon Timeline – What is realisBc Bmeline to go live? • Training – How is training performed / how long is training session? • Technology – What are system requirements? Cloud? IntegraBon? • Enhancements – How are enhancements deployed? • Support -‐ What is your support structure? • References – Can we talk to similar firm?
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The Payoff • Create efficiency in prac:ce – make more money • Improve compliance monitoring / reduce risk • Improve client service • Improve ability to aRract new employees • Improve employee reten:on • Make prac:ce more aRrac:ve to merge / sell
Looking ahead… • Be prepared to invest in soluBon (hard dollars and soe dollars) • Be prepared for a liole data clean up • Be prepared to champion the decision • Be prepared to embrace change to pracBce/rethink the “SALY” principle • Be prepared to counteract the fear of change • Be prepared to fight resistance to change • Be prepared to accommodate technology averse partner(s) in year 1 • Be prepared to manage informaBon differently • Be prepared to revisit your processes more frequently • Be prepared to see ROI increase year over year
How would you advise this client?
VS.
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QuesJons?
Learn more about how XCM can automate all your processes for completing work
Call 1-781-356-5152. Or, visit cpa.com/workflow
German Standards
This is GGV: • German / French pracBce • 3 locaBons (Frankfurt, Hamburg, Paris) • 70 Professionals / 22 Partners • Business Areas Laywers, Tax Advisor, Auditors, Notary
German Standards
Quality Aspects: • Fulfilling High Professional Services • Providing High Quality Service
• People Business • Quality Guideline • Tools & Equipment
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German Standards
Tools & Equipment: • Audit Handbook - Structure for Audit Services • Soeware Tools - Central Soeware (CAS-‐Soeware) o All clients (basis for conflict check of new engagements) o Document Management System • Online Tools - actual developments, commentaries, samples, etc.
German Standards
Audit Handbook • Overview - Audit Engagement (e. g. engagement leoer) - Audit Process (e. g. audit checklists) - Audit Quality (e. g. Internal office review)
• Annually revised - New ISA Standards - New German Audit Standards
Thank you for your aoenBon!