Tag: CPA

5 BEST PRACTICES’ FOR USING EMAIL

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Email is part of day to day business life in most businesses. Here are a few tips to help you regain control of your inbox.

Speak to peopleSpeakPeople

When you receive an email that looks like it’s going to be complicated to reply to, visit/telephone the person who sent it, and ask what they want you to do. Discussing things in person can eliminate those email chains that go on and on. People can often hide behind email but in person, you can make your point and, if necessary, demand a straight answer.

Send good emails

We all get junk emails on a regular basis. If you send good quality emails you will tend to receive quality emails back. Try to be straight with people and don’t hide behind elusive language. Tackle problems head on and in a polite manner. This will make it more difficult for people to respond in a rude or annoying way.

Avoid “reply all”

This just clutters up people’s inboxes unnecessarily. They will also reply all back to you and clutter up your inbox. Only reply to those to whom it is necessary to reply.

Lengthy emails

If you receive a lengthy email and you are too busy to deal with it, reply to or call the sender. Try something along the lines of “Thanks for this.  I’m short on time.  Very quickly, what is it you would like me to do?”

Agreements    

Very often we send emails in order to get things agreed in writing. If you need this, perhaps try having a conversation with the person. Establish the way forward, agree verbally then when you get back to your desk send an email to confirm what has been agreed along the lines of, “As discussed today, we have confirmed our agreement to….” Don’t forget to file this email – it can be useful if the decision is ever challenged.

MANAGING DIFFICULT EMPLOYEES

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MANAGING DIFFICULT EMPLOYEES.

Effectively managing difficult employees can be a challenging prospect. Whether it is the employee who is consistently late, who complains incessantly or who seems to constantly upset their co-workers, every company must deal with difficult employees.

difficult emplyees

These situations drain management’s time and energy, impact on the morale of co-workers and interfere with overall workplace productivity. The key to effectively addressing such situations begins with an understanding of the issues and a clear identification of the actual source of the problem.

Even the best employee can have an off-day (or week, or month). Before deciding if an employee is difficult, managers must first step back and neutrally assess the situation. The first question to ask is whether the behaviour is critical enough to implement a formal HR process. Another important concept to consider is that ‘different’ does not equal ‘difficult’. There will always be employees that a manager does not gel with, understand or even like. However, this is not enough to deem an employee difficult. To constitute a “difficult employee”, behaviour must exceed acceptable standards, policies and procedures or interfere with productivity.

Define the Problem

When addressing the problems created by difficult employees, the focus should always be on job performance. It is management’s duty to clearly explain why the issue is a problem, and how the problem is adversely impacting the company. At this stage it may be useful to refer to the employee’s job description and the company handbook.

Clarify Roles

It is important that both the manager and employee are absolutely clear on individual roles. The manager’s role is to ensure business success by leading, coaching and supporting employees. The employee’s role is to meet predefined performance and behaviour standards, and function as a cooperative team member. A key concept that employees must grasp is that it is not only the level of their performance that is important, but also how their performance affects the functioning of their team, department and the company overall.

Identify Expectations

This is where the manager should clarify four things – the employee’s performance, responsibilities, impact of their behaviour and the consequences if it doesn’t change. A follow up and ongoing review should be scheduled and regular updates between the manager and the employee will help to move things forward and get the employee back on track.

 

HOSTING A GREAT SEMINAR

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HOSTING A GREAT SEMINAR.

 Hosting a seminar is a great way to reach out to new customers and give existing customers a little bit of “value added”. However, putting on a good event isn’t always as easy as it looks. It takes a lot of preparation, coordination and attention to detail to pull off a successful seminar.

SEMINAR

 

Audience

You should tailor your seminar to your intended audience. As such, you should decide whether you are targeting existing customers, the general public, new businesses etc. Determining who your audience is will help you to decide what content should be included.

Budget

You should consider the aims of your seminar before setting your budget.

For example, if you want to win 5 new customers, you may need 50 or 60 attendees at your event. This means that you will need a venue with the capacity to accommodate this number. Set a realistic budget and try to stick to it.

Venue

Once you determine the size of your desired audience, you will need to find an appropriate venue. A good venue from which to host your event is your business premises, as this will help to raise awareness of your firm’s location among your target audience. Alternatively, you could choose a venue that is synonymous with your industry. For example, a solicitors firm could host a seminar at the local Law Society and an accountancy firm could host their event at the local ACCA or ICAEW office.

Schedule of Events

Having a specific schedule will help you create an agenda for your audience, should one be required. Ensure you have enough “leeway” in your timing to allow for unexpected occurrences (for example lunch not being served on time). Consider what time your speakers should arrive, if you’re providing lunch or dinner etc.

Plan Ahead

Make lists, schedule meetings and touch base with people periodically. Make sure that you’ve listed everything you need. You should create a written plan that is designed to make every detail of the event happen (who is doing what), and talk through this plan with your team to ensure they don’t need additional assistance.

 

GET MORE OUT OF YOUR MEETINGS

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GET MORE OUT OF YOUR MEETINGS.

 Meetings are a necessary evil. However, they are time consuming, resource intensive and can often prove to be inefficient if attendees are not prepared. Here are some top tips to help you to make the most of your meetings.

AGENDA

 

Create an Agenda

Agree an agenda for each meeting and circulate the agenda prior to the meeting. This sets the tone for your meeting and avoids situations where people get side tracked.

Punctuality

Timing is important. If people don’t show up on time, start without them. They will learn by experience and they will avoid being late for the next meeting. Equally, stick to your timeline – if you say a meeting will be over by 4pm then make sure it is over on time as your colleagues will have other things which the need to attend to during their working day.

Be Prepared

Set a good example by being prepared for meetings. As others observe that you are prepared, they will tend to follow your example as it comes across as professional. Being prepared for meetings will also help you to win the respect of your colleagues as they may view people who turn up to meetings unprepared as “time wasters”.

No Blackberries or Mobile Phones

At the start of each meeting ask colleagues to switch their phones to silent and avoid checking emails during the meeting. If you make a point of saying this, they will most likely avoid being distracted by their phones and will contribute more to the meeting as a result.

Facilitate

If you are chairing a meeting, aim to facilitate conversation between colleagues. Do not allow a small minority to dominate the meeting. Very often, knowledgeable people fail to contribute to a meeting as they are overwhelmed by more talkative colleagues.

CREATE IMPACT WITH YOUR BID PRESENTATIONS

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CREATE IMPACT WITH YOUR BID PRESENTATIONS

 The pressure to win new business in today’s market has never been so great. With more firms chasing less work, the market has become highly competitive. Consequently, firms have had to adapt and retune their business development models. How firms design and package their bid presentation can make the difference between success and failure. presentations

Be Dynamic

How you look is a big influencer on how people react to you, especially if they are unfamiliar with your business. Of course, clients want to work with professionals and experts in their field. However, in today’s market they can afford to be selective and work with people who are dynamic and progressive. Creating a typical standard document gets you nowhere. Be prepared to be bold and clever in order to stand out.

Pushing Creativity

Tenders come in different shapes and sizes. Firms respond by using a variety of applications such as Word, PowerPoint and In-Design. There is no right or wrong application for replying to tenders, but In-Design or a similar design package can enhance the creativity of your response. Remember though, that accountants, lawyers and business development people are not designers. Focus on getting the content right and, where possible, use designers for the design work.

There is a balance to be achieved in trying to design a document that satisfies the needs of different stakeholders. However, if you are not pushing how you present your key differentiating messages, brand values and personality, your competitors will be. When your client has a few tender documents in front of them, all roughly saying the same thing, they are more likely to reject yours if it’s just another run-of-the-mill document.

BOOST EFFICIENCY WITH A DOCUMENT MANAGEMENT SYSTEM

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BOOST EFFICIENCY WITH A DOCUMENT MANAGEMENT SYSTEM

 An effective system that can create, store, and track documents electronically is a necessity in any modern business. One thing that is common with any growing business is the large number of documents that have to be stored and retrieved as the need arises. This calls for an effective document management system and a firm-wide document management policy. Whether documents are stored and made available in paper, electronic, or online formats, a document management system will enhance document security as well as making things easier to locate when needed.

One of the most important components of this kind of system is an ability to capture data and index it in such a way that storage, retrieval, and distribution become instant. Many businesses that introduce such a system soon discover how effective and efficient the management of documents and information can become. Another important aspect is that after information has been stored, it can be made available to authorised personnel as and when they need it. So processes such as sales, audit reports, etc become more efficient.

Document-Management-Systems
Document-Management-Systems

Secure storage of documents is a key feature of a Document Management System. A properly designed system can keep documents using different types of media depending on factors such as how frequently they are used, their nature, as well as the ease and convenience of their use. There are web document management systems that require documents to be stored on databases or servers, other systems that require storage on optical media such as DVDs and CDs, and still others that require storage magnetically using tape drives or hard disks. Depending on your business, your IT service provider will help you to decide what system is best for your firm.

There is more to record management than storage of documents. A good system will enable staff to efficiently retrieve or sort required documents, speeding up process driven work. Another advantage of a document management system is that all documents are available for the next person online immediately, increasing efficiency within the business.

A computer and web based document management system ensures smooth intra-organisational connectivity which also extends to inter-office levels with a well managed flow of information. Authorised users can also connect to the system when working from home or out on the road. With fast and convenient operations, the business will benefit from further efficiencies and increased levels of productivity.

 

KNOW YOUR COMPETITORS

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KNOW YOUR COMPETITORS. competitors

 Businesses need to know their competition, especially in today’s hyper-competitive business environment. Knowing what the competition is up to allows you to develop unique selling points (USPs) which will encourage buyers to purchase from you.

People

In order to understand the customer experience offered by your competitors, try “mystery shopping” your nearest direct competitors. Things to note include: the customer experience, staff-customer interaction, how staff dress and present themselves, the business environment and little touches such as complementary tea or coffee. Most important of all is to take note of the sales process – how do your competitors go about selling products or services to the customer? Do they suggest how their product or service can add value? Do they offer a demonstration? How do they close the sale?

Products and Services

Keep an eye out for any new services or products your competitors offer. Pay close attention to the quality of their brochures, the appearance of their products and any new or interesting ways in which they add value for their customers. You should create reports which compare your business to the leading competitors in your particular sector of the market. You should circulate these reports to your management and sales teams with a view to encouraging them to implement new ideas and approaches which will improve your business against your competitors.

Pricing

Once you know the specific details about your competitor’s people and their products or services, your sales team will be more informed and can develop the USPs that they can use when challenged by customers as to “why should I buy from you and not from your competitor?”. Your sales team can then focus on the strengths of your products or services and encourage your customers to do the same.

If you are at a disadvantage to your competitors in terms of your pricing, work with your sales team to prepare a checklist of the specific features and benefits unique to your product or service. Have each sales person practice presenting this checklist, as this particular part of the sales process will usually be enough for the prospect to decide to purchase from you.

 

CPA Practitioners’ Conference 2012

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I am delighted to have been invited to speak at the 2012 CPA Practitioners’ Conference the notification to members  is as follows:

‘Best Practice in Practice’ Conference                                                                             

Do you want to discover the tools, information and expertise needed to achieve best practice in practice?

Do you want to make your practice a success?

Discover how at the 2012 Practitioners’ Conference

The Heritage Hotel, Killenard, Co Laois

Friday 21st and Saturday 22nd September 2012

As Practitioners’ struggle to stay afloat and grow business in this time of economic crisis our expert speaker Carla Manning ADCA CPA will highlight the tools and activities Practitioners’ can undertake to make their Practice the best in practice. Bringing her wealth of experience, skill and knowledge developed over the last 15 years working with a diverse range of clients across a variety of industry sectors Carla will address the following crucial issues:

–          Managing Cash-flow – Do you have an airtight cash management system in place? Are you collecting what you are owed? Are you effectively managing your cash-flow?

–          Reviewing Your Clients – When did you last step back and analyse your client base? Do you know who is making you money and who is costing you money?

–          Strategic Planning – What do we do? Who do we do it for? How do we grow, succeed, excel? Key questions you need to ask yourself when it comes to strategic planning.

–          Being Proactive with Clients – Do you proactively bring business ideas to your clients? Are you missing cross-selling opportunities with existing clients?

–          Paperless Office – Sick of paper cuts? Do you aim for a paperless office? What alternatives to paper are available?

Carla Manning ADCA, CPA is the owner of CACM Accountants and Registered Auditors, a proactive and innovative accountancy practice based in Cork, established in 2009.

In 2011, Carla launched a new on-line business – IrishFormations.ie which provides a fully on-line company incorporation service to individuals as well as being an out source solution for Accountants and the legal profession.  The website provides live limited company name check and is the first in Ireland to work with the Companies Registration Office to bring this to market through technology called “Open Services”

Carla teaches on new business start up programmes. Carla currently holds the position of Treasurer in Network Cork and is a member of the Board of Cork Midsummer Festival. She was recently invited to join the steering group for the Economic Development Plan for the Northside of Cork.

Can I claim for my lunch expense?

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We are all familiar with the expenses that we are allowed to claim a tax deduction for in our accounts. They typically include items like rent, insurances, print and advertising costs, wages and salaries, to name but a few.  However, there are items that often cause much debate as to whether they are tax deductible or not. The main culprits I have found that can cause confusion are food and meal expenses and entitlement to claim mileage and subsistence allowances.

For self employed individuals, the rules relating to food and meals are actually quite clear – the cost of meals taken at the place of business are not allowable for tax purposes. Meals consumed away from the place of business are, in general, not regarded as being for the purposes of the business. This may seem a bit unfair – after all we’re not necessarily talking about expensive lunches in fine dining establishments on a daily basis. Who has the time, budget and metabolism for that anyhow? Most of us are more likely to opt for a quick take away sandwich from the shop/cafe closest the office, so why is it not a business expense? Well, Revenue’s view point on food and meals is that everyone must eat in order to live, so whether you are working or not, you still have to eat. If you think about it, for anyone that is a PAYE employee, you have to pay for your own lunch/food costs and cannot claim any tax credit/relief for having to do so, so why as self employed individual would this same cost now be regarded as a business expense? The Revenue do recognise that obviously, where the fundamental nature of a business involves travelling  – an example they give is that of a long distance lorry driver, or where occasional business journeys outside the normal pattern are made, then the cost of meals maybe allowed as an expense.

 So, what about civil service mileage rates and subsistence allowances? Well that’s for the next blog post.

Protecting your business

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Business owners, more than ever, need to have a proactive approach in managing their business. We need to be able to detect and identify warning signs of potential problems and know what steps to take as soon as problems become apparent. Problems rarely arise suddenly. It is more usually a gradual process, as a result of a variety of circumstances either external or internal. External causes cannot always be predicted with accuracy in advance. Internal factors however, may, in many cases be capable of being foreseen.
Businesses will usually have expert skills and experience in the area of activity the business operates.

No matter how good a product or service is, skills and experience in areas such as business planning, financial reporting, marketing, customer relations and financial management cannot be taken for granted.  Running a successful business requires not only good creative and operational skills but good business skills too. If these skills are not available in-house, then the business will need to source these skills from specialist advisors.
 
Advice from professionally qualified financial accountants should be sought regularly, at all the stages of business life. Some of the many benefits of this include being able to take advantage of any opportunities of growth and to anticipate any threats to the survival of the business and reacting to them promptly. The key areas that a professionally qualified accountant usually provide expert advice is in regards to accounting, financial planning and credit management. Advice in areas such as bookkeeping and financial reporting practices and sound business practice should also be utilised in order to produce high quality financial information, which sets the ground for the efficient and effective growth and the survival of the business.