REVENUE GROWTH STARTEGIES A PRACTITIONERS EXPERIENCE. Presentation by: FCPA SAID ABEID SAID

Transcription

1 REVENUE GROWTH STARTEGIES A PRACTITIONERS EXPERIENCE Marketing and Business Development Presentation by: FCPA SAID ABEID SAID Uphold public interest

2 AUDIT AS PROFESSION AUDIT PROFESSION 1. Very demanding, 2. Challenging, 3. Exciting, 4. Learning opportunity, 5. Respected, 6. No retirement, 7. Highly remunerative depending on performance,

3 AUDIT AS PROFESSION 8. Opportunities to travel at client s cost, 9. Independent, 10. Limited capital needed to start

4 AUDIT AS PROFESSION Accounting will never be boring! With all the self-study of changing legislation, to keeping up to date with the latest technological developments - I honestly cannot wait to see what the future holds!

5 AREAS OF SERVICES 1. Statutory Audit, 2. Bookeeping Services, 3. Payroll Services, 4. Taxation 5. Recruitment, 6. Company secretarial Services, 7. Investigations,

6 AUDIT SERVICES Cont d 8. Management Consulting, 9. Business valuation, 10. Executors and Trustees, 11. Attestation of Documents, 12. Outsourced audit services,

7 WHO WE ARE NAME OF FIRM: NUMBER OF PARTNER: LOCATION: SAID ABEID SAID & CO ONE MOMBASA YEARS IN BUSINESS: SINCE 2008 OFFICE TYPE: LEASED

8 WHO ARE OUR CLIENTS SIZE OF OFFICE: 7 ROOMED HSE SIZE OF STAFF: AUDIT DEP T - 9 BOOKEEPING/ RETURNS 6 TRAINEE 3 ADMIN 1 SECRETARY - 1

9 WHO ARE OUR CLIENTS 1. Sole Proprietor 2. Private companies 3. NGO s 4. SACCO

10 When I Started 1. I marketed my self 2. Hold myself to high standards 3. Made sure im doing it for the right reasons 4. I Selected my target market, and added more 5. I always consulted and seek the help of advisers when needed 6. Always believed in hiring the right employees

11 Development of Soft Skills 1. Good communication skills 2. Inter- personal skills 3. Managerial skills 4. Trained to be a good team player 5. Trained myself to manage others effectively 6. Attended various courses of time management

12 METHODS TO ATTRACT NEW CLIENTS AND HENCE REVENUE 1. Referrals, 2. Good service to clients and hence referrals, 3. Networks, - 4. Acquisition

13 METHODS OF GETTING CLIENTS, - con td 5. Advertise 6. Articles in trade journal 7. Leaflets. 8. Web search engine

14 CLIENTS RELATIONSHIP 1. Continue build relationship with our client, by engaging communicating with them and advising them constantly, 2. We ensure we provide great services to combat competition, 3. We always educate our clients on industry trend and adopting new products and services, e.g ITAX, 4. Continually monitoring changes and advise our clients on the same

15 How long do you spend time with your CLIENT

16 BREAKDOWN OF TURNOVER FROM AND TIME SPENT ON SERVICES 1. Return preparation 2. Bookkeeping services 3. Taxation, 4. Assurance

17 STAFF SALARIES AND STAFF COMPENSATION 1. Staff salaries for 3 off the Audit staff are very competitive with all benefits, 2. We also give bonus on top of the salary on the following arrangements a) Referring new clients through staff efforts, b) Obtaining new work from existing clients,

18 c) Attaining chargeable hourly rate, d) Outstanding individual achievement) e) On passing KASNEB exams or ACCA, f) On acquiring specialized skills g) Standard bonus each year, BUT very basic, 3. Salaries of our staff have not been paid after 28th of the Month,

19 4. All staff undergo mandatory training on the following areas, a) Advance excel, b) Written communication skills,

20 DISCUSSION ON ACQUISITION OF AUDITING FIRM IN MOMBASA 1. Entered into Memorandum of understanding, 2. The firm is about 30 years old, 3. We have operated for almost 3 years, 4. I'm paid fixed retainer Fee, 5. Will share the profit after 3 years

21 MERGED WITH OTHER AUDIT FIRM FOR SPECIFIC JOB 1 - COOP Audit 2- Water Board projects, 3. Specialized Audit Assignment

22 JOINED A BOARD Interested With Microfinance, I chair the audit and risk committee Have network intensively local and abroad I have atteded a lot of training on microfinance

23 TIMESHEETS Proper timesheet management helped our firm to: 1. track staff time against clients, projects and tasks 2. to distinguish between billable and non-billable time 3. to generate accurate and timely invoices to the clients 4. and to get valuable insight on how a project or the firm as a whole is performing

24 PARTNERS AVAILABLITY TO CLIENTS 1. The clients call directly on phone, 2. Clients send directly to partner, 3. No appointment needed to meet partner, 4. Meetings to client Monday to Friday strictly between 9.00 am and 1:00 pm,

25 FEES COLLECTION 1. Centrally done by administration staff, 2. The administrator sends hardcopy by use of messenger, 3. The administrator follows up for any unpaid fee note,

26 TAKING ADVANTAGES OF CHANGES 1. ITAX 2. Filing rental tax online,- APPOINTED BY RENT COLLECTORS 3. CAPITAL GAIN TAX

27 BILLING METHODS 1. We use fixed fee method of billing, 2. Fees Guide lines

28 COMPOSITION OF OUR INVOICE/ FEE NOTE 1. Fees, 2. Photocopying, 3. Courier services, 4. Travel costs, 5. Printing, etc

29 SOFTWARE USED TO PROVIDE SERVICES 1. Excel, 2. Quickbooks, 3. Payroll software, 4. Purchased a DRAFTWORX software from Southafrica,

30 TIME SPENT ON CPD BY PARTNER These trainings are then imparted to staff and shared with client,

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32 Questions?