Migrating to the cloud & MTD

Transcription

1 Migrating to the cloud & MTD Gordon Gilchrist

2 Making Tax Digital In December 2015 HMRC announced plans to make tax digital by 2020 Draft legislation in 2017 Budget Reality by 2020

3 What Does This Mean? Digital records (spreadsheets OK but no manual!) Staged roll out for individuals and business owners Exemptions, Smaller businesses delay 1 year Quarterly summary information filing Agents interface with HMRC quarterly Target - Commencing April 2018 for unincorporated 2020 for everyone else

4 Benefits of Cloud Accounting Technology means open API links HMRC Input of data easy for clients - Mobile Apps Bank feeds directly to software 24 / 7 / 365 Access clients love this! Systems easier to orchestrate Cloud providers more supportive Capital value if on the cloud GRF Higher Leverage and fees the main ways to improve profit in an accountancy practice

5 Strategy For Change

6 Strategy Making tax Digital means we need to move from desktop to cloud (Best practice) 3 year time frame to move ALL clients Competition from both ends of the market Clients may choose their own software

7 What Should You Do About It Now? Analyse your portfolio of clients plan to convert them! Identify problem business sectors Most clients to go on a cloud accounting package? Will you sit between client manual records and HMRC and digitise them for the problem clients? Will you expand book keeping service exponentially? Will you split the practice? How and what will you charge for your services? Are you an advocate do you use a cloud accounting package yourself? Action plan

8 Action Plan 1. Set 2. Get all your fee earners certified in Cloud accounting software; 3. Put your own accounts on a cloud accounting package, become an advocate; 4. Have a set of accounts you can use for demos to clients on your mobile / tablet; 5. Hold a meeting to discuss and ensure all fee earners understand there will be changes in the way they bill, prepare accounts, file data and deal with clients; 6. Research how apps could help with the input of data; 7. Be aware that technology will adapt over the next 2-3 years to accommodate digital tax and keep a flexible approach to the apps and software you currently use and software; 8. Write an education and marketing plan to convert your clients to the Cloud.

9 Practice Systems And Staffing

10 Jim Collins Good to Great

11 Training and your team Training and certification of your team in a VARIETY of software Very important to your marketing activities Logos of providers important as they software companies are driving the market E.G. Deloitte - Propel

12 Which Software and Apps?

13 Input APPS Data input Concur, Receipt bank, Expensify QBO Photos on App Scanning apps

14 Practice Add-Ons

15 The Most Successful 1. on their software team become experts in how to use and implement it. 2. They are social media friendly & share what they learn personal and business success stories. 3. Relationships remain the main asset they are in regular contact FACE to FACE with clients. 4. They have strong direction and leadership.

16 Other than reduce fees what can your accountant do to improve the value of their service?

17 Educate clients Pre year end checklist / outline of the work Pricing options Bonze, silver, gold etc. Extra work = pre work agreement

18 How To Market Cloud Accounting - Planning You will need 2 marketing plans: Social Media and website (Pull marketing) (E) mails and newsletters (Push marketing) THESE PLANS ARE ESSENTIAL TO YOUR SUCCESS

19 How To Market Cloud Accounting Social Media Purpose is to position your firm as a specialist in this area RELENTLESS!

20 How To Market Cloud Accounting Social Media Follow clients, HMRC, IOD, FSB, ICAEW, ACCA, software providers etc. Blog, tweet, post at least 2-3 times per week for each SM platform you are on Every time you convert a client- POST a simple case study Testimonials about how easy it is include picture of client Stay on message MTD Experts

21 How To Market Cloud Accounting Social Media - hassle-free payroll! Save time by sending payslips by and -

22 Micro site Simple to update

23 How To Market Cloud Accounting - Push Use marketing planner!

24 How To Market Cloud Accounting Push 1. Send your offering to all business owners (brochure) 2. Analyse your client database 3. Prioritise and contact x per week 4. Follow up with a telephone call 5. Do the demo 6. Convert the client

25 How To Market Cloud Accounting Push Target specific clients and prioritise the order of clients you contact Demos and conversion takes time so maximise your return on investment Work out how many clients you can convert per month with the resources you have allocated Demo to the OWNER not just their book keeper Seminars webinars with Cloud provider

26 How To Market Cloud Accounting Push Direct campaigns , letter, newsletter Start with a blanket approach, say, an , newsletter or announcement, about your new KEY to success Follow up with a TELEPHONE CALL

27 How To Market Cloud Accounting Push Example e-letters

28 How To Market Cloud Accounting Push

29 How To Market Cloud Accounting - Scripts Telephone follow scripts in notes: accounting software solutions. can come over for half an hour and show you how it will benefit your business. When would be a good time to

30 How To Market Cloud Accounting 1. Number of meetings / seminars / demos done 2. Number of clients converted 3. Number of clients not converted

31 2020 Cloud Accounting Action Pack

32 2020 Cloud Accounting Action Pack

33 Migrating to the cloud & MTD Goordon Gilchrist