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Accounting Firm of the Future eNews

December 2015 Edition

It's hard to believe 2015 is coming to an end, and as we look forward to the festive season and spending well deserved time off with family and friends, I'd like to say THANK YOU to you as valued partners for making this year a successful one, and look forward to an even better New Year!


In this month's edition of our eNews, we would like to share the following areas of interest:

Welcome to Prime's eNews for Accountants.

Simon Madder

CEO & Managing Director

The Advisory Board will meet every 2-3 months with the intention for there to be periodic rotation of members and increasingly the agenda items driven by partner firm priorities and objectives.


Thank you to our initial members for their contribution and we look forward to reporting back to the group over coming months. 


Should you have an interest in participating in future sessions, please just let us know, and we would welcome the input.

As most of you know we are very privileged to enjoy a transparent and open working relationship with our accounting equity partners across both accounting investees and wealth management JV partners.


In a move planned to deepen our partnerships further and gain even more direct feedback on our plans to improve our partnerships and value add further in key areas we have established the Prime Accountants Advisory Board.


The trial of this Advisory Board structure commenced in Melbourne at Prime's office on the 11th of November and included representatives from four our our partner firms. 


We enjoyed a very insightful and engaging roundtable discussion of each partner's firms value propositions, recent firm updates including new firm acquisitions, plus a transparent and honest sharing of the key challenges each firm faces with a collective response of best practice feedback and thoughts.

We had an Agenda but the conversation flowed organically in many different directions which led to new awareness and insights on each other's business operations, staffing, service value offers, differentiation points and so on.


We felt very excited by the energy and optimism expressed by each firm and the diversified nature of each partner's business models, and we equally took away validation of what we (Prime) are currently doing well, where we need to be better and what we need to change and where we need to innovate for the future to be valued partners for each of our partners.

Launch of Prime's Accountant Advisory Board

We are learning quickly the value of this experiment, and surprisingly note that we are receiving and resolving support calls during the extended hours.


Other important data to point out is that, we can resolve general queries on the spot which is a great outcome for our clients, and we are providing efficient and timely follow up calls to issues that may require the assistance of financial advisors or other service providers who work during the traditional business hours of 9am to 5pm. Both outcomes results in delivering greater client experience journeys.


We look forward to sharing more intel and learnt insights about this project in the New Year.

Our Client Services Team who provide dedicated support and service to you, and to our collective clients have embarked on a experiment. 

 

This experiment is based on how the team can further improve and extend their level of service to you and to clients who are in situated in states with different time zones.


We have kicked-off this experiment of rostering our client services team to extend our current 'support hours' of 8.30am to 5pm to end at 8pm (GMT E.S.T).

 

Our team members are enjoying the flexibility of starting their day late, and feedback we have received from the project which we started a couple of weeks ago, suggests we are responding to calls and support queries during the extended hours.

Client Services' Extended Hours of Support

"The Future of the Professions"

By Richard & Daniel Susskind

This book predicts the decline of today's professions and discusses the people and systems that will replace them. In an Internet society, according to Richard Susskind and Daniel Susskind, we will neither need nor want doctors, teachers, accountants, architects, the clergy, consultants, lawyers, and many others, to work as they did in the 20th century.


The Future of the Professions explains how 'increasingly capable systems' - from telepresence to artificial intelligence - will bring fundamental change in the way that the 'practical expertise' of specialists is made available in society. The authors challenge the 'grand bargain' - the arrangement that grants various monopolies to today's professionals. They argue that our current professions are antiquated, opaque, and no longer affordable, and that the expertise of the best is enjoyed only by a few. In their place, the propose six new models for producing and distributing expertise.


This book raises important practical and moral questions. In an era when machines can outperform human beings at most tasks, what are the prospects for employment, who should own and control online expertise, and what tasks should be reserved exclusively for people?

Firstly, let me start by saying that this book challenges conventional thinking, and I don't necessarily agree with all of the concepts explored but what I did enjoy is the lateral thinking and the many considerations that have been well thought out and debated. 


I encourage you to read this book with an open mind, and for more detail please find below a summary from the authors and related parties on what the book covers. 

What is the Future of Offshoring?

  1. EXECUTIVE SUMMARY
  2. INTRODUCION
  3. THE CHANGING LANDSCAPE: OFFSHORING IN SERVICES TODAY
  4. MEGATRENDS: THE FACTORS DETERMINING THE FUTURE FOR OFFSHORING
  5. THE KEY ISSUES DETERMINING OFFSHORING SUCCESS IN THE FUTURE
  6. CONCLUSION

CONTENTS

Research Paper by Chartered Accountants ANZ

Tim Bennett

Director - Corporate Development

M: 0439 420 711

E: timb@primefinancial.com.au

Accounting Firm Acquisition Opportunities

A key component of Prime's broader strategy, is to be a long term partner for growth to our accounting firm and wealth JV partners. In line with this, we are committed to not only assisting our partners unlock and achieve organic growth, but also where appropriate, to assisting them to identify, execute and fund (via equity support from Prime) strategic acquisitions.


We are currently active in the market seeking acquisitions for two of our member firms, with discussions also ongoing across a broader cross-section of our network of partners in respect of their prospective acquisition plans and strategies.


If you would like to explore a discussion in respect of potential acquisition-led growth, please contact me.


Equally, if you are aware or become aware of practitioners throughout Australia, who may be contemplating a sale of their practice, please make me aware, as these opportunities maybe of interest to our partners in the Prime network.

We have been provided with a great opportunity to take part in the 2015 Macquarie Accounting & Financial Services Benchmarking Survey, conducted by Confirmit, a market research solutions provider that has been engaged by Macquarie.


It is recommended the survey is completed by either a Principal, Equity Holder, Managing Partner, CEO, Director or Partner of your practice.

 

If available, it is recommended to have your practice's financial statements on hand.

A copy of the 2015 Macquarie Accounting and Financial Services benchmarking report, highlighting key themes and subsequent implications for practices to consider which will be sent to you in March 2016 by Macquarie.


All survey details are confidential, and are not shared with Macquarie. Macquarie are sponsoring the survey, and all data are managed by Confirmit.


We encourage you to take part in the survey as the results will be highly interesting and empowering to learn how you rank against your peers within the accounting and financial services industry and within the Prime network.

The 2015 Macquarie Accounting & Financial Services 

Benchmarking Survey - NOW OPEN

My Travel Dates 

In the last few months I have certainly been building up the frequent flyer points with visits to all our major partner hubs.


I have gained great value and insight by continuing to understand our partner firm priorities and look forward to continuing to discuss the many and varied topics of interest and future development.


I will be closing out the year with visits again to Sydney and Perth on at least one occasion, with visits again planned in January to those locations plus Brisbane and Cairns. 


I look to seeing you all soon.

NSW - New Office

Located in the heart of Sydney CBD, the NSW Team are enjoying their new office space. It's modern, central and it's perfect for holding meetings! Oh, and access to great lattes!

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www.primefinancial.com.au