how it helped me grow my practice, michael magee, partner westboro
DESCRIPTION
At each event, speakers from successful practices will give a case study on how they used IT to assist in the expansion of their practices and how they see IT assisting with the challenges of succession planning.TRANSCRIPT
IT in the practice
• Michael Magee– Westboro Partners
How IT helped us grow our practice
And the challenges of succession planning going forward
04/14/23 2
Why me
o Phone call from Ian Lucey
o Give a general overview of our practice from an IT perspective
o Where we see the practice going with IT / ICT
o How the practice will evolve
04/14/23 3
Practice Overview
o Formed In - o 1983 By J. B. O’ Sullivan
o Offices in - Westboro House
Montenotte
o Our Divisions
Westboro Partners
Westboro Wealth
Westboro Capital Westboro Publications
o 30 staff, 4 partners o Were an associate practice of BDO
Simpson Xavier for 7 years prior to our re branding last year
o No IT
oTypewriter and Dictaphone
oSecretaries did everything
oManually prepared accounts
oComputers of the day
oTrainee role
oPayroll services
In The Beginning
o Late 80’s early 90’s When we started using technology
oPractice of 4 people
oVery slow basic computero Word Processingo Accounts Packageo Time recording
o Fax Machine
o As the practice grew, faster machines arrived on the market
Technology Usage
oThe arrival of the mobile phone and text messages
o Networking
oLaptops
oThe Internet
oRemote access
oEfficiencies arrived in all facets of the practice
Technology Usage
o35 User Network with Mirrored servers
oBroadband with full on line usage for everybody
oEmail account for all staff
oUp to date virus checks and computer policies
oAutomated back up systems
oRemote access usage for key staff
oMicrosoft office and Drive as the key software applications
In Summary Today
o Practiceo Sage 2008o Statuary accountso Excelo Template APGo Master Accounts sets
o Projections Scout
oClientso Sage various versionso BRBo TAS Books
o Disk, email, memory stick
Accounts production
o Income Tax o Did have Tax Packageo Now ROSo High % on line filed
oROSo For client management
oVATo Accounts packages
o PAYE/ PRSIo Thesaurus / Proll
oCorporation taxo No CT Packageo Excel
Taxation
o Relate software/ Vision-neto Annual returnso All company formso On line co searcheso Company formationso On line account
oWord o Templates for A.G.M, E.G.M
Minutes of meetings
Company Secretarial
o Weekly meetings to overview
o Exception reports foro Debtorso WIPo Cash flow
Each partner also has direct access to reports along with key staff membersOn our CRM Package
Practice Management
o CRM – Driveo My Diaryo My Taskso Time sheetso Clients and contactso Staff detailso WIP and Feeso Marketing Campaigns o Data Miningo Accounts, Purchases Ledger, o Bank and casho Communications
o Phoneo Emailo Texto Correspondence
Practice Management
o Use of in house IT consultant
oAssess cost
oSee the Demo
o Review use by other accountants
oGet Direct Testimonials
oAssess resource requirements
oGive it time
oTraining
Choosing software
oIncreased efficiencies
oWork Turnaround / Faster billing
oTime based billing
oPremium Rates
oMarketing
oProfessional productions
oSpeed of communication
oService
IT Role in practice growth
oWeb Site
oEzine
oNewsletters
oBrochures
oDatabaseso Clientso Contactso Prospectso products
I.T and marketing
o Training
oClient knowledge
oType of work
oScanning
oDealing with queries
oClient confidentiality
Outsourcing our experience
oCertain size in house IT consultant
oOut sourceo Responsible o Pro active
oDaily procedureso Back ups, updates, security
o IT log for problems
oTraining
oHardware/software acquisition
oRemote access
oFirewalls
Servicing our IT
o Paperless
oTwo screens
oGrowing use of CRM
oVoice recognition
oCPD online /webinar
oEncrypted data keys
oCommunications on the move
Going Forward
Document Management
Relate Software
This is the key project for the next few months.
Going paperless> less paper
Document Management
All information produced has a structured filing system on the network for each client or project.
Keeping hard copy the problem over 1000 boxes in storage
Filing cabinets also take up too much space
Filing takes time and non productive
Managing for the future
Steps we are taking
for the future of the
practice
o2 equity partners in practice over 25 years
o2 New Partners younger age profilesoWill Need To plan for exit / buy out
oGoodwill
oCapital Account
oNew Clients age profiles
oMerger and acquisitions
oBuild specialist areas
oThe challenges of change
Future of Practice
oThank You
oOne Point Of Benefit
oQuestions
Conclusion