The document discusses how accounting firms can remain relevant in the future. It outlines 10 chapters that cover topics like adapting to changes in technology, becoming a "real time accountant", focusing on services rather than compliance, productizing expertise, targeting specific niche markets, and ensuring any marketing efforts include proper follow up. The overall message is that accounting firms need a new plan focused on advisory services, using people and technology effectively, and putting the business owner's needs first to succeed in the future.

1. Future Proofing Your
Firm
REMAINING
RELEVANT
B U S I N E S S A D V I S O R Y S O F T W A R E F O R A C C O U N T A N T S
Rob Nixon Colin Dunn

2. W W W. P A N A L I T I X . C O M

3. W W W. P A N A L I T I X . C O M
The 10 Chapters of your future
1. The way of the dinosaur
2. A new plan is needed
3. The Real Time Accountant
4. People are still needed
5. Over-delivering on the service
6. Productising what you know
7. Making targeted noise
8. Noise without follow up is just noise
9. It’s a business that makes money
10.It’s all about you.

4. W W W. P A N A L I T I X . C O M

5. W W W. P A N A L I T I X . C O M

6. W W W. P A N A L I T I X . C O M
Promise

7. Chapter 1:
The way of the
dinosaur
B U S I N E S S A D V I S O R Y S O F T W A R E F O R A C C O U N T A N T S

8. W W W. P A N A L I T I X . C O M
THERE’S A STORM BREWING!
W W W . PA N A L I T I X . C O M

9. W W W. P A N A L I T I X . C O MW W W . PA N A L I T I X . C O M

10. W W W. P A N A L I T I X . C O M
New Zealand – cloud since 2009

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www.indinero.com

12. W W W. P A N A L I T I X . C O M
www.indinero.com

13. Chapter 2:
A new plan is needed
B U S I N E S S A D V I S O R Y S O F T W A R E F O R A C C O U N T A N T S

14. W W W. P A N A L I T I X . C O M
Business by Design
Your
business
life
The
numbers
Services
offered
Your
culture
Your
clients

15. Chapter 3:
The Real Time
Accountant
B U S I N E S S A D V I S O R Y S O F T W A R E F O R A C C O U N T A N T S

16. W W W. P A N A L I T I X . C O M
REDUNDANT OR REAL TIME
Redundant Data
Accountants
Real Time Accountants
Offers advice late or not at all Offers advice before it happens
Processes work and
administration
Value added services that help
Waits for things to happen On front foot making it happen
Majority of revenue in
compliance
Majority of revenue in
Business AdvisoryPrices in arrears Prices every project upfront
Doesn’t visit / call me Visits and calls on systematic
basis
Doesn’t follow up Follows up on every
opportunity
Doesn’t promote the latest
thing
Always promoting
Most clients on ‘hard drive’
accounting
Most clients on ‘cloud’
accounting
Numbers power with the client Numbers power with the
Accountant

17. Chapter 4:
People are still
needed
B U S I N E S S A D V I S O R Y S O F T W A R E F O R A C C O U N T A N T S

18. W W W. P A N A L I T I X . C O M
The future of employment – how susceptible
jobs are to computerisation – C Frey & M
Osborne 2013

19. W W W. P A N A L I T I X . C O M
Accountants salaries in the Philippines
Qualifications / Experience
Annual Salary
PH Peso*
Annual Salary
USD$
Per Hour USD
(1800 hrs)
Newly Grad Accounting (non CPA) P130k – P156k $2,900 - $3,500 $1.60 - $1.95
Accountant (non CPA) few years
experience
P182k – P260k $4,000 - $5,800 $2.22 - $3.22
CPA Accountant (just qualified) P234k – P286k $5,200 - $6,300 $2.88 - $3.50
CPA Accountant (5 years experience
+ can supervise)
P286k – P390k $6,300 - $8,600 $3.50 - $4.77
CPA Accountant (CFO, Head of
Audit level)
P390k – P585k $8,600 - $13,000 $4.77 - $7.22
* These salaries are what the team member is paid as at February 2014
* Plus BPO (business process outsourcing) “seat fee” costs of approx. US$600 - $850 per person per month

20. W W W. P A N A L I T I X . C O M
What can your virtual team do?
Administration
Your internal finance team
Marketing team – all functions
Sales coordinators
Client Services assistants
Technology creation and support
Accounting processing team
Bookkeepers
Para-planners
Product & systems developers.

21. Chapter 5:
Over delivering on
service
B U S I N E S S A D V I S O R Y S O F T W A R E F O R A C C O U N T A N T S

22. AGM
PANALITIX
6 monthly
Visits
Phone calls –
3-4 times
per year
No Charge
email /
phone calls
What if
planning
Service
New Opps
Add value
Sporadic
emails /
letters
Seminars
CAB’s
Social Media

23. W W W. P A N A L I T I X . C O M
What clients need – the Awesome
8
Growth
Profit
Cashflow
Asset
Protection
Tax
minimise
Financial
Retirement
Succession
Estate
planning /
legacy
Clients

24. Chapter 6:
Productising what you
know
B U S I N E S S A D V I S O R Y S O F T W A R E F O R A C C O U N T A N T S

25. W W W. P A N A L I T I X . C O M
20 new products
1. Revenue growth program
2. Cash flow analysis, forecasting &
monitoring program
3. Profit improvement program
4. Debt re-structuring program
5. Receivables management service
6. Inventory management service
7. Bookkeeping (serviced from lower cost
countries)
8. Virtual Management Accounting
9. Cloud conversions
10.Sort out the numbers program.

26. W W W. P A N A L I T I X . C O M
20 new products
11. Monitoring & Accountability program
12. Webinar / Seminar / Workshops /
events
13. Planning sessions – face2face, group
or remote
14. Boxed product (DVD, etc.) for a
niche market
15. Books / Manuals / Podcasts / Video
subscriptions
16. Software or online learning –
subscription based
17. Challenges – 100 day / 6 week, etc.
18. Leveraged training or consulting

27. Chapter 7:
Making targeted
noise
B U S I N E S S A D V I S O R Y S O F T W A R E F O R A C C O U N T A N T S

28. W W W. P A N A L I T I X . C O M
Niche markets
• Geographic niche – we are the small
business experts in New Zealand
• Services niche – we help business
owners to be financially retired
• Behavior niche – we help
Entrepreneurs start and then exit
their businesses
• Industry niche – we help
Restaurateurs to grow and develop
their businesses
• Mixed niche – Entrepreneurial
Restaurants in New Zealand.

29. W W W. P A N A L I T I X . C O M
Niche market criteria
1.Are there lots of them?
2.Do they have the ability
to pay?
3.Can your IP make a
difference to them?
4.Are they enjoyable to
work with?

30. W W W. P A N A L I T I X . C O M
Leveraging the Internet

31. Chapter 8:
Noise without follow
up is just noise
B U S I N E S S A D V I S O R Y S O F T W A R E F O R A C C O U N T A N T S

32. W W W. P A N A L I T I X . C O M

33. W W W. P A N A L I T I X . C O M
Sales system – step by step
process

34. Chapter 9:
It’s a business that
makes money
B U S I N E S S A D V I S O R Y S O F T W A R E F O R A C C O U N T A N T S

35. W W W. P A N A L I T I X . C O M
Key Area Now
Partners
Accountants
Administration & Marketing
Client numbers - groups
Average client project value
Number of client projects per year
Average fee per client group per year
Revenue
Salaries – excluding partners
Office overheads
Total costs
Profit before partner salaries
Profit per partner
Productivity / Utilization – Partners
Productivity / Utilization – Accountants
Average hourly rate / Net firm billing rate - client hours
Average hourly rate / Net firm billing rate - all hours
2
10
4
600
$1,750
4
$4,200,000
$1,280,000 (30%)
$920,000
$2,200,000
$2,000,000 (48%)
$1,000,000
30% (506 hours)
75% (1265 hours)
$307
$155
$7,000

36. W W W. P A N A L I T I X . C O M
Packaged Pricing

37. W W W. P A N A L I T I X . C O M
www.panalitix.com/remainingrelevant

38. W W W. P A N A L I T I X . C O M

39. W W W. P A N A L I T I X . C O M

40. W W W. P A N A L I T I X . C O M

41. W W W. P A N A L I T I X . C O M
www.panalitix.com/remainingrelevant

42. Chapter 10:
It’s all about you!
B U S I N E S S A D V I S O R Y S O F T W A R E F O R A C C O U N T A N T S

43. W W W. P A N A L I T I X . C O M
It’s all about you!
Corepurpose
Thirst for learning
Selfbelief
Fun every day

44. W W W. P A N A L I T I X . C O M
It’s all about you!
Corepurpose
Thirst for learning
Selfbelief
Fun every day

45. W W W. P A N A L I T I X . C O M
It’s all about you!
Corepurpose
Thirst for learning
Selfbelief
Fun every day

46. W W W. P A N A L I T I X . C O M
www.panalitix.com/remainingrelevant

47. W W W. P A N A L I T I X . C O MW W W . PA N A L I T I X . C O M
www.panalitix.com
rob.nixon@panalitix.com
colin.dunn@panalitix.com