revenue growth startegies a practitioners …€¦ · a practitioners experience marketing and...

REVENUE GROWTH STARTEGIES –A PRACTITIONERS EXPERIENCE

Marketing and Business Development

Presentation by:FCPA SAID ABEID SAID

Uphold public interest

AUDIT AS PROFESSION

• AUDIT PROFESSION1. Very demanding,2. Challenging,3. Exciting,4. Learning opportunity,5. Respected,6. No retirement,7. Highly remunerative depending onperformance,

AUDIT AS PROFESSION

8. Opportunities to travel at client’s cost,9. Independent,10. Limited capital needed to start

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! ”

AREAS OF SERVICES

1. Statutory Audit,2. Bookeeping Services,3. Payroll Services,4. Taxation5. Recruitment,6. Company secretarial Services,7. Investigations,

AUDIT SERVICES

• Cont’d8. Management Consulting,9. Business valuation,10. Executors and Trustees,11. Attestation of Documents,12. Outsourced audit services,

WHO WE ARE

• NAME OF FIRM: SAID ABEID SAID & CO

• NUMBER OF PARTNER: ONE• LOCATION: MOMBASA• YEARS IN BUSINESS: SINCE 2008 • OFFICE TYPE: LEASED

WHO ARE OUR CLIENTS

• SIZE OF OFFICE: 7 ROOMED HSE

• SIZE OF STAFF: AUDIT DEP’T - 9• BOOKEEPING/

RETURNS – 6TRAINEE – 3

• ADMIN – 1• SECRETARY - 1

WHO ARE OUR CLIENTS

1. Sole Proprietor2. Private companies3. NGO’s4. SACCO

When I Started

1. I marketed my self2. Hold myself to high standards3. Made sure im doing it for the right reasons4. I Selected my target market, and added more5. I always consulted and seek the help of advisers when needed6. Always believed in hiring the right employees

Development of Soft Skills

1. Good communication skills2. Inter- personal skills3. Managerial skills4. Trained to be a good team player5. Trained myself to manage others effectively 6. Attended various courses of time management

REVENUE GROWTH STRATEGIES

METHODS TO ATTRACT NEW CLIENTS AND HENCE REVENUE1. Referrals, 2. Good service to clients and hence referrals, 3. Networks, -4. Acquisition –


METHODS OF GETTING CLIENTS, - con’td

5. Advertise6. Articles in trade journal7. Leaflets.8. Web search engine


CLIENTS RELATIONSHIP1. 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


How long do you spend time with your CLIENT


• BREAKDOWN OF TURNOVER FROM AND TIME SPENT ON SERVICES

1. Return preparation 2. Bookkeeping services3. Taxation, 4. Assurance


• STAFF SALARIES AND STAFF COMPENSATION1. 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 arrangementsa) Referring new clients through staff efforts,b) Obtaining new work from existing clients,


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


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


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


MERGED WITH OTHER AUDIT FIRM FOR SPECIFIC JOB

1 - COOP Audit2- Water Board projects,3. Specialized Audit Assignment


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


TIMESHEETSProper timesheet management helped our firm to:1. track staff time against clients, projects and tasks2. to distinguish between billable and non-billable time3. to generate accurate and timely invoices to the clients4. and to get valuable insight on how a project or the firm as a whole is performing


PARTNERS AVAILABLITY TO CLIENTS

1. The clients call directly on phone,2. Clients send email 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,


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,


TAKING ADVANTAGES OF CHANGES

1. ITAX 2. Filing rental tax online,- APPOINTED BY RENT

COLLECTORS3. CAPITAL GAIN TAX


BILLING METHODS

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


COMPOSITION OF OUR INVOICE/ FEE NOTE

1. Fees,2. Photocopying,3. Courier services,4. Travel costs,5. Printing, etc


SOFTWARE USED TO PROVIDE SERVICES

1. Excel,2. Quickbooks,3. Payroll software,4. Purchased a DRAFTWORX software from Southafrica,


TIME SPENT ON CPD BY PARTNER2016 932015 78.52014 1092013 1132012 158• These trainings are then imparted to staff and

shared with client,

Questions?