Duane Morris Law Firm Grows Managerial Staff

Managerial Economics can be defined as amalgamation of economic theory with business practices so as to ease decision-making and future planning by management. Managerial Economics assists the managers of a firm in a rational solution of obstacles faced in the firm’s activities.

The Duane Morris Tax Accounting Group has added Galina Morgovsky, CPA, as a manager and Thomas Maag as a staff accountant.

“We are thrilled to welcome Galina and Tom to our rapidly expanding team,” said Michael A. Gillen, CPA, director of Duane Morris’ Tax Accounting Group. “With their addition, we have added strong talent and deepened our bench of highly skilled CPAs and lawyers, all of whom share a common vision, which emphasises an unwavering commitment to best-in-class client service.

Due to continued robust growth in our domestic and international high-wealth client base, we are especially excited to add Galina and Tom to our stellar team and continue to grow our client service group in the areas of comprehensive tax planning, compliance and representation for high-wealth individuals, closely held businesses and family offices.”

Galina Morgovsky will be primarily responsible for tax planning and compliance activities, including tax minimisation strategies, for a diverse client base including high-net-worth individuals and closely held businesses. She will also devote time and energies to tax representation activities for high-net-worth individuals and businesses.

Morgovsky is a certified public accountant and graduated cum laude from Drexel University with a Bachelor of Science in business administration with a concentration in accounting. Prior to joining TAG, she was a tax director with a national CPA firm.

Thomas Maag will be primarily responsible for tax planning and compliance activities, including tax minimisation strategies, for a diverse client base including family offices, estates, trusts and non-profit organisations. He will also devote time and energies to accounting and reporting activities for non-profit organisations.

Maag is a certified public accountant candidate and graduated from Rutgers University with a Bachelor of Science in accounting. Prior to joining TAG, he was a tax accountant with an estate planning and family office law firm.

Intellitek Systems Announces Launch of Accountancy Solution

Accountancy is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations.

To help accountancy firms tackle digital transformation for both themselves and their clients, while also enhancing the profitability of their practices, Intellitek Systems today announced the launch of its Accounting Partner Centre of Excellence.

Accounting firms, payroll providers, and other business advisory professionals who join the Intellitek Systems Accounting Partner Centre of Excellence are eligible to re-sell Intellitek’s ERP, CRM, payroll, and accounting software white labelled and customised to match the partner’s brand.

In addition to revenue generated from offering the software solutions, partners will receive referrals from Intellitek Systems and have opportunities to further increase revenue opportunities by optionally offering software implementation services and receiving referrals from Intellitek Systems and fellow partners for their standard accounting, payroll, or advisory services.

“By expanding our accounting partner program into a full-fledged Center of Excellence, Intellitek’s network of accounting, tax, and business advisory professionals will have access to Intellitek Systems’ more than a decade-long experience of delivering leading ERP, CRM, accounting, and payroll technologies.

Likewise, Intellitek will benefit from having a network of trusted advisors that we can be confident will service our clients with the same level of excellence and integrity that we ourselves provide,” commented Matthew May, Founder and Chief Project Engineer at Intellitek Systems.

Integrating your company’s business processes and industry best practices into traditional packaged software is either an extremely expensive or outright impossible proposition. That is what separates IntelliTek Systems from the rest of the software industry.

Unlike the old guard software companies, IntelliTek Systems combines our practical business knowledge with your business processes to develop technology solutions that work the way you work. Technology should make running a business easier, not more complex.

That is IntelliTek Systems philosophy, and that philosophy is reflected in all of our custom-designed and developed solutions.

Global Accountancy Firm Names New Company Boss for Scotland

Covering the northern third of the island of Great Britain, mainland Scotland has a 96-mile border with England to the southeast and is otherwise surrounded by the Atlantic Ocean to the north and west, the North Sea to the northeast and the Irish Sea to the south.

PwC has unveiled a new boss for its operation in Scotland. The firm has unveiled Claire Reid as the successor to long-standing Scottish chairman Lindsay Gardiner, who has stepped down after seven years in the role.

PricewaterhouseCoopers is a multinational professional services network of firms, operating as partnerships under the PwC brand. PwC ranks as the second-largest professional services network in the world and is considered one of the Big Four accounting firms

Claire, until recently head of assurance for PwC in Scotland, becomes the first female to hold the post.

And she comes to the role with a strong background in technology. Claire joined PwC in 1998 and in the earlier part of her career with the firm was based in Silicon Valley, California, where she worked with a number of high-profile technology clients.

On returning to the United Kingdom she worked to establish and develop PwC’s relationship with Oracle, a cloud computing partner, going on to help build the firm’s cyber security operation, during a 10-year spell in London.

Claire, who has a degree in international business and modern languages from the University of Strathclyde, returned to her hometown of Glasgow in 2016 to become head of assurance and lead the firm’s technology risk practice across the United Kingdom.

Mr Gardiner meanwhile will continue to work within the firm’s audit business.

How to Add Bundled Services into Your Offering

The term is applied when services previously purchased separately are consolidated and purchased together from the same provider. Many commercial organizations have found that bundling cuts their total costs and improves service.

Accounting firm owners could benefit from taking the time to evaluate their accounting firm as a business. As the owner of my accounting firm, I did just that and realised some changes needed to be made, starting with bundling our services.

Many accounting firm’s follow the traditional model of accepting clients in various industries through recommendations. Others provide clients with valuable services along with business-related compliance services, but don’t highlight those.

We as business advisors would agree that best practices for any business start with an evaluation of current practices so that weak points can be identified and evaluated for improvement.

Our lawmakers have identified us as Specified Service Businesses, they clearly see that we have great expertise as our clients’ advisors.

They have also challenged us to interpret the sweeping new laws and provided us with an opportunity to reach out to our clients and start a conversation.

What better time than now to step back and evaluate your accounting firm’s procedures and incorporate a bundled services approach into your pricing and onboarding process? This is an opportunity to redefine how you work with your clients, be specific as to expectations and get paid for your knowledge.

Evaluate each one of the services you provide, then review and list all the steps or processes that make up that service. Picture a typical project type, then list the services encompassed in that project. By doing so, you create bundled offers or packages of service offerings.

Your bundles will be specific to your accounting firm and either your current or target clients. Your offerings chart for individual clients may look something like the one referenced in the linked whitepaper, but can certainly be more elaborate.

It can contain more lines or services to help your client understand just what they are buying.

Remember that each bundle is a set of services packaged together and each is referred to with a descriptive name that describes the level of service.

If you choose to move to a bundled pricing system, you will find that new opportunities will emerge from your regularly scheduled appointments, we have.

Now, our clients call and ask for more and expect the additional services to come with a separate engagement letter and invoice.

Incorporating bundled services will help you deliver more value to your clients through advisory work. In turn, you will see improved team morale and cash flow, a better overall client experience and the accounting firm you want.

Battle of accountants versus machines

It is hard to go a day without seeing an article or a viewpoint in the media declaring Artificial Intelligence (AI) will make certain jobs redundant – but will it be the same for those roles carried out in the finance industry?

Technological advancements are at a faster pace than ever, with computers becoming more reactive and human-like in their responses and decision-making.

In January, a round on the American television quiz show Jeopardy was won by a computer named Watson, beating previous quiz show champions.

The rapid pace of technology advancement will no doubt see computers performing some accounting and finance functions, and this is already happening.

Recent innovations like mobile phone apps that can identify expenses from photos of source documents, and automatically allocate them to the accounting records, are already widely used across a range of industries.

In fact, last year HMRC confirmed it will begin rolling out AI to review tax returns and issue tax penalties.

Deciding to implement such technology in business must be well planned and researched. It is important that management make the decision in the context of their particular business.

For example, do they have the resources to employ this technology – certain pieces of software can be expensive and involve significant upfront costs before yielding any benefits.

Do staff have an appetite to adopt this technology? To maximise effectiveness, it is important that staff are trained and competent in using the technology on a regular basis.

How secure is the software and the devices used?

This is particularly important in the current world of big data, with the real risk of data breaches in large and small businesses across the globe, not to mention compliance with data protection legislation.

Whilst it appears inevitable that technology is developing to take over the more repetitive or basic accounting and finance functions, there are some positive aspects for use of this technology by accountants and businesses.

Not only will technology bring about new types of jobs that will be less repetitive and more interpretive (increasing employee job satisfaction), it will also free up management’s time to focus on value-adding activities.

Activities that can add to revenue (such as focusing on new markets, products and clients) or reduce costs within a business.

If firms are looking to the future but aren’t open to change, they will lose competitive advantage.

As Northern Ireland businesses increasingly compete on a global scale, the adoption of robotics and technologies is essential.

Rather than seeing technology as a threat, accountants and businesses should see it as a growing opportunity.

How to Choose the Right Accountancy Software for Making Tax Digital

Making Tax Digital is the United Kingdom government’s flagship programme to make tax accounting easier for businesses and individuals such as sole traders. As you might guess from the name, it does this by legislating the digitalisation of tax data and submission.

Many businesses faced with complying with Making Tax Digital need to take some time to assess their current business needs, how these might change in the near to medium-term future, and figure out what technology they’ll need to comply.

The key driver behind Making Tax Digital is to move businesses, no matter their size, to some form of digital accounting. Making Tax Digital is seen as not only a major efficiency win for the enterprises concerned, but it also enables the government to streamline the tax systems that are in place today. In an ideal world, this would mean an online tax account for every business and self-employed person, for fast and efficient tax filing.

However, how businesses use IT can vary significantly, particularly as access to certain technologies is not always possible. Adopting Making Tax Digital may be a significant challenge for some enterprises, while for others it will require little more than a few tweaks to their existing systems. The vast majority of companies will, however, fall between these two extremes.

It because of this that calls have been issued to delay the rollout of Making Tax Digital, currently expected to arrive in April, something that the United Kingdom government has seemingly rejected.

Tax Shouldn’t be Taxing

How your business’ digital accounting systems will evolve will, of course, depend on many factors. Your company may already use some form of digital accounting software, so the question may be, does this application need to be upgraded to be compatible with Making Tax Digital?

With research from Spiceworks revealing 52% of businesses are still using Windows XP, this doesn’t bode well for small enterprises keeping their accounting applications up-to-date.

There is also the matter of training and competence with the applications, especially if these are new to your company. It won’t be possible to instantly use any of the cloud-based applications without a period of training. Factoring this into your transition period is vital.

Small business owners are also concerned that their level of technical knowledge won’t be good enough to avoid what could be costly mistakes when choosing new digital accounting systems.

Peter Ford, public sector industry principal at Pegasystems, says that his company is working with HMRC to develop their front facing services.

Your business’s current level of technical knowledge will determine how complex supporting Making Tax Digital will be for your company. Small businesses, in particular, will have to potentially make the most radical changes, as until now they may have simply completed their own self-assessment tax form. In the world of MTD, moving to a hosted accounting service will be unavoidable.

Understanding your Objectives

Mark Taylor, a technical manager in the Technical Innovation wing of the Institute of Chartered Accountants, explains to IT Pro that businesses need to assess their requirements before choosing an Making Tax Digital software provider.

As with all software moves, pitfalls are almost certainly going to be encountered, yet, given the fierce market competition that is developing ahead of the April deadline, vendors will be trying to make the onboarding process as simple as possible.

Approaching the transition to digital accounting and tax filing needs all the due diligence you would use when choosing any new services for your business. Today, the cloud-based accounting market has continued to expand and evolve. Stalwarts of business accounting such as Sage have been joined by newer services such as FreeAgent and Crunch. What they all attempt to do is simplify the accounting and tax filing processes all business must comply with.

As each application or service is different, one size doesn’t fit all. Take your time to talk to other businesses in your sector. Case studies and information from your business’s trade associations can often shed light on the shortcomings of some applications or services you may not be aware of. Use this knowledge to make sure you purchase the right digital services to comply with Making Tax Digital.