Posts by Michelle Knights
Are Service Industries at Breaking Point?
Has anyone else noticed what its like to work in an industry that is service based at present? If only everyone could make widgets. I have been observing service based industries over the past couple of years as we have moved through, and out the other side, of the pandemic, and to be frank, I’m…
Read MoreHighlights from our Latest Charge Rates & Salaries Survey
Earlier this month we released our June 2023 Charge Rates & Salaries Survey following a pleasing rate of registration over the preceding couple of months. We had firms of all sizes participate, ranging from a couple of hundred thousand in turnover to the Second Tier firms, with data received across the five major States. There…
Read MoreTo Outsource / Offshore or Not, that is the Question?
Outsourcing or offshoring can tend to be one of the most contentious within the profession. There seems to be three schools of thought in respect of this method of work completion. Firstly, there are the firms who have tried it and love it, many originally getting into it due to its cost benefits. These firms…
Read MoreThe Current Transactional Market for Practices – What We Know Today!
For around twenty years now the professions have been preparing for the increased departure of practitioners as the Baby Boomers hit retirement age and during this time there have been a couple of factors that have been influential upon this expected trend. One was frenetic activity of the consolidators and aggregators amongst the accounting profession…
Read MoreWhy Some Firms are Not Experiencing Recruitment & Retention Difficulties
I recently met with a practitioner who was probably one of the most fortunate within the profession at present. Unlike every other firm I have spoken to in the past year, two years, etc, they were experiencing absolutely no difficulties in recruiting or retaining their personnel. This was put down to firm culture. They took…
Read MorePartner Selection – Ensuring Long Term Harmony
Being in partnership with others can represent a real challenge for some, hence the number of sole practitioners around the country, whilst for others there is nothing better than teaming up with colleagues or friends to build an empire; for some, the bigger the better. Which is why I find it intriguing as to how…
Read MoreOur Challenges Around Staff Recruitment & Retention
Few, if any firms, would not have staffing as their key area of concern at present. Across all industries, the lack of available staff is the main restriction preventing the return to pre pandemic days and the ability to underpin growth through the recruitment of personnel. However, looking at the current situation within the accounting…
Read MoreThe Forces Driving Small & Sole Practitioner Firms to Sell
I recall a report that was published within the profession some three, four, or even perhaps five years ago, suggesting that something like 51% of equity holders within firms at that time, would be heading for the door over the coming five or so years. Fast forward to today, and whilst that event may not…
Read MoreImproving Your Firm’s Lock Up & Cashflow
Managing a firm’s lock up and cashflow often varies across the profession depending on profitability, practice structure and size, desired salaries or drawings, profit distributions, external funding sources and even the desire to manage the payment of tax. However, pleasingly we have been noticing some gradual improvements in the average WIP and debtor days being…
Read MoreIs Everyone Suited to Buying a Practice?
The short answer is no! A question I often ponder is ‘is everyone suited to being a business owner or are there some individuals that will always be better suited to being employees?’ Importantly, there is no criticism of either. However, I have just always thought that running a business is not for everyone, particularly…
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