Every industry is being threatened by technological advancements, regulation changes and the challenge of finding and recruiting great staff. The accounting and tax industry isn’t immune, currently we are facing a multitude of problems;
- Information flows that have become automated and confidentiality further restricted.
- Regulations tightened both by government and by our own regulatory bodies.
- Automation is improved within every business in the market and also within our clients
- Recruiting bright and competent people becomes ever harder
In lots of ways it is healthy for the economy as a whole to allow technology to automate tax compliance. Perception suggests, there is little net benefit to the world from a tax return, often the stated opinion of my engineering and nursing friends.
It is however, fundamental to our society that the right type of tax is paid and that people are confident that the accurate amount of tax (and no more) is also paid. Ensuring the first and supporting the second is what we at PM+M do and will continue to do so.
Dealing with the environment we trade in, we see the key challenges to sustaining our business for the future to be:
- Building and developing relationships with clients who require human intervention in their tax processes. As automated as we can make it, tax is still a complex requirement
- Recruiting and developing a team with a broad range of ages and backgrounds to secure succession and communicate well with the varying cultures of our clients
- Retaining technical competence as the volume of legislation grows (and making sure we have all the necessary specialists either in house or reliably available elsewhere)
And most importantly;
4. Maintaining the culture of our firm and our partnership, after all there is no point in running a firm if you can’t bring everyone on your journey.
One of the great things about a growing tax team that occupies 20% of your headcount, is that you can have your say to directly influence the journey of the business, ensuring we all grow and succeed in an exciting period of evolution.
Our first and most important step has been to set out, by committing to a vision for our business, not because consultants told us to or because we thought it was trendy, but because asking ourselves and our team to commit to being “the best North West firm of finance professionals” allows us to drive change with integrity throughout the team. Those changes and the reinforcement of great things we have done that haven’t changed allow you to deal with the challenges the world throws at you.
The next key step was to re-emphasise to everyone within our team how important our culture and values are. We are hugely proud of the culture we have built and of our values of quality, achievement, fun and doing the right thing.
Based on our values, we are building a firm of bright and inspiring people who want to make a difference. We have committed to trusting in people and particularly trusting in youth – recruiting apprentices and graduates and investing in professional training, coaching/mentoring and interpersonal training. We have given our people at all levels freedom to express their personality and build fantastic relationships with clients.
The effect of our decisions, commitment, vision and values: A great motivated team; higher sales than ever; strong relationships with clients at all levels; and great quality and technical capacity.
We have now hit the point that our need is not how to manage and deal with individuals challenged by technology and regulation, it’s how to continue to lead them to continued growth and success – we need more leaders and particularly tax partners.
Feel free to call us if you are interested in joining us on our journey, we would love to hear from you.