How have you built your tax practice?
I joined the Success Tax Professionals’ franchise in February 2018 and started working from a commercial office in July 2018.
I built my practice by proactively engaging numerous forms of advertising which increased the number of walk-in clients. I also focused on providing high quality accounting and taxation services. This helped me to build stronger relationships, resulting in more referral clients. Customer satisfaction is vital and goes hand in hand with business success.
What is your focus and business model?
My focus and business model is to be result-oriented. To achieve this, I make clients’ interests, needs and circumstances my top priority. I understand that preparing tax returns can be overwhelming for clients, so I do my best to make this process as quick, stress-free and efficient as possible.
In addition to tax compliance, I offer value-added services such as tax planning which can produce significant savings for my clients.
What are your views on the future of the accounting industry?
Technology has made the tax return preparation process much easier for taxpayers. This will lead to a decrease in the number of individual tax return clients in the long run.
However, I am afraid that over-simplifying this process can cause a lot of people to make errors in their lodgements resulting in potential ATO audits. Consequently, many taxpayers will lose money whilst they could have saved more just by using professional advice.
Having said that, I believe that accounting and taxation industry can remain successful in the business market if it provides clients with value-added services such as tax planning and business advisory.
How do you approach tax planning with clients?
When it comes to tax planning, I believe that informing clients about the benefits is essential. Then, we both will be on the same page and can work together towards a common goal which is a win-win situation.
One of my strategies is to show the clients a sample of the tax planning report (especially the graph section) and explain to them how useful using this service can be. By doing this, they can also practically see how much they can potentially save after implementing the selected strategies based on their unique circumstances.
I have also subscribed my clients to receive a monthly tax planning newsletter. This can encourage them to use the service or even refer us to their family or friends who might be interested in knowing about tax planning.
I also assist my business clients to analyse their financial performance during the financial year and give them a picture of their future financial performance should they choose to benefit from the magic of tax planning!