CPA Practice Benchmarking Survey 2013

CPA Practice
Benchmarking Survey 2013
The Institute of Certified Public Accountants in Ireland
Results of the CPA Practice Benchmarking Survey 2013
The CPA Practice Benchmarking Survey 2013 was sent to more than 570 CPA practitioners
nationwide. 137 firms responded resulting in a representative spread of practitioners by
geographical location, practice size and age.
We would like to take this opportunity to express our thanks to all those members who
participated in the survey and also to the CPA SMP/SME Committee for their input and advice
during the process.
The survey shows that CPA practices continue to innovate and offer new services to their
clients.
The Institute of Certified Public Accountants in Ireland
Contents
Pages
Part 1
Practice Profile
4-6
Key Performance Indicators
7 - 12
Staffing
13 – 14
Practice Details
15 - 18
Challenges for your Practice
19 - 25
Part 2
Part 3
Part 4
Part 5
The Institute of Certified Public Accountants in Ireland
Part 1 - Practice Profile
1. Analysis of respondents
The respondents represent a good cross section of CPA practitioners nationwide as can be
seen in the table below. Over a quarter were from Dublin and a further quarter were from
Leinster. Cork made up over 13% of respondents, while the rest of Munster made up a further
20%. 7% of respondents were from Connacht and over 5% were from Ulster.
Location
Dublin City or County
Rest of Leinster
Cork City or County
Rest of Munster
Connacht
Ulster
Other
Total
Sole Practitioner
2 to 3 Partners
4 to 7+
Partners
Response
Percent
Response
Count
23
22
9
9
7
4
0
13
13
6
12
3
2
0
2
0
3
6
0
2
1
27.7%
25.5%
13.1%
19.7%
7.3%
5.8%
0.7%
38
35
18
27
10
8
1
137
40
35
30
25
Sole Practitioner
20
2 to 3 Partners
15
4 to 7+ Partners
10
5
0
Dublin City Rest of Cork City Rest of Connacht
or County Leinster or County Munster
The Institute of Certified Public Accountants in Ireland
Ulster
Other
2. Location of Practice
The majority of firms responding were town based with over 40% being city based and nearly
14% were from a rural area.
Practice Location
Sole Practitioner
2 to 3 Partners
4 to 7+ Partners
Response
Percent
15
24
35
4
21
24
0
10
4
13.9%
40.1%
46.0%
Rural Area
City
Town
3. Age of Practice
The majority of firms, over 64%, are over 10 years in existence
Age
0-2 years
2-5 years
5-10 years
10-15 years
20-30 years
> 30 years
Sole Practitioner
2 to 3 Partners
4 to 7+
Partners
Response
Percent
Response
Count
5
12
14
18
17
8
4
7
5
13
10
10
0
0
2
0
5
7
6.6%
13.9%
15.3%
22.6%
23.4%
18.2%
9
19
21
31
32
25
The Institute of Certified Public Accountants in Ireland
4. Type of Practice
The majority of respondents were sole practitioners, the next largest group was 2-3 partner firms
with the remaining in 4 or more partner firms.
Type of Practice
Response
Percent
Response
Count
Sole Practitioner
2 to 3 Partners
4 to 7+ Partners
54.0%
35.8%
10.2%
74
49
14
Type of Practice
Sole Practitioner
2 to 3 Partners
4 to 7+ Partners
The Institute of Certified Public Accountants in Ireland
Part 2 – Key Performance Indicators
1. Average Profit per Partner
74% of sole practitioners in 2013 extract a profit of up to €75,000 from their practice activities, in
2011 this was 72%. The survey shows the profit base slightly reducing over the past two years with
26% of sole practitioners extracting a profit of €75k plus this year compared to 28% in 2011.
From a partnership point of view taking firms with 2-3 partners, 65% of partners (2011: 58%)
extract a profit of up to €75,000. In addition 18% of the partners in those firms extracted a
profit of €100k plus compared to 25% in 2011.
The majority of the larger Partnership’s customer base is now in the middle profit band.
Average Profit
up to €50,000
€50,001 to €75,000
€75,001 to €100,000
€100,001 to €200,000
>€200,001
Sole
Practitioner
2 to 3
Partners
4 to 7+
Partners
Response
Percent
Response
Count
39
14
7
9
3
21
11
8
9
0
1
2
5
3
2
45.5%
20.1%
14.9%
15.7%
3.7%
61
27
20
21
5
What is the average profit per partner (€'s)?
70
60
50
Sole
Practitioner
40
2 to 3 Partners
30
4 to 7+
Partners
20
10
0
up to €50,000
€50,001 to
€75,000
€75,001 to
€100,000
€100,001 to
€200,000
The Institute of Certified Public Accountants in Ireland
>€200,001
2. Fee income per Partner
There has been a slight reduction in the percentage of fee income per Partner below €50,000
(19.3% in 2011) with a corresponding increase in the €50,000 to €200,000 bracket (41% in 2011
and 42.5% this year) whilst there has been very little change in the over €200,000 section (a
0.6% decrease).
Fee income
<€50,000
€50,001 to €100,000
€100,001 to €200,000
€200,001 to €250,000
€250,001 to €300,000
€300,001 to €350,000
€350,001 to €400,000
€400,001 to €450,000
€450,001 to €500,000
€500,001 to €550,000
€550,001 to €550,000
€550,001 to €600,000
€600,001 to €700,000
> €700,001
Sole Practitioner
2 to 3 Partners
4 to 7+ Partners
Response
Percent
20
24
10
5
5
0
0
2
0
1
0
5
0
0
3
6
17
8
5
6
0
2
2
0
0
0
0
0
0
0
0
2
3
2
2
1
1
0
0
0
0
2
17.2%
22.4%
20.1%
11.2%
9.7%
6.0%
1.5%
3.7%
2.2%
0.7%
0.0%
3.7%
0.0%
1.5%
35
30
Sole
Practitioner
25
2 to 3 Partners
20
15
10
5
0
The Institute of Certified Public Accountants in Ireland
4 to 7+
Partners
3. Total Income of Practice (excl. VAT and Outlays)
We asked respondents to set out the total current income of their firms. For comparison purposes
we have also included the statistics from 2011.
The income levels at the lower end of the scale have increased since 2011 with more in the
€50,000 to €105,000 category (30.6%) than in 2011 (17.7%). Although it should also be noted
that there are also less practices achieving the higher income levels.
Total Fee Income
< €50,000
€50,001 to €75,000
€75,001 to €100,000
€100,001 to €150,000
€150,001 to €200,000
€200,001 to €250,000
€250,001 to €300,000
€300,001 to €350,000
€350,001 to €400,000
€400,001 to €450,000
€450,001 to €500,000
€500,001 to €550,000
€550,001 to €600,000
€600,001 to €650,000
€650,001 to €700,000
€700,000 to €1,000,000
€1,000,001-€1,500,000
€1,500,001-€2,000,000
€2,000,000-€3,000,000
>€3,000,001
Sole
Practitioner
2 to 3
Partners
4 to 7+
Partners
Response
Percent
2013
Response
Percent
2011
14
10
9
7
3
7
2
3
1
1
0
1
4
0
0
1
0
0
0
0
0
0
1
6
1
1
4
1
7
5
0
2
0
4
0
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
5
2
0
2
13.0%
9.3%
9.3%
12.0%
3.7%
7.4%
5.6%
3.7%
7.4%
5.6%
0.0%
2.8%
3.7%
3.7%
0.0%
1.9%
5.6%
2.8%
0.9%
1.9%
17.8%
4.1%
6.8%
6.8%
6.8%
6.8%
4.1%
4.1%
4.1%
4.1%
4.1%
4.1%
4.1%
4.1%
1.4%
2.7%
0.0%
0.0%
4.1%
9.6%
The Institute of Certified Public Accountants in Ireland
4. Net Profit of firm before partner drawings
These results show the net profit of a firm rather than by partner as reported in a
previous question. 75% of the net profit per firm is now up to €150,000 whereas in
2011 it was 71.3% of the profit.
Net Profit
< €50,000
€50,001 to €100,000
€100,001 to €150,000
€150,001 to €200,000
€200,001 to €250,000
€250,001 to €300,000
€300,001 to €350,000
€350,001 to €400,000
€400,001 to €450,000
€450,001 to €500,000
€500,001 to €550,000
€550,001 to €600,000
€600,001 to €650,000
€650,001 to €700,000
€700,001 to €800,000
€800,001 to €900,000
>€900,001
Sole
Practitioner
2 to 3
Partners
4 to 7+
Partners
30
15
13
2
2
0
1
0
0
0
0
0
0
0
0
0
0
4
12
7
4
1
4
1
1
0
1
1
0
0
0
0
0
0
0
0
0
0
1
0
2
1
2
0
0
0
0
1
0
0
2
The Institute of Certified Public Accountants in Ireland
Response
Percent
2013
31.5%
25.0%
18.5%
5.6%
3.7%
3.7%
3.7%
1.9%
1.9%
0.9%
0.9%
0.0%
0.0%
0.9%
0.0%
0.0%
1.9%
Response
Percent
2011
27.4%
28.8%
15.1%
1.4%
4.1%
4.1%
2.7%
4.1%
4.1%
0.0%
1.4%
2.7%
0.0%
0.0%
0.0%
1.4%
2.7%
5. Breakdown of income across various services (excl. VAT and Outlay)
The downward trend in the percentage of income practices are receiving from Audit services is
continuing. In 2006 it accounted for 21% of services. In 2011 it was just under 19% and in
2013 it is 17.84%. With the increase in audit exemption thresholds this trend will no doubt
continue. So what are firms doing instead?
Accountancy services now account for the largest percentage at over 48% (almost 50% in
2011, 43% in 2006 and 41% in 2004) of firm’s fee income indicating that perhaps more
businesses are outsourcing their finance role.
The next largest service provided by practices is Taxation at nearly 17% of income. The Certified
Tax Adviser (CTax) qualification, provided by CPA, is giving many of our practices an additional
selling point.
The downward trend in the contribution of book-keeping and payroll services continues as firms
focus on more value added services (15% in 2013, 16% in 2011 and 21% in 2006).
Audit
Accountancy
Tax
IT Advice/ Installation
Corporate Finance
Book-keeping/ Payroll
Insolvency
Financial Services
Management Consultancy
Forensic Accounting
Other
The Institute of Certified Public Accountants in Ireland
6. Charge (excl. VAT) for each of the following services on the assumption that
the client had good records
Fees appear to have stabilised. Whilst the downward trend has ceased in all areas listed, with
an increase shown in the area of abridged accounts, all (with the exception of abridged
accounts) have yet to return to the levels seen in 2006.
2013
Average
2011
Average
2006
Average
€1,159
average
€1,159
€1,230
Audit exempt limited
€2,172
company;
including accounts prep, tax,
co. secretarial, (t/o €1m)
€2,137
€2,334
Limited company subject to
audit with t/o €3m, including
accounts etc as in (b)
€4,076
€4,053
€4,664
Abridged accounts &
annual return only for
company
subject to audit
€874
€659
€680
Income tax return for PAYE
earner (no other income)
€223
€213
No similar question in
2006
Self employed tax return
(incl.
rental income, dividends,
and simple CGT)
€427
€413
€444
Services
Unincorporated sole
trader/farmer with income
below €250k, accounts
prep and tax
The Institute of Certified Public Accountants in Ireland
Part 3- Staffing
1. Change in Number of Staff
In 2011 66% of practices showed no change in staffing levels. This year that has increased to
75.5%.
Change in Staff
Numbers
Decreased by 50%
Decreased by 40%
Decreased by 30%
Decreased by 20%
Decreased by 10%
Remained the same
Increased by 10%
Increased by 20%
Increased by 30%
Increased by 40%
Increased by 50%
Sole
Practitioner
2
0
0
3
1
55
0
1
0
0
1
2 to 3
Partners
0
0
2
0
7
21
4
1
0
0
0
4 to 7+
Partners
0
0
1
0
0
4
2
0
0
0
1
Response
Percent
1.9%
0.0%
2.8%
2.8%
7.5%
75.5%
5.7%
1.9%
0.0%
0.0%
1.9%
2. Expected Change over next 12 months in Staff Numbers
This stabilisation of staffing levels is in line with expectations in 2011 when nearly 78% of firms
expected no change. This year the majority (nearly 72%) also expect their staffing levels to
remain the same.
Expected Change
Decrease by 50%
Decrease by 40%
Decrease by 30%
Decrease by 20%
Decrease by 10%
Remain the same
Increase by 10%
Increase by 20%
Increase by 30%
Increase by 40%
Increase by 50%
Recruit Trainees
Sole
Practitioner
0
0
1
0
2
48
4
1
0
0
2
5
The Institute of Certified Public Accountants in Ireland
2 to 3
Partners
0
0
0
0
4
25
4
1
0
0
0
1
4 to 7+
Partners
0
0
0
0
1
3
3
0
1
0
0
0
Response
Percent
0.0%
0.0%
0.9%
0.0%
6.6%
71.7%
10.4%
1.9%
0.9%
0.0%
1.9%
5.7%
3. Average Salary
Average salaries reported by respondents are as follows:
Staff Category
Salaried non-equity partners
Manager/ Associate
Other qualified
Senior
Junior
Support
Response Average
2013 (€s)
Response Average
2011 (€s)
35,356
36,684
29,875
23,132
15,831
18,343
N/A
36,039
32,801
26,667
18,411
21,622
Response
Average
2006 (€s)
N/A
39,253
35,406
27,725
19,494
22,932
4. Charge Out Rate
We asked Practitioners what their current per hour charge out rate in €'s is for each of the following:
Staff Category
Partner
Salaried non-equity
partners
Manager/ Associate
Other qualified
Senior
Junior
Sole
Practitioner
2 to 3
Partners
4 to 7+
Partners
8
Response
Average
€
122.24
Response
Total
€
12835
62
35
16
11
5
86.59
2771
32
17
20
18
25
15
22
23
25
6
8
8
8
98.16
71.82
57.96
36.34
3730
3591
2840
2108
38
50
49
58
The Institute of Certified Public Accountants in Ireland
Response
Count
105
Part 4 - Practice Details
1. Average Number of Clients per firm
The average number of clients per firm reported was as follows:
Number of
Clients
<25
26 to 50
51 to 75
76 to 100
101 to 150
151 to 200
201 to 250
251 to 300
301 to 400
401 to 500
501 to 600
601 to 700
701 to 800
> 800
Response
Percent
2013
8.7%
10.6%
8.7%
12.5%
9.6%
14.4%
10.6%
4.8%
4.8%
6.7%
2.0%
1.0%
1.0%
4.8%
The Institute of Certified Public Accountants in Ireland
Response
Percent
2011
7.5%
11.9%
7.5%
13.4%
7.5%
6.0%
11.9%
7.5%
6%
6.0%
4.5%
3.0%
1.5%
6.0%
Average No. of Clients 2013
1%
2%
1%
<25
5%
9%
26 to 50
7%
51 to 75
10%
76 to 100
5%
101 to 150
5%
151 to 200
9%
201 to 250
10%
251 to 300
301 to 400
12%
401 to 500
14%
501 to 600
10%
601 to 700
2. Weeks Fees tied up in Work in Progress (WIP)
The results appear to show that sole practitioners and to a lesser extent small partnerships
have greater control over the number of weeks work is tied up in WIP. In 2011 55% of
Sole Practitioners had fees tied up in WIP for up to 10 weeks and this is now 56%.
Partnerships of 2 to 3 have improved their statistics with the majority of their fees in WIP
(41%) for up to 10 weeks as opposed to 2011 when the majority (44%) was in the 21 to
25 weeks category. The larger partnerships have dis-improved with the majority in the 31
to 35 week category as opposed to 2011 when they were achieving between 11 and 20
weeks.
Weeks
Between 0 and 10
Between 11 and 20
Between 21 and 25
Between 26 and 30
Between 31 and 35
Between 36 and 40
Between 41 and 52
Over 52
Sole
Practitioner
35
14
5
3
1
3
1
1
2 to 3
Partners
14
6
6
5
2
1
0
0
The Institute of Certified Public Accountants in Ireland
4 to 7+
Partners
1
1
0
1
2
1
1
0
Response
Percent
48.1%
20.2%
10.6%
8.7%
4.8%
4.8%
1.9%
1.0%
3. The number of Weeks on Average Fees are Tied up in Debtors
The majority of firms seem to be managing to keep their debtors days in the lower range of the
scale.
The average debtor’s days for 2011 was 86 days (2006: 69 days).
Weeks
Between 0 and 10
Between 11 and 20
Between 21 and 25
Between 26 and 30
Between 31 and 35
Between 36 and 40
Between 41 and 52
Over 52
Sole
Practitioner
18
18
9
10
3
3
2
0
The Institute of Certified Public Accountants in Ireland
2 to 3
Partners
7
9
5
5
3
3
2
0
4 to 7+
Partners
2
1
1
1
0
1
1
0
4. Average PII Cover of the firm
We asked firms what amount of PII cover the firm has in the current year (€'s)
Amount of PII cover of
the firm in the current
year
< €130,000
€130,000 to €250,000
€250,001 to €500,000
€500,001 to €750,000
€750,001 to €1,000,000
€1,000,001 to €1,250,000
€1,250,001 to €1,500,000
€1,500,001 to €1,750,000
€1,750,001 to €2,000,000
> €2,000,000
Sole
Practitioner
2 to 3
Partners
4 to 7+
Partners
Response
Percent
7
6
14
6
8
10
7
3
0
2
0
0
1
1
5
7
5
8
1
6
0
0
0
0
0
1
0
0
1
5
6.7%
5.8%
14.4%
6.7%
12.5%
17.3%
11.5%
10.6%
1.9%
12.5%
The Institute of Certified Public Accountants in Ireland
20
18
16
14
12
10
8
6
4
2
0
The Institute of Certified Public Accountants in Ireland
Sole Practitioner
2 to 3 Partners
4 to 7+ Partners
5. Marketing Activities
This question looked at how firms were currently marketing their services at a time when there
is pressure on costs. Firms are now looking to previously non traditional methods of marketing
such as e-newsletters, internet, seminars, public speaking, other web based methods such as
blogs etc.
The Sole Practitioner is still in the majority of cases using networking as their primary
marketing tool as per 2011. The Smaller Partnerships have also continued the same trend
from 2011 and are using the Internet as their main marketing tool. Whilst the larger
Partnerships have moved from using the Internet, networking and seminars in 2011 to one to
one catch up meetings and brochures in 2013.
Marketing Activities
Networking
Sponsorship
One-to-one catch up meetings
Golden Pages
Internet
Seminars
Client Entertainment
E-newsletters
Fee Reviews
Direct mail
Client briefings
Brochures
Hardcopy letters
Public speaking
Press releases
Post-transaction reviews
Other web based
Client Satisfaction surveys
Thought leadership articles
Fee-earner secondments to client organisations
Co-publishing
Use of CPA marketing Tools eg Business
Tracker App
The Institute of Certified Public Accountants in Ireland
Sole
Practitioner
21
13
16
7
14
5
3
7
7
8
8
4
7
1
0
1
1
1
2
0
0
2 to 3
Partners
15
10
16
10
17
5
4
6
2
2
2
5
6
3
2
2
4
0
0
1
0
4 to 7+
Partners
4
4
6
3
5
3
4
5
1
2
5
6
2
2
3
1
3
1
2
0
1
Response
Percent
47.1%
31.8%
44.7%
23.5%
42.4%
15.3%
12.9%
21.2%
11.8%
14.1%
17.6%
17.6%
17.6%
7.1%
5.9%
4.7%
9.4%
2.4%
4.7%
1.2%
1.2%
2
1
0
3.5%
Part 5 – Challenges for Your Practice
1. I s s ue s f o r Y o ur P ra c ti c e
We asked practitioners to rate the top 5 issues their Practice is currently facing. In 2011 the main
issue was finding and retaining staff at all levels whereas this year it is billing and collection.
This concurs with the earlier findings in this survey that staff numbers have not changed
significantly and are not expected to change in the next 12 months.
Issues
Sole
Practitioner
2 to 3
Partners
4 to 7+
Partners
Rating
Average
2013
Rating
Average
2011
3.97
4.28
4.00
4.09
2.39
3.67
2.96
3.00
3.34
2.36
3.47
3.12
2.67
3.31
2.58
3.16
2.25
3.50
2.97
2.64
3.22
2.60
5.00
3.13
3.90
3.40
1.00
2.79
2.91
2.38
0.00
2.52
3.23
2.50
0.00
2.56
3.92
3.17
2.50
2.42
2.52
2.50
3.67
2.70
2.66
1.33
0.00
2.40
2.76
1.50
3.00
2.11
3.83
1.67
0.00
2.22
3.47
2.00
2.50
2.25
3.45
3.67
3.33
3.00
N/A
2.50
1.33
2.06
N/A
3.06
5.00
3.07
N/A
Billing and Collection
Fee Pressure/ Pricing of services
Clients going out of business
Personal/ Professional life balance
Adding a partner/ succession planning
Delivering High Quality
2.69
Identifying and developing new services to replace the audit
2.60
Finding and retaining staff at all levels
2.60
Regulation/ Standards
2.27
Revenue Audits/ Investigations
2.68
Quality Assurance Review procedure
2.67
Motivating staff
2.00
Keeping up with services offered by competitors
2.50
Loosing Clients to competitors
2.29
Access to credit
2.62
Access to broadband
2.18
Dealing with Banks
2.92
The Institute of Certified Public Accountants in Ireland
2. Decrease since 2007 in fee income
We asked practitioners what the typical drop in fee income they had experienced since 2007.
Whilst 56% of respondents have experienced a decrease in the range of 0-30% it is encouraging
to see that in 2011 this was 65% and that 15% in 2013 have seen no decrease which is a
considerable improvement on 2011 when this was just over 6%
Answer Options
0 to 10%
11 to 20%
21 to 30%
31 to 40%
41 to 50%
51 to 60%
61 to 70%
71 to 80%
81 to 90%
91 to 100%
No decrease
Sole
Practitioner
9
10
11
10
2
1
0
4
0
2
12
2 to 3
Partners
4
7
12
4
4
0
0
0
0
0
2
4 to 7+
Partners
1
2
0
1
1
0
0
0
0
0
1
Response
Percent
14.0%
19.0%
23.0%
15.0%
7.0%
1.0%
0.0%
4.0%
0.0%
2.0%
15.0%
It should also be noted that 14% of respondents indicated that their fee income had increased by
an average of 32.42%. Although this is a small percent of respondents it is encouraging that the
fee income for some members is improving.
The Institute of Certified Public Accountants in Ireland
3. Fee Write Offs
We asked firms whether they had to write off any outstanding fees. The next question details the
extent of this write off for 2012.
Fee Write Offs
Yes
No
Sole
Practitioner
54
7
2 to 3
Partners
33
0
4 to 7+
Partners
6
0
Response
Percent
93.0%
7.0%
4. % of Fee Income that was written off in 2012
% Fee Write Off
0-5%
6-10%
11-20%
21- 30%
30% +
Sole
Practitioner
29
19
6
3
0
2 to 3
Partners
15
14
3
0
1
4 to 7+
Partners
5
1
0
0
0
Response
Percent
51.0%
35.4%
9.4%
3.1%
1.0%
5. Measures to help Cashflow
We then asked what measures have been implemented in your practice to help cashflow in the
last 12 months?
Measures Taken
Put Clients on Direct Debit
Agreed payment plans
Formal Litigation Policy
Attended Debtor Management Training
Carried out a credit review of potential new
Clients
Charged Interest on outstanding debts
Sole
Practitioner
29
30
4
1
2 to 3
Partners
21
24
3
0
4 to 7+
Partners
4
5
3
1
Response
Percent
69.2%
75.6%
12.8%
2.6%
5
5
2
15.4%
2
1
0
3.8%
The Institute of Certified Public Accountants in Ireland
6. Diversified Services
We asked Practitioners if as a result of the challenges their firms faced they have diversified their
services in the last 12 months.
Diversified
Services
Yes
No
Sole
Practitioner
17
44
2 to 3
Partners
15
18
4 to 7+
Partners
5
1
Response
Percent
37.0%
63.0%
7. Services Provided and their Importance
Of those who have diversified their services we asked them to indicate which of the following
services are now more or less important.
It is interesting to note that whilst the highest average rating was for Assistance with Finance
Applications when you drill down into the different type of firms you find that the focus of services
changes.
Sole Practitioners considered Assistance with Finance Applications followed by Taxation
Compliance services were their most important areas.
Partnerships with 2 to 3 Partners place more importance on Advice on Insolvency, Receivership
and Examinership Options.
The larger Partnerships consider Taxation Specialist, Tax planning services and Advice on
Insolvency, Receivership and Examinership Options their most important services.
As the CPA provided, this year, the first Personal Insolvency Training to allow Accountants to
register as Personal Insolvency Practitioners (PIP) and continues to provide training for Certified
Tax Advisers (CTax), we believe we are responding to the needs of our members.
The Institute of Certified Public Accountants in Ireland
Services Provided and their Importance
How Important are these Services
Audit Work
More Important
Less Important
No Change
Taxation - Compliance services
More Important
Less Important
No Change
Taxation - Specialist / tax planning services
More Important
Less Important
No Change
Sole
Practitioner
2 to 3
Partners
4 to 7+
Partners
7
2
10
1.84
2
4
8
1.57
1
0
4
1.40
1.68
38
12
1
8
2.19
6
1
7
1.93
0
1
4
1.20
1.98
40
10
3
6
2.21
6
3
6
2.00
3
1
1
2.40
2.15
39
3
4
6
1.77
1
1
3
1.60
1.89
36
7
3
4
2.21
2
1
2
2.00
2.28
36
9
2
4
2.33
2
1
2
2.00
2.41
41
11
1
3
2.53
3
0
2
2.20
2.32
38
6
1
8
1.87
2
0
3
1.80
1.78
37
6
2
8
1.88
1
0
4
1.40
1.88
42
Financial Reporting (audit exempts / sole traders)
More Important
9
Less Important
1
8
No Change
2.06
Business Planning & Forecasting
11
More Important
2
Less Important
No Change
4
2.41
Assistance with Finance Applications
More Important
15
Less Important
3
3
No Change
2.57
Advice on Insolvency / Receivership / Examinership Options
8
More Important
Less Important
5
No Change
5
2.17
Conduct of Insolvency Work
More Important
3
6
Less Important
8
No Change
1.71
Book-keeping Services
More Important
8
Less Important
5
No Change
8
2.00
The Institute of Certified Public Accountants in Ireland
Rating Response
Average
Count
8. New Sources of Business
With the ongoing challenges to all firms we asked where members saw possible new sources of
business. The Sole Practitioners and Small Partnerships saw Personal Tax Advice as a new
opportunity for business whilst the Larger Partnerships focus is on the Corporate Market.
Sources
Farming Sector
IT Sector
Personal Insolvency
Corporate Insolvency
Export Businesses
Personal Tax Advice
Corporate Tax Advice
Business Strategy
Business Restructuring
Sole
Practitioner
15
5
11
5
7
26
10
16
23
2 to 3
Partners
4
4
11
2
1
18
4
10
12
4 to 7+
Partners
0
2
2
0
1
2
3
2
3
Response
Percent
21.1%
12.2%
26.7%
7.8%
10.0%
51.1%
18.9%
31.1%
42.2%
Farming Sector
IT Sector
Personal Insolvency
Corporate Insolvency
Export Businesses
Personal Tax Advice
Corporate Tax Advice
Business Strategy
Business Restructuring
The Institute of Certified Public Accountants in Ireland
9. New Budget Date
It is proposed to move the self employed filing deadline in 2014 forward due to the new October
Budget. We asked Member firms how they expect this to impact on their Practice?
Sole
Practitioner
2 to 3
Partners
4 to 7+
Partners
Response
Percent
Increased staff requirement in
August/September
28
15
3
58.2%
Reduced staff numbers in
November/December
10
4
1
19.0%
16
4
0
25.3%
24
22
2
60.8%
Expected Impact
Cashflow difficulties
Staff leave planning requirement
10. iXBRL
As Revenue has begun the roll out of iXBRL. We asked how is your Practice preparing for it? The
response was nearly evenly divided between those who have attended training, those who have
purchased software but to an equal level those who have done nothing.
Answer Options
We have purchased suitable software
We have attended iXBRL training
We have an in-house programme
We have a roll out plan prepared
We have done nothing
Sole
Practitioner
2 to 3
Partners
4 to 7+
Partners
Response
Percent
21
11
4
36.4%
23
11
5
39.4%
0
2
1
3.0%
4
0
0
4.0%
23
15
0
38.4%
The Institute of Certified Public Accountants in Ireland