ENGAGING IN SUCCESSFUL TAX CONSULTANCY PRACTICE.pptx

For Taxation Students

1. ENGAGING IN SUCCESSFUL TAX CONSULTANCY PRACTICE Being A lecture delivered to members of Onitsha and district society of institute of chartered accountants of Nigeria (ICAN) on March 31, 2022.

2. 1. INTRODUCTION Tax is a living subject and activity, which is always there for us. Government are consistently looking for new ways of collecting more and more money through taxation to fund their policies and projects and tax consultants and practitioners are always in demand by both governments and tax payers as they try to defend their tax positions and plans. Tax legislation and compliance requirements are getting more complex and rigorous, and tax practitioners are required to drive them.

3. INTRODUCTION CONTD. It is the responsibility of the tax practitioners and consultants to ensure that their client do not pay more tax than required by law, and government are also desirous of the above, thereby making them to consult a necessary umpire: the tax practitioner and consultant .

4. INTRODUCTION CONTD. These common needs make the services of tax practitioners and consultants in constant demand in the system as they are required to provide tax advisory , compliance , assurance and education services to all the stakeholders in taxation, (The tax payers, the tax administrators and the government) so as to minimize the incidence of penalties, sanctions, court cases and the tension that go with improperly arranged and administered tax system in a policy. The tax practitioners and consultants help to bring equity and peaceful taxation, and provide win-win situation in any taxation system and community or polity.

5. INTRODUCTION CONTD. Tax practitioners and consultants actually service the RICH in the society and are supposed to do well financially as they are engaged to defend the rich. Because they are always serving the rich, this relationship is supposed to rub off on them financially, and make them successful with time. Many tax practitioners are not doing well financially because of their poor MINDSET. They do not innovate enough and do not have the entrepreneur’s mindset to realize that they are actually in business as tax practitioners and consultants. As a businessman, you must work to pay your bills and live well and grow your wealth and influence in the society with time, all things being equal.

6. INTRODUCTION CONTD. In other to do well both financially and otherwise, a tax practitioner and consultant must have a rich-man’s and entrepreneur’s and a business man’s and a good professional’s mindset combined. The purpose of this lecture is therefore to help many tax practitioners and consultants do well and prosper legitimately within the prescriptions of the relevant professional bodies ICAN/ANAN/CITN and the laws of the country, with good ethical standards under the following thirteen (13) headings.

7. GROUP DISCUSSION Opening Question 1 : As a professional, what is your definition of success?

8. 2. TO SUCCED YOU MUST Aim Ab-Inito To Set Up And Work For Successful And Profitable Tax Practice By Working Hard To : Generate patronage/clients by associating and working for the rich ! Generate good revenue/income and live well from your practice. Have goodwill with time to attract repeat patronage and referrals from your clients, friends and associates. Comply with laws of the land and professional guidelines always, anytime anywhere.

9. Offer good and acceptable career to yourself and your employees in terms of good office space , good pay , good training , good exposure and life , good firm processes and procedures , with time. Practice high ethical standards and always, be and act above board in your dealings with clients, the tax administrators and the government and its officials or agencies. Be socially responsible , sociable and engaging .

10. Be bold to be different, and be principles centered always. State and work towards your vision for being in tax practice , (which is your aim actually) and state your strategy clearly. Note that you cannot grow beyond your vision. State your mission, why your firm is in the market including the target market or markets: (immediate, local, statewide, regional, national and international).

11. State your firm’s culture in respect of issues of services delivery, punctuality, quality service, trust, competence and commitment to your work and client affairs. Are you detached or involved in your clients’ affairs? Note that it is better to become close and be involved with them than to be detached always although each option has its advantages and disadvantage. But the benefits of being close and involved with them are more if properly managed and handled by you. Determine your dress code and live by it always and consistently. Your clients’ perception of you especially your dress code and overall packaging of your firm and work, will determine the way they listen to you, take your advise and pay your bills promptly.

12. 3. FIRM BUISNESS PROCESS AND PERFOMANCE. How do you package and deliver your products/ services to your clients? What target do you aim to achieve? How do you plan to work your plans, from the beginning and as time goes on? How do you plan and organize your work, your firm’s overall organization? What records and files do you keep? Are you improving as resources come? What technology do you employ (manual or computer) Please do not let the issue of technology slow you down or discourage you, because you can hire or rent them or out source, especially as most of your initial clients procedures and processes as a beginner will likely be manually based.

13. What record keeping procedures are in place? Good working papers, files, correspondence files, bookshelves, and good manuals and professional books and journals to guide your work? What internal and external communication equipment and channels are available to you? Telephones, emails, photocopier and scanning machines are very useful and can be acquired, hired or patronized in business centers always. Are there performance targets, measures and periodic evaluation of your work process, procedures, documentation and staff? Do you review and change them or shake-up or rotate or reshuffle them periodically?

14. 4. CONSIDER THE PEOPLE Who do you want to work with (your staff, your clients)? The nature of the business or client served will determine the staff to employ and technology to use. You are supposed to be moving nearer your targets (clients, market, overall packaging and income level) with time instead. The quality of staff and clients in terms of education, exposure and reach will determine your overall approach.

15. Please plan and execute timely and properly delegation and succession scheme, and admit partners in time in order to relive you any possible sudden burden that can weigh you down and affect your health and relationships. Above all: please always develop yourself academically, intellectually, physically and professionally. And do so alongside your trusted and dependable staff and partners. Please acquire relevant higher degrees and more professional certification with time to help reposition you and your firm properly in the market and in professional circles.

16. 5. CREATING THE MARKET Who do you want to serve? The answer you provide here will influence and drive your overall strategy and approach to your practice. In what city or location can you serve properly: (Onitsha, Abuja, Lagos, and your home town); please segment your target market and design your approach properly to enable you to be effective, efficient and profitable in your chosen market(s).

17. 6. KNOW THAT YOU CANNOT SERVE EVERYBODY Know that you must be known for something outstanding before you can make an impact in a chosen market or segment or service area. You can specialize by market or product/service segment if you so desire, although this will come with time as you grow. A beginner may not desire wisely to specialize initially because any job or assignment or brief is actually a golden opportunity to make an impact and showcase your skill and expertise. As an example, most of the time some audit clients come initially with tax briefs. Therefore if you lose those tax briefs, you will not get the audit job eventually. Specialization actually comes with growth, and it is aimed at helping you focus properly and deeply in areas you are very good at and that are very profitable and effective in helping you achieve your desired goals and practice objective, vision and mission.

18. KNOW THAT YOU CANNOT SERVE EVERYBODY Please know that you must not take on every job or brief that comes your way unless you have the ability, capacity and capability to do so. But you must decide to reject jobs/briefs that will drain or distract or demean you. While you can also decide to take on jobs/briefs that can challenge you, to learn, to prove a point and improve on your knowledge and expertise.

19. 7. BRANDING This is distinctive appearance, character, design(s) and presentation peculiar to you and your services/products aimed at making them unique and outstanding in the market. Branding of your firm, document’s, office and self is very important. A unique brand offering will showcase your qualities properly and attract respectable clients and friends and well wishers to you, and help you grow your practice.

20. 8. SOURCES OF PATRONAGE Family members and classmates and workmates. Trading groups and clubs. You are very sure of meeting rich clients in big clubs. So, go and befriend and warm up to them. Church members and associations: Association with poor church members will not make you rich, unless you use them as bait for the rich ones who actually are likely to pay tax and pay your bills easily. Through voluntary services to the church, associations, friends, other established firms etc.

21. SOURCES OF PATRONAGE Through professional colleagues’ contacts and referrals. Partnership and collaboration with other firms, joint ventures etc. Note that for you to attract effective patronage you must be TRUST WORTHY through and through.

22. 9. YOU MUST KNOW HOW TO SEND PROPOSALS FOR JOBS In your proposal for jobs, you must state the following among others: The service or services to be provided. The beneficiary or beneficiaries of the service(s). The service provider or providers, that is, your firm and yourself, or collaborators. The purpose of that service(s) and the applicable laws and guidelines covering them. The scope of the service(s) as you see them and as the law and practice require.

23. YOU MUST KNOW HOW TO SEND PROPOSALS FOR JOBS The deliverables or offering from you. The work plan, timetable, duration of the assignment. The staff to be involved and statement of their qualifications, competence and expertise, and areas of their involvement. The fees to be charged and method of payment. Action required from the client to support your work or assignment to enable you deliver on your promises or meet their expectation(s). Remember to manage the clients’ expectation gaps properly from inception.

24. 10. MARKETING CAMPAIGNS REQUIRED Winning tax consultancy jobs requires: Contacts. Presentation. Packaging. Registration with relevant tax office and government agencies (FIRS and SIRB) Good service delivery process and good timing. Charging reasonable but competitive fees and charges, and collecting them promptly. Be ethical and trust worthy always in your bills and collection of their payment.

25. MARKETING CAMPAIGNS REQUIRED Employ acceptable tools and techniques such as: Membership of clubs and societies. Seek for and work for good referrals. Use direct and indirect marketing methods and approaches. Engage in public speaking to showcase your skills and attract attention always. Provide experts’ opinions on issues from time to time. Engage in voluntary service in clubs, churches, functions, seminars, village and town unions etc. Engage in media campaigns and indirect advertising of your firm and services. Note that direct or open advertising is not permitted by many professional bodies. Use digital marketing channel, website, e-mail, whatsapp /social media, to attract clients, fans and patronage.

26. 11. DEEPEN YOUR GROWTH PLANS Market penetration : Increase market share in existing market by getting more clients in your existing line of services. Market development : Introduce your current service in more markets establishing a branch in another market outside your current one or developing and providing new services in your present market . Diversification : To offer entirely new services in new market(s) such as oil and gas tax consultancy in Port Harcourt by a firm based at Onitsha.

27. 12. INVEST YOUR INCOME PROPERLY IN DIVERSIFIED PORTFOLIO AS YOU EARN THEM. Please ensure that you prudently manage your income and reputation properly and invest in diversified portfolio and live your life as prudently as possible in such ways as to attract admiration of your clients, friends and associates. Please note that moderation wins the game and there is time for everything including lifestyles.

28. 13. THE FEAR OF GOD IS THE BEGINNING OF WISDOM Please fear god always and pray for God’s grace, guidance and direction in all you do both professionally, socially, religiously, politically, culturally, economically, financially and otherwise. Note that some people fear Satan instead and still make it. But the choice is yours to make, bearing in mind that the end justifies the means!

29. 14. YOUR HEALTH AND THAT OF YOUR FAMILY MEMBERS. Please know that health is wealth, and poor health and lifestyle will amount to poor professional practice and eventual poverty. Therefore take adequate care of your health and feeding habits. Exercise properly and indulge in healthy living always. Please share your time, energy, attention and money properly to your tax practice, yourself, your wife, your children, family members, friends, God and church, well wishers, and the society so that none is neglected unknowingly and willfully.

30. GROUP DISCUSSION CLOSING QUESTION 2 At what stage in your professional practice life will you say you have succeeded?

31. Chief Sir Kevin U. Obieri . B.Sc. ( Hons ), FCA, FCTI, MNIM, MIMC, FCON, MBA, M.Sc. Managing Partner, ICH-DIEN:Audit (Chartered Accountant And Corporate Advisors).   ICH-DIEN TAX: Chartered Tax Practitioners & Consultants.   Founding Chairman, Chartered Institute Of Taxation Of Nigeria (CITN) Onitsha &District Society. Thank you very much for you time and attention.