Added Value Corporation Pty Ltd - The Accountants Peer Group

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What is TAP - Questions and Answers

What is The Accountants Peer Group (TAP)?

TAP is a special environment where key people responsible for the direction and management of accounting practices can discuss issues of common concern. The emphasis is on discussion of mutually agreed topics in an atmosphere of trust and support.

Who are the TAP Group member firms?

TAP Groups comprise 10 accounting firms, ranging from small two partner firms, to large multi location firms.

What happens in TAP Group meetings?

Each firm represented provides a brief commentary on recent developments, this is then opened for questions, answers and comments. Special topics are covered in detail, sometimes with guest speakers. The speakers may or may not be from outside the Group. Members share information and experiences.

What about confidentiality?

There is no doubt confidential information is sometimes tabled in meetings. From time to time, members make it clear such details are to be excluded from the minutes. In any case, for information disclosed during the meeting, the rule is: "What people say in the room stays in the room, apart from communication to other partners in the participating firms. The exception to this is the situation when people give permission for information to be relayed. People may use the information, but must not disclose the identity or association of the speaker."

How often do TAP Groups meet?

A TAP Group meet once every two months. The timetable is arranged to fit around the busy times of accounting practices and school holidays.

Where are TAP Group meetings held?

Meetings are at a member firm's own premises, or where there is not sufficient space in the meeting room, at a nearby conference facility.

Who attends TAP Group meetings?

Typically the managing or senior partners, attend meetings. Sometimes other partners attend, especially if a matter of special interest is being discussed eg staffing, information technology etc. Also, firm managers and administrators sometimes attend.

What is Added Value's role in TAP Group?

Added Value prepares the agendas for the meeting, the topics included are based on those suggested by members and ideas which occur to Thea Foster during the course of her consulting work. Thea Foster chairs the meetings, and Added Value completes detailed minutes from the meetings. If an issue is to be surveyed by questionnaire, Added Value prepares the questionnaire, tests it and ensures responses are tabled at the meetings. Sometimes summaries are prepared, of the surveyed information. Between meetings, Added Value facilitates the exchange of information and helps address any member firm questions which may arise.

What does being a member of a TAP Group cost?

Currently, each firm pays either $825 per 4 hour meeting, or $880 per 5 hour meeting, which includes GST. The fee is payable regardless of whether or not the firm is represented. In practice, it is very rare for there to be no firm representative at a meeting. Regardless of attendance, each firm receives all meeting documentation.

What can TAP Group offer me and my firm?

TAP Group can offer your firm the opportunity to ask questions of numerous other firms to check what is happening within other firms, both internal and external developments and plans. You can also check with Thea Foster about developments within the profession, to access firms with special expertise who may be able to undertake projects for you. For new young partners who may not have experience outside your firm, it offers an opportunity for them to network with young practitioners in other firms.

What happens at TAP Group meetings?

In addition to the firm update and special topics, there is also an office tour. Interestingly, members find it most useful to tour the premises of other accounting firms. Comments from host firms explain that the impending TAP Group meeting has produced a flurry of tiding up. There is informal networking during and after the meetings and at morning tea. Thea Foster often distributes information she has accessed, maybe practice management information she has obtained in Australia and overseas. This is often of interest to the firms.

What are the benefits I will get from TAP Group membership?

The following comments were made during a written survey conducted amongst members "Interaction with other firms - exchange of ideas". "Call on external expertise eg other firms plus quest speakers". "Material distributed - a lot of useful information has come from this". "Liaison with others in practice from different size firms, different locations and different philosophies, without any member being reserved or concerned regarding confidential information". "The meetings are held at the participants firms and this provides a good overview of other firms' operations". "Open interchange of Practice Management and Development Ideas!" "Networking Opportunities!" "Exposure to Practical "Experts"". "Practice Consulting Costs reduced as they are shared by group" "The Discipline of Preparation" "Relaxed but structured atmosphere". "Cross section of opinions". "You realise you are not alone with your problems and that they are not unique". "Makes you understand you are not failing". "The sharing of information". "Discussion generally on different practice matters with fellow practitioners". "Having the resource of Thea Foster for consultation". "Comparing our firm with others, including comparing costs/profits etc, procedures for doing the work".

What are some examples of topics covered?

Firm Financing including Debt, Equity, Security etc. Question and Answer Sessions on Information Technology CGT Diaries Induction Manuals Characteristics Required in a Partner Client Advisory Board Report from a Firm Debtors Collection Measuring Marketing Results Salaries for New Graduates Our Unique Selling Advantage with PY Candidates Employment Contracts, Salaried Partners and Managers Referrals of Work from Banks Budgeting/Forecasting Packages Adjusting the Practice to Include the Provision of Legal Services Firm Budgets Staff Terminations Timesheets, Including Frequency, Charges to Increase Productivity Statistical Survey Between Firms Techniques to Increase Partner Productivity Presentation on a Firm's Marketing Package Developed to Promote Business Planning Staff Appraisals and Review Documentation Making Part-Timers Profitable Staff Job Descriptions Year End Checklists Work Paper Indexes Honorary Jobs & How to Maximise the Benefits from them.