ideas for a bonus scheme for accountants

ideas for a bonus scheme for accountants

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Can anyone suggest a suitable bonus scheme to reward a senior manager within an accountancy practice?

Thoughts and advice welcome

Replies (11)

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By johngroganjga
22nd Oct 2014 08:59

Stay away from chargeable hours, billings and recoveries, all of which could incentivise unhelpful behaviour.

Best to have a simple discretionary bonus not tied to statistics in any overt way.

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Nichola Ross Martin
By Nichola Ross Martin
22nd Oct 2014 11:05

Cash in a brown envelope

...obviously net of PAYE, but somehow nicer than a cheque or extra in a bank transfer for wages. 

How about setting up an employee stakeholder share scheme? £2,000 of free shares, dividends and CGT free on disposal.

Plan B look at the new Employee Ownership Trusts, they can create a £3,600 p.a. tax free bonus for staff for life (well at least until this new FA 2014 measure is changed, so that won't be for a good while yet).

Commission on new work introduced.

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By blackdust567
22nd Oct 2014 20:16

Thanks for the comments, I will investigate those

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By tonyhawley1941
23rd Oct 2014 06:21

AE

Apart from bonus issues have you got a payroll that can cope with the new pensions regs? called Auto Enrollment (A E)?

I recently attended a seminar laid on by IRIS Software and they seemed to have this well under control.  

Cheers

 

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Replying to Accountant A:
By Canary Boy
23rd Oct 2014 08:52

Are you an...

tonyhawley1941 wrote:

Apart from bonus issues have you got a payroll that can cope with the new pensions regs? called Auto Enrollment (A E)?

I recently attended a seminar laid on by IRIS Software and they seemed to have this well under control.  

Cheers

 

...IRIS salesperson?

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Replying to SteveG0:
By ShirleyM
23rd Oct 2014 09:06

Possibly ...

Canary Boy wrote:

tonyhawley1941 wrote:

Apart from bonus issues have you got a payroll that can cope with the new pensions regs? called Auto Enrollment (A E)?

I recently attended a seminar laid on by IRIS Software and they seemed to have this well under control.  

Cheers

 

...IRIS salesperson?

Iris is mentioned by Tony, in every single thread that Tony has contributed to.

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Replying to SteveG0:
By mrme89
23rd Oct 2014 09:10

Seems that way

Canary Boy wrote:

tonyhawley1941 wrote:

Apart from bonus issues have you got a payroll that can cope with the new pensions regs? called Auto Enrollment (A E)?

I recently attended a seminar laid on by IRIS Software and they seemed to have this well under control.  

Cheers

 

...IRIS salesperson?

 

Joined 3 hours ago and have 3/4 comments on different threads mentioning Iris.

 

I detest sneaky sales techniques.

 

 

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Replying to SteveG0:
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By tonyhawley1941
25th Oct 2014 13:20

IRIS salesperson?
No I am not a sales person just a long time user. As a sole practioner I need all the help I can get. sorry if some object to my opinions but they are well meant. Another product that looks very useful which you can use as professional accountants FREE is Kash Flow books which appears simpler to use than other systems. For clients to use it the charges can be as low as 17p a day! (So cheap you could offer it free to your clients for nothing). The main advantage is that Kash Flow is cloud

based and you can look at your clients input from any internet access. If you see he or she has made any errors then you will be able to correct them on the spot. If any of you do not wish to see anymore hints then I will stop posting them. BUT believe me I have no rewards for praising any sofware being totally independent. As a religious person retired ca and a Rotarian for over 30 years I can supply any amount of character witnesses you like.

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By mrme89
23rd Oct 2014 09:18

To answer the OP.

 

When working in Industry, I used to receive a bonus the end of Nov. It was loosely based on company financial performance, and the timing just before xmas was appreciated.

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By blackdust567
24th Oct 2014 08:58

Thanks for all the comments. I will look at the employee share scheme but might try a bonus liked to overall practice profitability to start with before going down the share route.

I am not that keen on IRIS - used it for 15 years before switching to digita, however, I dont; know what it's like for AE, although I have someone sorting out a package for AE for me

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By bro0010
04th Nov 2014 19:57

Off topic

Tony,

What has any of that got to do with the OP's original question?

 

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