Kreston is delighted to welcome Kreston Mozambique to the network
Founded in 1995, Kreston Mozambique (ex Grant Thornton Mozambique) is a full-service audit, tax and advisory service including outsourcing, payroll and secretarial work.
Kreston Mozambique works across a variety of sectors including Financial Services, Real Estate, Energy & Natural Resources, Technology & Communications and Travel & Tourism The firm joins Kreston from the Grant Thornton network and is accredited by OCAM, the local regulatory body.
Dev Pydannah, Managing Partner, Kreston Mozambique says: “Joining the Kreston network demonstrates our enthusiasm for further international growth and bringing opportunities to Mozambique. We are looking forward to being part of, and developing, the Kreston brand both here in Mozambique and, along with our neighbouring Kreston firms, across Southern and Eastern Africa.”
Liza Robbins, CEO, Kreston comments: “We are thrilled to welcome Kreston Mozambique to the network. It is an excellent firm that demonstrates their commitment to international business. Adding Mozambique to the Kreston network demonstrates our commitment to expanding our presence and offering across Africa, with new firms in Zimbabwe and Tanzania joining us in the last year.”
News
How Shakespeare can help your firm’s marketing
August 27, 2020
By Liza Robbins.
Have you ever seen the Lion King musical?
It’s a wonderful, fresh take on the Disney cartoon of the same name…
…The tale of Simba, a young lion cub whose father, the king of the pride, is murdered by his wicked uncle, Scar. After several years of exile, Simba returns to reclaim his throne…
What many people don’t realize is that Disney’s Lion King isn’t an original story at all.
It’s actually a modern retelling of Shakespeare’s Hamlet – the story of the prince of Denmark, whose father the king is murdered by his wicked uncle, Claudius. (Sound familiar?)
But Shakespeare didn’t dream up this story all on his own, either…
He based it on a Norse legend. There were several printed versions of it circulating well before Shakespeare’s time, and it seems likely that the Bard got his hands on one of them.
So you can see how over the centuries, it was completely normal for playwrights to take each other’s ideas, and give them their own twist.
They never believed that everything has to be completely original…
It makes sense to take good material and find new ways to use it!
We do the same thing in modern marketing – possibly taking the concept even further…
…Not just recycling ideas – but taking whole pieces of content and just putting them into a new format.
So, for example, after I’ve published this article, our team at Kreston HQ will turn it into an email, and then into several social media updates.
And if I really had time, I could take my emails and turn them into videos as well!
Lots of companies do this the other way round…
They start with the videos, then get them transcribed and turn them into blogs, and finally email them out to their followers.
It’s called “repurposing.”
And we do this because when you have limited resources – a small marketing department, or perhaps no marketing department at all…
…You need to find new ways to use old or existing material.
And when you’ve published good things, you need to make the most of them!
You see, there’s nothing that says that every piece of marketing you produce has to be completely original.
Great pieces of art often aren’t – as I just showed you.
And when it comes to generating leads, trying to create every piece of marketing material from scratch will limit the amount you are able to publish, and the frequency.
It can become a stumbling block and is just not an efficient way to work.
The good news is that, as a Kreston firm, you have an easy way to “repurpose” marketing material.
Kreston HQ produces numerous newsletters for our member firms, full of outstanding technical updates and thought leadership pieces…
…Like our International Tax newsletter, our Transfer Pricing updates, VAT News, Technology bulletin – and more.
…But there is absolutely no reason why you can’t take a lot of the material in these publications, and re-use them in some way in your own marketing.
Take the ideas, and build on them.
Or even easier – Stick your own logo on some of the articles, and circulate it to your own leads and existing clients.
Or turn these pieces into useful digests!
We also have a training brochure rich with resources, covering audit, financial reporting and other topics.
It’s updated every single month.
While you can’t repurpose content created by organisations outside the Kreston network, you’ll find a lot of material created by our own staff, which is completely free to access…
…And which again, you could be repurposing for your own marketing.
There’s simply no need to constantly re-invent the wheel…
You’ll be able to reach a lot more people, and give them a lot more value, by repurposing!
If Shakespeare can do it, so can we.
News
What we’re reading right now…
August 20, 2020
By Liza Robbins.
One day in the far future, when I look back on this strange Coronavirus summer, I’ll probably associate it with one thing…
Reading.
Over the past few months, I’ve spent a lot of my free time immersing myself in some of the world’s finest books…
I love reading!
So today I want to do something different to my normal weekly article…
…And tell you about some books I’ve particularly enjoyed recently.
Since I know that many of my colleagues have been reading heavily recent too, I’ve asked Andrew Collier, Kreston’s Director of Quality and Professional Standards, and Marc Charlton, our Strategic Marketing Director, to contribute their own recent favourites.
I bought this book a few weeks after one of my brothers returned from Cuba, where he had been on an educational mission. He told me about supermarkets with empty shelves and we noted how lucky we were to live in a land of plenty.
A few weeks later, COVID-19 hit and I was faced with empty food shelves in my local London supermarket.
It’s no wonder, then, that this unusual book resonated in ways I would never have imagined just one year ago.
Eggs or Anarchy is the fascinating story of Lord Woolton, who was appointed Britain’s Minister for Food in 1940, and given the job of securing food supplies and establishing food rationing.
He knew that if he could not ensure a consistent supply of food, there would be unrest – or even rebellion – on the streets.
Woolton managed this challenge through a mixture of sheer determination and incredible entrepreneurship, from which there is much to learn. And not only did he stop people from starving, he even managed to improve Britain’s health.
This is a beautifully written account, by food critic William Sitwell. Reading it served as a valuable reminder that pressure on our supply chains is nothing new; we faced empty shelves in recent history. How quickly we forget.
Mythos: The Greek Myths Retold by Stephen Fry. One of Britain’s best-known comedians retells the Ancient Greek myths in an easy, accessible and enjoyable way.
I love the stories of the Greek gods (I love Greece too!) – they have different powers, and while they must be respected they are often fickle, unkind and keen on revenge.
Fry is a natural story-teller. He also goes to great lengths to explain some of the linguistic impact the myths had on the English language – for example the origin of the words “geology”, “geography” and “echo” or the phrase “The Midas Touch”. I found it riveting!
As the #MeToo and #BlackLivesMatter movements have become prominent, many of us have become conscious of how little we understand or know about sexism and racism.
I was given this book by daughter, who is her 20s. It delves deeply into the everyday sexism faced by women in the workplace and as they go about their normal lives, sharing powerful anecdotes and statistics.
I always thought I was sensitive to the challenges faced by women in the workplace. But this book has truly opened my eyes to examples of prejudice which – like many men – I’d never seen or appreciated before.
After reading it, I’ve become more aware of the language I use and of the unconscious bias I might be displaying – and as we move back into an office environment, I hope it’s made me better equipped to challenge sexism where I come across it.
Recommended for anyone who cares about creating a more equal, diverse workplace and world.
Chade-Meng Tan was one of Google’s first engineers, who worked on Google’s first mobile search service.
He also formerly taught Google employees how to apply mindfulness techniques in the office, as well as how to become happier, healthier and more creative.
In this very readable book, which has become a huge best-seller, Tan teaches the fundamental principles of emotional intelligence, showing you how to achieve inner peace whilst becoming more successful.
I loved the way this self-styled ‘personal growth pioneer’ combines the pace and innovation of Google with elements of ancient Buddhist philosophy. A must-read for this stressful era!
….AND ONE COMBINED RECOMMENDATION FROM ANDREW AND MARC
When I asked Andrew and Marc what fiction they had enjoyed recently, I was amused that they both gave the same answer…
Andrew says: “I re-watched the films during lockdown, so I thought it would be fun to revisit the books as well – I remember reading them to my children when they were young!
“Although they’re just a fun read, they do highlight the importance of good friends, especially when times are tough…”
Marc says: “Trying to get my two boys to read can be a struggle, but Harry Potter is one thing they are both happy to listen to. So every night for the last year, I’ve dashed from one room to another to read with them.
“One day my 7-year-old asked me why I hadn’t read the books myself before and I didn’t really have an answer – so I started reading them for myself. Never mind that I know all the plot twists, they are still hugely enjoyable!”
News
Meet the firms with 2 managing partners
August 14, 2020
By Liza Robbins.
“We always advised clients never to have a joint managing director… Then we went and did it,” laughed Lisa Leighton.
For the past 15 months, she has been co-managing partner of BHP Chartered Accountants, one of the UK’s Kreston firms, together with Hamish Morrison.
After speaking to her recently about conducting remote audits end-to-end, I became curious about this unusual arrangement.
How does it work? What are the advantages and disadvantages? And is this a model other Kreston firms should consider?
But what really piqued my curiosity is that three months ago, another Kreston firm in the UK, James Cowper Kreston, entered into the same arrangement. So I spoke to those co-managing partners, Sue Staunton and Alex Peal, as well.
What I discovered is that in both cases, they consider the model a great success.
Lisa and Hamish came up with the idea because the firm had recently grown from a local to regional practice, employing 350 staff members in 5 offices.
“The role was far more demanding than it had been just a decade earlier – it’s a huge amount of responsibility,” says Lisa. “By sharing it, we could give the firm all the attention it needed, while continuing with the client duties we were trained for and which we love.”
Similarly, most people expected Sue and Alex to stand against each other for the role, but they felt that “working together was in the best interest of their firm.”
In both cases the two partners had a long history of working together before, and not only knew each other well, but felt they had an excellent working relationship.
It’s clear that this is absolutely critical in making the arrangement work, because they are not rivals but genuine partners.
“Neither of us came to this because of our egos,” says Sue. “We’ve known each other for a very long time and felt we could add something to the business. It’s not about either of us fighting for pre-eminence.”
They both came up with informal divisions of labour, with Lisa looking after compliance and tax, and Hamish responsible for advisory services; while Sue is in charge of strategic areas, and Alex of the operation side.
In practice, the lines are more blurry, with key issues decided jointly and staff members approaching whoever is available or whoever seems to have the relevant skill set.
Getting staff on board was one of the challenges. Both pairs are careful to present a joint front.
“Emails go from both of us, not one or another,” says Lisa. “And during Coronavirus, we ran joint webinars and recorded the staff videos from both of us. They’ve come to see us as a double-act.”
If anything, she adds, having two people at the very top has fostered a team spirit, because there is more of a culture of collaboration.
Counter-intuitively, they all cite the Coronavirus crisis as key to bringing the co-managing partners together and to cementing the model for their staff.
“Having that real challenge has made us communicate far more regularly, and there’s also been a lot more to communicate about, so we’ve had to iron out our roles very quickly,” says Alex – a baptism of fire, if you will.
So far, none of them have had any serious disagreements, which would be the key test for the strength of their partnership.
But “that will come,” acknowledges Lisa.
Not that this worries her. She says that she has a very different approach to Hamish – “he makes decisions quickly, I process for a long time” – but that has actually helped deliver better decisions.
“We’re grown-ups, so we can talk things through… The most important thing is close communication. We speak to each other every day.
“And I love that have someone to share this journey with! People used to say to me that running a business is lonely, but I never understood what that really meant until I ran one myself.
“To be able to share the horrendousness of the Coronavirus crisis was invaluable.”
So is this something other firms should consider?
“You shouldn’t discount it,” says Sue cautiously, “because if you’re genuinely concerned about the future of your firm, it allows you to leverage more skills and to allow people to contribute the best way they can.”
And she agrees that it can be better for the co-managing partners as well.
“In other businesses you see the CEO role can be very lonely and very destructive for the individual concerned,” she says. “That’s not the case for us – it’s very collaborative.”
It’s probably not for every firm. These partnerships have worked particularly well because of the personality mix involved – this must be right!
But as we emerge from the Coronavirus crisis, we have to be innovative, agile and flexible…
And that means considering ways of working which may have seemed impossible just a few short months ago – but which might prove richly rewarding.
News
Quality Bulletin Aug 2020
August 7, 2020
News
How to make your remote audits a success
August 6, 2020
By Liza Robbins.
It was the longest video call of his life…
The auditor had just spent six hours on Facetime with a client, reviewing the stock in their warehouse.
“The client kept on putting his phone in his pocket, which made the conversation a challenge,” says Lisa Leighton, co-managing partner at BHP Chartered accountants, one of Kreston’s firms in the UK. “And each time he went up or down a flight of stairs, our auditor got motion sickness!”
Welcome to the brave new world of audits which are conducted remotely, end-to-end…
Your firm has probably conducted quite a few of these itself since the Coronavirus crisis broke.
But while they are clearly becoming standard, they also involve significant changes in the way we work.
So how are Kreston firms adjusting? What challenges are involved – and what opportunities? And what can we all learn from each other’s experiences?
I set out to find out by speaking to two firms which, between them, have conducted dozens of remote audits in recent months.
Lisa says that they adjusted relatively smoothly because – like many of the UK firms – they had already been using Inflo, a platform that automates some aspects of the auditing process, for two years.
“We started using it because the audit quality improves, which has nothing to do with remote working,” she says.
“But it requires clients to upload all their audit deliverables onto one portal. So when Coronavirus began and we had to shift towards remote auditing, most of our clients were already used to this system – which made things considerably easier!”
Overall, the transition was smooth.
One obstacle was seeing physical stock – hence the 6-hour Facetime call. Now that most clients of hers are accepting auditors back on site, this is one element that they have gone back to doing in person.
This was also a significant challenge for the team at the Kreston IL Group, which conducts internal audits for American companies listed on the Israeli stock exchange.
“We recently had to audit a construction site in Texas,” recounts Doron Rozenblum, managing partner of Ezra Yehuda-Rozenblum.
“We did most of it on Zoom, but we really needed someone physically on-site to see what was going on there. We had to reach out to someone on our team who had moved to Houston, and ask her to assist.”
In future, says Roy Weisberg, managing partner for Kreston Consulting IL, this will make partnerships with other Kreston firms overseas even more critical, because in many locations they can step in.
Inevitably, firms are more reliant on their clients to supply the necessary data for remote audits.
Lisa says that there has been a bit of pushback from long-time clients who were used to the auditors finding information themselves.
The client which was most cooperative was brand-new and had never had an audit before – so they had no expectations around who traditionally does what.
Even with new clients, Lisa says it was not difficult to build trust online. The key was regular contact – and over time, video conferencing actually makes that easier.
But, caution the Israelis, that is balanced out by the need to exercise more caution, because fraud is inevitably easier when auditing remotely.
“There is no substitute to flying in and telling the CFO that you want to see a document immediately,” says Roy. “You have to be a lot more wary when you’re auditing remotely, and institute other controls to verify the information you’re given.”
So, for example, they have added a call with the external auditors. And on occasion, they’ve insisted that clients log onto their system and show them certain documents ‘live’, sharing their screen, instead of simply forwarding a document which can be amended later.
But the biggest challenge of all has been internal – getting the audits done in a timely manner.
“We used to fly in for a week’s work, everyone was available to us, and by the time we flew out we had everything we needed,” says Doron. “But when you audit remotely, clients feel they can postpone everything… Maybe we’ll speak to you tomorrow, we forgot to send you this or that… It takes 30% longer.”
They have had to allow more time for each audit and “be persistent… It’s the only way.”
“Time management and project management skills have become a lot more important,” agrees Lisa.
Since lockdown has eased, they have created a socially distanced “audit room” in their office where the auditors can collaborate more easily than they can from home, even if they are not visiting the clients’ premises.
Not only does this make them more efficient, but it helps inexperienced trainees get the guidance they need.
Despite the obstacles, though, both firms agree that remote audits are a positive development, which allows them more flexibility and to cut down on travel, with only minor trade-offs.
Even if face-to-face audits become possible again, they do not anticipate a return to that model.
Lisa particularly appreciated being able to deliver her audit completion meeting remotely, because more board members could attend that meeting.
“I got more engagement with the client – it was much better!” she says.
Overall, she concludes: “I really can’t understand why we didn’t do this earlier!”
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