Friday, October 31, 2014

Xero slows cash burn for September quarter / customer receipts accelerated faster than staff costs.

BusinessDesk for the New Zealand Herald writes: Xero, the cloud-based accounting firm, slowed its quarterly cash burn in the September quarter from the June period as customer receipts accelerated faster than staff costs.
Net operating cash outflow was $9.56 million in the three months ended Sept. 30, compared to an outflow of $17.3 million in the June quarter as customer receipts climbed 19 per cent to $27.9 million, while staff costs were largely contained at $19 million, compared to $19.1 million three months earlier.
Still, the cash burn it more than twice the $4.52 million in the 2013 September quarter, and the company has been eating into the $180 million war chest it raised last year to help fund its push into the US.
The software developer wants a million customers, and is targeting growth in the US market where it sees the potential to take market share of an estimated 29 million small to medium sized business owners
Xero had a cash and short-term deposit balance of $170.8 million at Sept.
30, down from more than $230 million a year earlier, when it sold 9.92 million shares at $18.15 apiece.
Shares bought in the capital raise have since come out of escrow, boosting the stock's liquidity. Xero's share price has fallen more than two thirds from its record high of $45.99 in March, and touched a low of $15 earlier this month. Today the shares fell 1 per cent to $15.70.
The company doubled staff numbers to 758 in the 12 months ended March 31 and has continued to hire workers as it attempts to scale up to a profitable size.
Xero told shareholders at the annual meeting last month that it is considering a listing in the US after it reaches annual revenues of US$100 million, expected in this financial year, and has tapped former Microsoft chief financial officer Chris Liddell as chairman.

Xero 3Q cash burn slows as customer receipts rise 19%

Suze Metherell for Scoop.co.nz writes: Xero, the cloud-based accounting firm, slowed its quarterly cash burn in the September quarter from the June period as customer receipts accelerated faster than staff costs.

Net operating cash outflow was $9.56 million in the three months ended Sept. 30, compared to an outflow of $17.3 million in the June quarter as customer receipts climbed 19 percent to $27.9 million, while staff costs were largely contained at $19 million, compared to $19.1 million three months earlier.
Still, the cash burn it more than twice the $4.52 million in the 2013 September quarter, and the company has been eating into the $180 million war chest it raised last year to help fund its push into the US.
The software developer wants a million customers, and is targeting growth in the US market where it sees the potential to take market share of an estimated 29 million small to medium sized business owners.
Xero had a cash and short-term deposit balance of $170.8 million at Sept. 30, down from more than $230 million a year earlier, when it sold 9.92 million shares at $18.15 apiece.
Shares bought in the capital raise have since come out of escrow, boosting the stock's liquidity. Xero's share price has fallen more than two thirds from its record high of $45.99 in March, and touched a low of $15 earlier this month. Today the shares fell 1 percent to $15.70.
The company doubled staff numbers to 758 in the 12 months ended March 31 and has continued to hire workers as it attempts to scale up to a profitable size.
Xero told shareholders at the annual meeting last month that it is considering a listing in the US after it reaches annual revenues of US$100 million, expected in this financial year, and has tapped former Microsoft chief financial officer Chris Liddell as chairman.
 
Posted on 6:27 AM | Categories:

IRS Announces 2015 Tax Brackets, Standard Deduction Amounts And More

Kelly Phillips Erb for Forbes writes: The Internal Revenue Service has announced the annual inflation adjustments for a number of provisions for the year 2015, including tax rate schedules, tax tables and cost-of-living adjustments for certain tax items.
These are the applicable numbers for the tax year 2015 – in other words, effective January 1, 2015. They are NOT the numbers and rates that you’ll use to prepare your 2014 tax returns in 2015 (if you’re looking for those, you’ll find them here). These numbers and rates are those you’ll use to prepare your 2015 tax returns in 2016. Got it? Good. Here are the highlights:
Tax Brackets. The big news is, of course, the tax brackets. Here’s what they look like for 2015:
Individual Taxpayers
Single_rates
Married Individuals Filing Joint Returns and Surviving Spouses
MFJ
Married Individuals Filing Separate Returns
MFS

Heads of Household

hoh


  [snip]  The article continues @ Forbes.com, click here to continue reading....
Posted on 6:24 AM | Categories:

Thursday, October 30, 2014

4 Tax Reasons that Now is the Time to Convert to a Roth IRA

Ken Berry for CPA Practice Advisor writes:  If you haven’t converted a traditional IRA to a Roth by now, you’re probably never going to do it … right? That’s not necessarily true. In fact, some of your clients who have been sitting on the fence for awhile may be convinced to finally take the leap when they assess their tax situation this year-end.

What could make this a prime time to convert to a Roth IRA is a combination of several factors, not the least of which is your expected tax liability for 2014 and beyond.

Here’s the crux of the matter: Assuming you have cash stashed in an IRA -- either through previous contributions or a rollover from a 401(k) or other plan, or both – you have to start taking out the money sooner or later. Generally, payouts before age 59½ are hit with a 10% tax penalty, while required minimum distributions (RMDs) must begin after age 70½. In either event, the distributions are taxed at ordinary income rates reaching as high as 39.6%.

Conversely, with a Roth IRA, you can continue to build up your account without taking any lifetime RMDs. For a Roth in existence at least five years, qualified distributions – including those made after age 59½ -- are 100% tax-free, while other payouts may be completely or partial free of tax under the IRS’ ordering rules.[snip] - The article continues @ CPA Practice Advisor, click here to continue reading....
Posted on 5:04 PM | Categories:

5 tax plans every financial advisor should know / Look to S-type corporations, captive insurance companies and more for hedging your clients against taxes

Nicholas Paleveda for ProducersWeb.com writes:   Here are five tax plans every financial advisor, CPA and attorney must know:

5. Set up an S-Corporation

This plan is simple. Set up an S-Corporation and distribute profits using a K-1 as opposed to salary. The taxpayer will save the payroll taxes, which may be as high as 15.3 percent each year. One case, Watson v. Commissioner 668 f.3d 1008 (8th Cir. 2012), involved a sophisticated CPA who understood that a lower income would mean lower payroll taxes. However, a shareholder-employee’s compensation from an S-Corporation is often subject to IRS scrutiny, because S-Corporation flow-through income enjoys an employment tax advantage over that of sole proprietorships, partnerships and LLCs.

This advantage is mentioned in Revenue Ruling 59-221, which held that a shareholder’s undistributed share of S-Corporation income is not treated as self-employment income. In contrast, earnings attributed to a sole proprietor, general partner or many LLC members are subject to self-employment taxes. Watson paid himself $24,000 in salary during 2002 and 2003 while withdrawing over $375,000 in distributions. The court determined a reasonable compensation amount of $93,000, requiring Watson to re-characterize $69,000 of distributions in each year as salary. Even if this was the case, Watson would still save the additional payroll taxes between his salary and the taxable wage base.

Unfortunately, a radio advisor did not understand this basic plan. Dave Ramsey, who often gives advice on his radio show to individuals, recently stated the following to one of his callers.

April 29th 2014 Dave Ramsey Show 1:43:53
Facts of the case:

    1. Martin from Atlanta  2. 1099 self-employed sub-contractor doing outside sales for construction company  3. Caller is trying to figure out from a tax perspective if he should incorporate as an S-Corp
Martin: “Trying to figure out if I should incorporate?”

Dave: “No. There is no tax savings in incorporating or turning an LLC. The only reason you would do those two things is if you have a potential liability or you’re afraid you’re going to get sued over something and you needed a corporate veil ... I don’t recommend incorporating something like you’re talking about ... It adds to your cost because you have to have that corporate return prepared every year ... I can’t address Georgia because I don’t know, but on a federal level you don’t save any money by having a sub-S ... I wouldn’t do it ... It’s just too much hassle.”

Of course the advice was free and the caller received what he paid for: nothing

.

4. Set up a SEP

The IRS publishes the form; the IRS makes available the rules; and the plan can be established as late as the due date of filing your tax return. The SEP is a simplified employee pension, but is not a pension; it is an IRA under the defined contribution rules.

Like any tax plan, it is complicated and built to stay that way.

The taxpayer adopts the model form and can place up to 25 percent of their compensation — to a maximum of $52,000 in 2014 — into a SEP and deduct the compensation from federal income taxes, state income taxes, Social Security taxes, Medicare taxes and Obamacare taxes.

What’s the problem? The same formula must be used for all the employees and companies do not want to “give” their employees 25 percent of pay. The problem of employee cost and the $52,000 limit is solved with the next plan.



3. Set up a DB-DC plan

The plan is a defined-benefit plan (DB plan) “cross tested” with a defined-contribution plan. The old rule 401(a) (26) placed into ERISA in1974 states the defined benefit plan must include 40 percent of the eligible employees to pass the “minimum participation” test. This means you can “exclude” 60 percent from the defined-benefit plan.

Example: Company A has two doctors, two spouses and six employees. The two doctors and two spouses are in the DB plan and the six employees are “excluded” from the DB plan. However, “excluding” does not mean you can “ignore” these employees for “testing” other sections of the internal revenue code. The plan must pass the “minimum aggregation allocation gateway” test, which in English means the employees must receive 7.5 percent of pay, generally in a profit-sharing plan. The plan must also pass 401(a) (4) independently, which means that EBARS and rate groups need to be established. This is a plan you should not try at home and engage an “enrolled actuary” to perform these tests. (That is, if you can find one. According to Google there are 4,700 in the U.S.)

However, the results can be favorable for a client who is interested in a tax deduction of up to $350,000 (in some cases). The DB plan allows tax-deductible contributions, which are not subject to the $52,000 limit but are actuarially calculated.



2. Set up a captive insurance company

Captive insurance companies have been around for a long time. In fact, most of the Fortune 500 companies have established captive insurance companies. However, Rent-A-Center 142 T.C. No. 1 United States Tax Court 2014, is recent. Below is the holding from the case.

Rent-A-center corporation is the parent of numerous wholly owned subsidiaries, including L, a Bermudian corporation. P conducted its business through stores owned and operated by its subsidiaries. The other subsidiaries and L entered into contracts pursuant to which each subsidiary paid L an amount determined by actuarial calculations and an allocation formula, relating to workers’ compensation, automobile, and general liability risks, and, in turn, L reimbursed a portion of each subsidiary’s claims relating to these risks. P’s subsidiaries deducted, as insurance expenses, the payments to L. In notices of deficiency issued to P, R determined that the payments were not deductible.

Held: P’s subsidiaries’ payments to L are deductible, pursuant to I.R.C. sec. 162, as insurance expenses.

What does this mean for tax planning? In a captive that maintains the 831(b) election, the first $1,200,000 in premium is not included in income. These “micro-captives” allow company A to transfer risk to company B, which they control, and receive a $1.2 million deduction. Employees do not have to be included in this plan. Of course the company has to “insure” risk of the parent and operate as an insurance company. Today, the captives may be incorporated in the U.S. with Vermont being the leader and Florida updating their 1982 statute in 2012 to compete for the “captive” formations.



1. Set up a "Double Irish Dutch" company

Tax planning cannot get better than this corporate tax shelter. While the “boss” and “son of boss” both have been blasted, this shelter has held its own better than the US 20th Maine did at Gettysburg.

This plan has been called the “Google” tax shelter or “Apple Inc.” tax shelter. According to some commentators, Microsoft, Facebook and other companies have already engaged in this type of planning.

Imagine that the country of Ireland has a treaty with the United States, and the tax rate in Ireland is 12.4 percent as opposed to 35 percent in the U.S. It would benefit any company to have income flow to Ireland as opposed to the U.S. Imagine if you had technology (such as a search engine) which could be easily transported and owned by your Irish company. Set up Irish holdings, sell the search engine to them and pay rent for its use. Now the income flows to Ireland and your tax is at 12.4 percent.

Imagine the Netherlands does not have a treaty with the U.S. like Ireland but does allow the Irish company to transport their earnings tax-deductible to them and then on to Bermuda where the assets can accumulate tax-free. Now the tax on the search engine earnings virtually disappears in the quagmire of international entities. For more on this, see “Stateless Income” by University of Southern California Professor Edward Klienbard, Florida Tax Review, Vol. 11 p.699 (2011).

Posted on 5:00 PM | Categories:

GetApp's 10 Best Time & Expense Tracking Apps for Freelancers


GetApp.com for Business2Community writes: As a freelancer, you have a to-do list that is a mile long. There’s the work itself, whether its graphic design, writing, editing, or anything else. There’s going over briefs and interacting with clients. There’s keeping your workspace organized, which is no small task. There’s the never ending struggle to make some free time for yourself and your loved ones. And, on top of it all, there’s the part where you keep track of your time and expenses, send invoices, and collect payments.

As you know, that’s where freelancers often run into trouble. Invoicing itself is often time consuming, leading many to procrastinate. Then there’s the part where you have to keep track of unpaid invoices, chase down delinquent accounts, and report all earnings on your income tax return. Sigh. This side of things is the one part of the freelance lifestyle that absolutely no fun at all. It is all part of the business of freelancing, nonetheless.
But wait, there’s hope! We’ve put together this list of the top ten time and expense tracking apps for freelancers. These apps bring together tools to help you keep track of the no-fun bits, from invoicing to expense reporting. 

Here are our picks:

Ten Best Time and Expense Tracking Apps for Freelancers image workflowmax app.pngWorkFlowMax

WorkFlowMax is a Xero product, which, right out of the gate, has the benefit of aligning time tracking, expenses, and accounting (if Xero happens to be your accounting app of choice). What’s even more compelling is that WorkFlowMax is intensely capable of handling freelance jobs from handling the incoming lead, to performing the work, right down to reconciling the paid invoice (if you’re taking advantage of built-in Xero integration). the paid invoice. WorkFlowMax is $15 per month. A free trial is available.

Ten Best Time and Expense Tracking Apps for Freelancers image timesheets.jpgTimesheets.com Time Tracking

Timesheets.com Time Tracking is a Web- and mobile-based replacement for the paper time sheet. It’s as simple as a punching the clock, minus the clock! Timesheets.com is highly scalable, allowing you to track overall time while reporting specific hours to individual contractors. That makes a time and expense app of obvious benefit for freelancers. Timesheets.com Time Tracking is $9 per month. A free trial is available.



Ten Best Time and Expense Tracking Apps for Freelancers image Xpenditure 300x300.pngXpenditure

Xpenditure, as its name implies, takes the pain out of expense tracking for freelancers. Perhaps the coolest feature of Xpenditure? Digitizing receipts. That means no more tucking paper receipts into an old cigar box (you know you’ve seen it happen!). Xpenditure keeps up with your receipts and it even exports to your accounting app of choice for full-scale financial reporting with ease. Xpenditure is $5 per month. A free trial is available.

Ten Best Time and Expense Tracking Apps for Freelancers image shoeboxed.pngShoeboxed

Shoeboxed is another solid expense tracking app, and it even references the receipt-stuffing phenomenon we mentioned earlier. What we love most about Shoeboxed is its tight mobile integration. It also has a deep Quickbooks Online integration for your expense tracking plus small business accounting. Now you can keep up with your expenses entirely from your iPhone! Shoeboxed is $9.95 per month. A free trial is available.

Ten Best Time and Expense Tracking Apps for Freelancers image 053rrzypvrxxrrtwfl3t 300x300.pngHarvest

Harvest is a very popular time and expense-tracking app. Aside from its simple, intuitive interface that tackles time tracking and invoicing, Harvest adds a wide range of integrations with third-party apps including Xero, PayPal, QuickBooks Online, and a whole lot more. Harvest is $12 per month. A free trial is available.

Ten Best Time and Expense Tracking Apps for Freelancers image orange clock black rim.pngChrometa

Chrometa is a time-tracking app for those of us who might need a little help staying on task. You see, like a built-in Orwellian “Big Brother,” Chrometa logs your activities, automatically identifying your billable activities and reporting them. Now that’s one way to cut out some of the time you waste reading Reddit and looking a cute cat videos on YouTube! Chrometa is $19.95 per month. A free two-week trial is included.

Ten Best Time and Expense Tracking Apps for Freelancers image motiv.pngMotiv

Motiv is a little different from the other apps on our list. Motiv aims at being a business management app especially for freelancers. In addition to time and expense tracking, Motiv adds quoting and electronic signature capture to the fold. That makes Motiv one of the ablest apps for freelancers around. Motiv is $5 per month. A free trial is available.

Ten Best Time and Expense Tracking Apps for Freelancers image sellsy 300x300.pngSellsy Time Tracking

Sellsy Time Tracking is a time tracking app that makes it easy to keep up with one highly important aspect of your business: profit. Sellsy Time Tracking records time and reports it against margin, so you always know the bottom line. Sellsy Time Tracking also makes recurring billing easy as pie. Sellsy Time Tracking is $30.90. A free trial is available.

Ten Best Time and Expense Tracking Apps for Freelancers image nutcache logo.pngNutcache

Nutcache is a handy tool for keep track of time and expenses for free. That’s right! What freelancer doesn’t love the word “free” when it comes to the apps you use? Built on open source technology, Nutcache handles time tracking, invoicing, and expense tracking. Nutcache is free. Really.

Ten Best Time and Expense Tracking Apps for Freelancers image 91226 1873940461 300x92.pngiBE.net

iBE.net is a bit like Motiv, only its aimed at small businesses as well as freelancers. The app is fully cloud-based and it expands beyond simple time and expense tracking to provide more complex workflows and analytics, too. iBE.net is also highly customizable, so if you have unique needs as a freelancers, iBE.net may be your best bet. Best of all, iBE.net is free for up to three users. Paid plans for larger teams start at $70 per month.

Are you in search of a freelance time tracking and expense app that meets your needs?

Time and expense tracking are not reasons anyone starts freelancing. But they are tasks you have to tackle as a freelancer, so you might as well make them as simple as possible by choosing an app or two to help you get the job done.

There are probably as many different apps for freelancers as there are freelance occupations. If you have a unique job and need a specialized tool, be sure to check out GetApp’s list of all the best time and expense tracking apps on the market.


Posted on 10:46 AM | Categories:

The Error-Proof Portfolio: Dos and Don'ts for Year-End Tax Planning / Tips for managing capital gains distributions, harvesting tax losses, and taking required minimum distributions.

Christine Benz for Morningstar.com writes: You sometimes hear that you should conduct your portfolio maintenance--checkups, rebalancing, tax-loss harvesting, and so forth--at year-end.

But in reality, waiting until late December is apt to be too late if you're aiming to minimize your tax bill. You may lose your chance to act pre-emptively to avoid capital gains distributions from your mutual funds, for example. And the longer you wait, the more you court the risk that you won't conduct these year-end portfolio maneuvers at all. After all, December is often a busy month, period. 



That's why now is a good time to start thinking about your year-end investment-related tax strategy. Holiday mania has yet to descend, and you have time to think through which moves make sense from both a tax and portfolio perspective. 



Here are some key dos and don'ts to keep in mind as the year winds down. 



Do: Consider pre-emptively selling if you planned to do so anyway. 

I think it's going to be a doozy of a capital gain distribution season, especially from equity mutual funds. After a six-year stock market rally, many funds have hefty capital gains on their books from having unloaded appreciated shares, and they have few losses to offset them. Those gains, in turn, must be distributed to shareholders. Further adding to the potential for capital gain distribution pain is that many actively managed equity funds have been in redemption mode as investors have switched to passive products; that means those distributions will get dished out across a smaller shareholder base of active-fund owners who stayed put. If your plan was to lighten up on a position or sell out of it altogether because doing so makes sense from an investment standpoint, consider making your trades before capital gain distribution season begins in earnest--usually in early December. Funds will begin posting estimates of their anticipated distributions within a month or so; scout out your fund company's website for the latest information. 




Don't: Sell pre-emptively without considering your own tax position. 

Selling pre-emptively to avoid an impending capital gain distribution isn't always a good idea, though. If you unload shares to dodge a distribution, you run the risk of triggering another tax bill instead: capital gains taxes on your sale. And if your shares have appreciated substantially since you purchased them, those gains could handily exceed any savings you realize by dodging the impending distribution. Thus, it's important to make sure that you're letting an investment's fundamental merits, rather than tax matters alone, drive your decision-making. 




Do: Scout around for tax-loss sale candidates. 

Another way to blunt capital gains pain is to unload securities that are trading below your purchase prices. You can then use those losses to offset your capital gains or, if your losses exceed your gains, to offset up to $3,000 in ordinary income. Stocks are generally up this year, but you still may be able to identify laggard holdings here and there. In fact, more than 6,000 individual stocks in Morningstar's database have posted losses of more than 10% over the past year, including widely held mega-cap names like  Amazon  (AMZN) Ford (F) and  General Motors (GM), and Samsung Electronics (SSNLF). It may be harder to find mutual funds that are in the red over your holding period, but energy and commodity funds could be ripe for pruning. If you've selected the specific share identification method for calculating cost basis, you can take a surgical approach, selling your high-cost-basis lots while leaving lower-cost-basis shares in place. This article goes into greater detail on tax-loss selling. (If you're in the 0% tax bracket for long-term capital gains, you might also consider tax-gain harvesting; financial-planning expert Michael Kitces discussed the logistics in this video.) 




Don't: Disqualify your tax loss by forgetting about the wash-sale rule. 

One of the drawbacks to tax-loss selling is that you might want to hang on to your laggard holdings, not throw them overboard, because they could rebound. Thus, here's another area where you want to be sure to put investment considerations ahead of tax factors in your decision-making. That said, it's worth noting that if you wait at least 31 days beyond your sale date, you can rebuy the same securities without disqualifying your tax loss. Alternatively, you can buy a different security that provides exposure to a similar market segment. If this is your plan, just make sure the security you're buying isn't "substantially identical." You can't, for example, sell an MSCI EAFE index fund and buy an ETF that tracks the same index, but you could switch from an actively managed fund to an index product. 




Do: Tie required minimum distributions in with portfolio maintenance. 

You have until Dec. 31 to take your required minimum distributions from your Traditional IRA and 401(k) accounts, provided you're age 70 1/2 and older. Bear in mind that you don't have to take equal distributions from each of your holdings. Assuming you've calculated the correct amount of your RMDs for each account type, you can be surgical about where you go for the money. If your portfolio is heavier on U.S. large-cap equities than is ideal, for example, you can correct the imbalance by pulling your withdrawals from those holdings. That allows you to fulfill your tax-related obligations while also improving your portfolio's risk/reward profile for the future. This article provides some tips for RMD season. 




Don't: Spend any RMDs you don't need. 

It's a high-class problem: Rather than take out living expenses from their IRAs throughout the year, some affluent retirees view RMDs as a necessary evil: Money has to come out of their IRAs to satisfy the IRS, but they don't really need it. If you're in that camp, remember that you can reinvest the money in a taxable account; just be sure to steer it toward tax-efficient investments such as stock index funds, exchange-traded funds, or municipal bonds. Alternatively, if you or your spouse has earned (that is, nonportfolio) income to cover your contribution, you can put the money into a Roth IRA. (This article discusses how to invest RMDs you don't need.) Of course, RMD time also coincides with gift-giving season; in 2014, you can give up to $14,000 to each individual without having to file a gift-tax return, and you can lower your tax bill via charitable contributions.
Posted on 9:16 AM | Categories:

XERO : No More Customer Support, Only "Customer Experience Specialist" / XERO U.K. Managing Director has some fun.

Over at AccountingWeb UK we came across the following discussion, click the link to engage in the conversation and participate at AccountingWeb UK.

@Chatman writes: Apparently there is no more Customer Support at Xero. All queries are now answered by "Customer Experience Specialists".
If there were two service suppliers, identical in all respects except that one called their support staff "Customer Experience Specialists", I would, without a doubt, choose the other one.
Comments
garyturner's picture
new

Not quite    4 thanks

garyturner PM |  | Permalink
@chatman - that's certainly one reading of it.
But our customer support page https://www.xero.com/uk/support/ should hopefully reassure you that we see still see merit in the term 'support'. 
We call what you're describing as our customer support team our Customer Experience team because we want to differentiate it from the prevailing expectation that support functions are some kind of emergency service of last resort, and that the team isn't on hand just to fix problems, but to offer guidance and training related to all aspects of being a Xero customer, whether that's using Xero or learning about Xero. In short, the whole experience and not just to fix problems.
Gary Turner
Managing Director, Xero
@garyturner
new

what do you mean 'not quite'

Jeremy Thomas PM |  | Permalink

support is there to support you, i.e. training, guidance etc.
If you want a pretentious term for your support team then please feel free to go for it but don't try and rewrite the English language as now you come across as both pretentious and 'less intelligent'.  Had you previously had a customer problem department I would see your point, but support is not defined as problems.
new

.    5 thanks

ireallyshouldkn... PM |  | Permalink
Gary - I think you have been sat at one too many management meetings.
Your staff probably think its naff too.

new

Xero is Great    1 thanks

chatman PM |  | Permalink
I should add that I do love Xero.
garyturner's picture
new

Thanks    11 thanks

garyturner PM |  | Permalink
@Jeremy Thomas
Sigh....
Gary Turner
Directional Experience Executive, Xero
@garyturner
new

Directional Experience Executive    2 thanks

chatman PM |  | Permalink
garyturner wrote:
Directional Experience Executive, Xero
LOL
new

.    4 thanks

ireallyshouldkn... PM |  | Permalink
Like the software btw, and the fact you have the balls to come on here.
Of all the things i have access to, it is the one I chose to run my own practice bookkeeping on.
A. Other
Tax Return Experience Consultant, now with Added Tax Planning Modules

new

experience sage

frankfx PM |  | Permalink
Sage, too, had an experience team.
Ugh!
Differentiate
Ugh?
Support/helper/first aider/handy man/ guru,,,,
Less faceless means tears of gratitude when problem solved by a 
Fellow human,
not a in -vogue term generated by a brainstorming session down the wine bar by the pr corporate team, who have lost sight of their customers values grrrr




new

Marketing Victims

chatman PM |  | Permalink
I think what offends people is that it makes them feel they are being marketed at.
new

If it ain't broke?    1 thanks

buttinski PM |  | Permalink
It is progress my friends.
New brooms must change something, otherwise the old brooms could have stayed/needn't have gone. 
An existing (perfectly adequate) department needs to do a bit of 'thrusting' (preferably in the marketplace) so it is 're-named' - sorry 're-branded', and so it goes.
Anyone remembering the days when job appraisals were introduced will remember the explosion in the use of 'action' verbs.
If you 'managed' people = lose 10 points - if you 'controlled, directed and motivated' people + 30 points.
Same job performance but points differential = +40
TomMcClelland's picture
new

Verbiage    1 thanks

TomMcClelland PM |  | Permalink
I was once on the board of a company where the other directors were terribly concerned about everyone's exact job title. So you'd get long board level discussions about CTO vs Technical Director or CEO vs Managing Director vs Chief Operating Officer. As if anyone ought to care about such minutiae. Salesmen were Account Development Executives. I recall being given the task of "Establishing a Centre of Excellence" and when I asked exactly what this entailed (unsurprisingly) I couldn't get any kind of meaningful actions that I was expected to achieve in order to do that so I didn't bother to lift a finger. No-one ever came back to me about it.
We'd spend many a happy hour wordsmithing the "Mission Statement", discussing SWOT analyses, Turnbull reports, market news etc,  and carefully composing the reports to shareholders, all of which was a fine substitute for actually managing the company well enough that the results would speak for themselves.
I got out as soon as I could. The day I resigned was one of the happiest of my life. The business never did make a profit for its shareholders; always promises of Jam Tomorrow. Expensive people spend endless time on all of this nonsense which presumably in their eyes beats working for a living.
new

Those were the days    1 thanks

buttinski PM |  | Permalink
Endless hours spent in meetings discussing the verbiage so wonderfully put above.
Unfortunately it then meant hours (of one's own time) making it up so that some 'proper' work could get done.
Even more unfortunately, one was then criticised for not being able to do the job in the standard hours available.
At my final group meeting I warned of what would happen within five years if we continued with all this rubbish.  My warning was greeted with much mirth and sarcasm.
Guess what happened three years after I left?  (Okay I was two years out!).
I also remember the joy of leaving all that nonsense behind.
Posted on 6:12 AM | Categories:

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