BDS Chartered Accountants is an Auckland based accountancy firm, and exclusive BOKS International member for New Zealand

We asked Peter Taylor to answer our questions some key issues in the accountancy sector.

Founded in 1997 BDS Chartered Accountants works across a number of sectors, using deep local and international expertise, and local market understanding, to help its clients achieve their commercial and investment objectives.

In your opinion, what is the future for the accounting profession?
The accounting profession is going through a period of substantial change, due to the impact of software and technology. Information is readily available and at less cost. Accordingly, traditional services such as bookkeeping and pure accounting are becoming commoditised and accountants need to focus on the area of business advisory and supporting their clients all year round. Accountants will need to work as part of multidisciplinary teams, providing practical solutions and services such as forecasting, budgeting and other business advisory services. Digitization of accounting software, services and reporting is allowing immediate dissemination of information to clients and advisers alike. This provides an excellent opportunity to work closer with clients and really challenge and support them in their goals and objectives.

What is your growth strategy?
Our clients are looking for more hands on advice not only in their business but related businesses whether partly or fully owned. Being more hands on and having a knowledge of their personal affairs puts us in a much stronger position when being able to advise clients and ensure they are able to grow their wealth and achieve the best possible support through advice in every aspect of their business. It is this inclusiveness that differentiates BDS from other accountants. Our staff are mature accountants and are not only well versed in tax but also with ensuring the best possible advice with respect to any business matter given their expertise and depth of experience. We offer full service to clients and have a strong network with many other disciplines such as Legal, HR, Audit, Insolvency, Recovery and Financial Advisers to ensure that we can continue to grow and expand our business and support our clients in every aspect of their business and stage of their growth where there are matters requiring additional expertise and advice on technical or business advisory matters. Our referrals are welcome and major source of our growth.

Where do you see your firm 5 years from now?
We expect moderate growth over the next 5 years. This allows us to focus on development of services, support to clients and training of our staff to meet the changing needs of our clients in this challenging environment.

What is your biggest challenge?
The biggest challenge facing the industry is the impact of technology and staff training and retention of key staff to ensure the best possible advise and support to clients.

What percentage of your work is international?
10%

What business advisory services do you offer?
Our experienced team can offer a wide range of services such as:

  • Financial health checks
  • Strategic and business planning
  • Raising capital for expansion
  • Business mentoring and coaching
  • Business appraisals
  • Preparing for succession
  • Due diligence assignments
  • Managing mergers and acquisitions
  • Business and share valuation assignments
  • Managing business and asset sales
  • Franchising advice and planning
  • Negotiating complex agreements
  • Benchmarking for improvement
  • Risk management and business protection
  • Preparing budgeting, cashflow and profit projections
  • Managing and modelling cashflow
  • Governance, management advisory
  • Identifying opportunities for growth to enhance your financial performance

What was your main driver for being part of BOKS International?
The main driver for joining BOKS International is to allow us to provide the best possible service and support to our clients not only in New Zealand, but internationally using trusted partners. This philosophy is consistent with how we operate in New Zealand.

Where do you see BOKS International 5 years from now?
BOKS International being represented in every country with key focus in Asia and other growth areas.

How would you describe your typical client?
Our typical client would be a high net worth individual with international interests. Often large groups looking for more hands on advice, not only in their business but related businesses whether partly of fully owned.

Tell us about a recent international assignment
Advising on and facilitating in the set up of an Australian branch to ensure there was no double taxation to our local client.

How do you target clients who are looking for international services?
Generally clients come to us through our referral network or our website, or the New Zealand client has initiated a request for services and support from offshore accountants, legal advisers or other advisers to grow their business.

Do you specialise in a particular sector or service?
Consumer products, government and public sector, infrastructure, leisure and sport, manufacturing and industrials, not for profits, software development and marketing, distribution and healthcare, importers and exporters, professional services and business services, real estate and technology, media and telecommunications.