In your accounting practice, you are painfully familiar with juggling various tasks. You have to solicit new clients, monitor the daily work, stay on top of deadlines, keep clients happy, care for your staff, chase payments, deal with emergencies . Balancing these tasks can easily take up all of your time and derail you from focusing on actually growing your practice. You’re either working in your business, or on your business, but you can’t do both at the same time. When you are too busy putting out fires, you’re not focusing on what’s important.
Successful accounting firm owners know that your practice can only grow if you have the capacity for growth. To do that, all business processes must be running like a well-oiled machine. The only way to achieve this is if your business runs on a highly tailored software platform, fine-tuned for your specific way of work and continuously optimised to align with your goals. Read on to discover how bespoke accounting software can cut costs, improve efficiencies, reduce errors, smooth out cash-flow and free up time and resources for pursuing expansion – both with your existing client base and in new markets.
Growth-oriented Allocation of Resources
Ready-made software is a one-size-fits-all solution, which gives it slim chances of fitting seamlessly to your organisation – even after many hours spent trying to configure it for your way of work. In contrast, software built specifically for you will be as sophisticated and intuitive as you like, which makes your work (and that of your staff) easier and less time-consuming. Modern bespoke accounting software can analyse client expenses and revenues and automate transaction reconciliation so you do not have to spend hours on menial bookkeeping tasks. It further helps you monitor your clients’ financial performance across a number of industry-specific dimensions and KPIs, so you can provide much higher value financial and management advice. At the same time, you can use the same tailored software platform to also keep track of the performance of your own firm and minimise expenses while increasing revenue.
Tech support your business can rely on
While all software can sometimes break or malfunction, the tech support for generic accounting software is universally lacking, often causing expensive or embarrassing delays in your work. You may often have to wait for days before someone gets back to you about an issue. Customer service task is often outsourced and less than competent. Getting an issue resolved can take an indefinite amount of time while getting a new feature in place is almost unthinkable. At best, these delays will inconvenience you and your clients when you need urgent services.
In contrast, your own bespoke accounting software comes with dedicated customer service and is supported directly by the people who built it for you. The tech support will work closely with you to ensure issues are addressed immediately and functionality can be added or adjusted promptly until it works just right.
Dramatic increases in Efficiency
Handling accounts and finances is an arduous task, especially for accounting firms with a lot of different types of clients. Most accounting is highly repetitive while requiring impeccable attention to detail. Automating these labour-intensive and error-prone tasks using a tailored accounting software platform is guaranteed to save you time, effort and money. Your bespoke software can use modern machine-learning techniques for highly accurate automatic reconciliation of transactions. You will have complete oversight of cash flows, balances, taxes and submission deadlines for all of your business and self-employed clients, as well as the ability to provide completely flexible financial reports tailored to your more sophisticated clients. All client information, deadlines and submissions can be automatically synchronised with data in Companies House and HMRC’s MTD (Making Tax Digital) APIs. Apart from speed and accuracy, this allows better organisation of financial data and gives you and your clients piece of mind.
Better financial management attracts better clients (and better funding opportunities!)
Even the most highly qualified accountants are prone to mistakes when working under stress. You can minimise these errors when you use accounting software that is fully integrated and automated as much as possible. When all of your data is in one place and you can rely on its accuracy, you are free to focus on higher-value work. You can compare and predict market trends and find creative ways to maximise opportunities for your clients. You can building more realistic, more sophisticated forecasts and better budgets. You can help your clients improve decision making and really give them valuable, meaningful advice at just the right time. This way you will attract more and higher calibre clients to your practice.
At the same time, improved financial management and instant access to bespoke financial reports will give investors and banks confidence in your accounting firm. This gives you a better chance of accessing additional resources. Banks will more easily lend you money, and clients will be happy to recommend your practice.
The way forward
To summarise, investing in tailored accounting software makes your accounting firm efficient. With real-time and transparent reporting, you can have instant access to critical information. With modern machine-learning you can automate repetitive tasks to save money and free up time for your staff. Your bespoke business software platform can even relieve you from the need to chase payments from clients by integrating with direct debit payments synchronised with your contracts and letters of engagement. You can then use all the extra time and resources to provide higher value to your existing customers and attract much higher quantity and quality of new clients.