Optimising Your Firm With Essential Cloud Technology
Question: How happy are you with your cloud technology?
For firms that are using cloud technology, we’ve found that most people are either neutral (40%) or satisfied (40%) with the ones they are using and only a small percentage (20%) are extremely unsatisfied. These are interesting results because no one is extremely satisfied.
The Outsourced Accountant currently has around 650 accountants in the Philippines working for more than 200 firms. What we’ve found is that accounting firms are experiencing challenges with processes and workflows. These companies are not fully utilising the technology available to them. The question now is how do you maximise it and work on improving your efficiency?
Many firms just can’t engage their clients. They can’t collect money efficiently. When working in a cloud-based environment, we highly recommend having administrative tasks to be largely handled by an offshore team. One of our goals is to help clients realise the importance of maximising the technology they are paying for.
A few months ago, we launched a series of roadshows across key cities in the country. One of the most common things we learned during that period is that leading firms do things differently:
- They optimise their processes
- They leverage the technology they are using
- They grow and expand their teams to become a global workforce
Nick had one significant finding: there’s been a significant amount of time spent being proactive with clients.
Additionally, we found that CEOs of leading firms are not focused on using the tools. They are more on the strategic side of the business. Also, there’s a lot of technology available but, again, many are not properly utilising it. These companies never had the capacity or people to get the technology set up correctly.
Optimise your accounting firm with essential technology: Practice Ignition
Practice Ignition offers accounting firms the most convenient way to send proposals to clients. It streamlines accounting workflows. It is a robust and comprehensive software that takes care of CRM, billing and invoicing, reporting and project and proposal management so you can better scale your client-focused business.
Practice Ignition is at the forefront of engaging clients. They come in play at the beginning of the workflow. This tool streamlines contracts and proposals, making it quick and easy for clients to gets started.
Take note that clients are excited to get started to work and the conventional method of sending engagement letters may take as much as 24 hours. That is a significant amount of time wasted. Sales momentum can decrease at this point and by the time the engagement letters gets to your new client, they may already be shopping around for a new accounting firm.
Practice Ignition saves accounting firms time and takes care of this as soon as possible. Not only that, the tool helps manage payment processing and setting up a new account.
Many firms don’t consider the amount of time spent when trying to engage clients. Using the software has helped clients save 4 hours per year, which is almost equivalent to an annual savings of AUD 30,000.
Optimise your accounting firm with essential technology: Hubdoc
Hubdoc is an essential accounting tool because it decreases the time spent on chasing financial documents and allows you to focus on running and growing your business. Hubdoc combines and automates your key financial documents in one place for a more streamlined data acquisition and increased productivity.
Hubdoc is a cloud-based filing cabinet that is a good collaboration tool. One of the challenges offshore teams experience is collecting data from clients. Accountants spend 30% of their time acquiring data. Mundane tasks like this will affect your productivity and keep you from accomplishing more important tasks, like providing financial advice to clients.
Using technologies like Hubdoc can make your team more efficient. Ultimately, this should help you firms grow both their onshore and offshore teams. With Hubdoc, firms can transition to clean digitized documents, providing high-level service to clients.
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Optimise your accounting firm with essential technology: Spotlight Reporting
Spotlight is an integrated cloud reporting tool that allows accountants to create insights to come up with better financial decisions. Spotlight offers a wide array of management reports, franchise reporting, and customisable dashboards.
Anything can be outsourced needs to be outsourced. The main premise of Spotlight is to create a relationship with your clients. This integrated dashboard tool will ensure that all processes are streamlined and seamless so you spend less time on non-core tasks that will keep you from focusing on tasks that matter.
Clients are not getting the right information. Some of them don’t even know what a financial statement is. Tools like Spotlight allow clients to have a clearer and better understanding of their financial standing through reports that are easy to understand.
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After using the right technology for specific accounting tasks, Nick discovered that clients become more appreciative because they are able to have a better understanding of what’s going on in their business. His clients felt that they are valued because of the comprehensive reports they got.
The Outsourced Accountant is more proactive as for our clients, our accountants are spending more time in providing sound financial advice that they need. In reality, the offshore team, thanks to the right technology, is what’s preparing these reports.
Maximising technology is one of the many ways to effectively manage a global accounting team. We offer more insightful tips on handling a global accounting team to make your business the kind of firm that’s relevant in the future. Download this ebook to learn more.
How you manage your team can greatly influence company growth. If you are experiencing capacity restraints and looking to efficiently handle your team —call our offshoring specialists today at 1300 896 522.
Headquartered with an executive team in Australia, we provide dedicated team members as a high-quality offshore team. Growing rapidly with over 450+ qualified accountants and support staff in the Philippines we deliver all the recruitment, onboarding, facilities and amazing culture to support your workflow.