HERE'S HOW YOUR PRACTICE CAN ENHANCE EFFICIENCY AND GROW

26/02/2022, 08:29

If accounting practices took the adage “time is money” as their mantra, there is little doubt they’d embrace all the time-saving strategies they could muster.

Over the past two years, accounting practices have been busier than ever. Clients have flocked to advisers for support with COVID-19-induced disruptions, an industry-wide staff shortage has heaped pressure on those who remain and many accountants have found themselves working longer hours, in line with a global spike in unpaid overtime.

Amid such upheaval, it has never been more important for accounting firms to prioritise productivity.

The new home of HandiSoft Cloud, The Access Group has compiled a supplementary eBook guide that offers simple yet effective time-saving techniques. From creating a central hub for compliance work to employing email management systems, these tips are designed to boost efficiency and encourage business growth.

The costs of wasted time

Data management remains one of the most significant time-drainers for accountants.

According to a recent survey undertaken by The Access Group, small and medium-sized Australian practices spend 2.2 hours per day, on average, collating and curating data across an assortment of applications. Unsurprisingly, the financial ramifications of these “lost hours” directly affect a business’s bottom line.

At an hourly rate of A$300 for example, 2.2 hours a day equates to A$600 each day spent searching for information – money that, with more proficient systems in place, could otherwise be billed to a client. Compounded annually, that’s hundreds of misspent hours and thousands of dollars in lost revenue.

It’s not just profits that suffer when practices use their time unproductively. When accountants are tied up in administrative tasks, they may be inclined to rush critical work and, as a result, make errors that incur a financial and reputational cost to the business.

Time is money

Being smart and tactical with time not only turns work around faster, but also frees up hours for more strategic and lucrative activities within an accounting practice. Automating workflows and applying some simple time saving techniques with The Access Group’s eBook guide can help to improve team productivity. A few of the eBook’s top tips include:

Establishing one platform for all compliance work
Automating manual processes
Know when to delegate tasks
Being open to outsourcing certain activities

Time to grow your business

Given that many traditional accounting functions can already be performed by software tools, practices that haven’t yet expanded their offerings to include value-added services will need to do so soon if they want to remain relevant and retain their clients moving forward.

Practices that can learn to work smarter, rather than harder, will be well-placed to meet the challenges of the evolving sector head-on. Particularly now, as accounting firms are expected to provide an ‘always-on’ service to clients, the more time-saving tools they can add to their arsenal, the better prepared they’ll be for the future.

The Access Group’s HandiSoft Cloud offers a suite of solutions that enable practices to live the ethos of working smart and having the freedom to do more. Access HandiSoft Cloud is simple to use and built to help practices leverage technology to its fullest potential in streamlining processes and boosting productivity and revenue.

The Access Group’s HandiSoft Cloud enables practices to reduce risk, improve efficiencies, centralise client data and gain important insights through data analytics tools.

Source:www.intheblack.cpaaustralia.com.au

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