Tracking those is key to managing, and increasing, your tax season efficiency.
To manage your efficiency, you need visibility over your bookkeeping activity. After all, if you can’t measure your performance, how can you improve it? Using easily accessible data to track performance is one of the best ways to keep a pulse on how efficient your firm is.
Depending on your current tech stack, you likely already have access to important data that you can use to identify areas needing improvement. Below are a few lessons in efficiency you can take from Dext Optimize. From client-by-client insights to firm level statistics, use these metrics to track internal processes, improve client relationships, and boost efficiency and profitability during Tax Season.
Some bookkeepers gauge their outstanding tax season workload from the amount of paper in their in-tray, for others it’s a gut feeling. Neither of these works well in a digital world.
Our Outstanding Workload metrics give you the ability to take control of your work allocation with precision. At a glance you can tell, for each client, how many items are waiting to be processed and how many items need to be reconciled in your cloud accounting software. You can even see an estimate of how much time you need to spend per client to get up to date.
As well as providing a range of methods for your clients to easily submit invoices and expenses, Dext Prepare's Client Delay lets you track the average time between your clients receiving an item and submitting it to you.
Sending in their information promptly is essential to providing a reliable stream of data to sort their Tax Return quickly – make sure they’re doing their part.
With an office full of paper, it is worryingly easy for documents to go missing. The cloud lets you track all your clients’ information as it comes and make sure you are staying as up to date as possible.
For each client you can see the Inbox Age, in days, of the oldest item in their inbox, as well as a alerts to show you when something has been there too long. This ensures that the information in your cloud software is complete, with no more items left behind to hold you up come Tax Season.
Chasing clients for items is an activity as old as bookkeeping itself. It wastes time, it’s stressful for clients and it gets in the way of productive relationships.
The Client View tracks when your clients last submitted information to Dext Prepare, giving you an easy way of tracking their engagement and activity. It also tells you if your client is doing their part to ensure their books are sorted in time.
Automation is bringing huge changes to the world of bookkeeping. Dext Prepare gives you the tools to get information from your clients, extract the data automatically and publish it straight to your cloud accounting software, without you having to see a single item.
Our Efficiency metric monitors what percentage of your clients’ suppliers are currently set to publish to the cloud automatically. For example, if a client’s supplier sends invoices on a regular basis with the category and same tax coding, you can set rules to apply these automatically, and then publish straight away. Our top partners have at least 25%-30% of their suppliers fully automated.
Moving your firm from where you are today, to a more efficient and profitable practice starts with identifying bottlenecks in your current processes, tax preparation included. Tracking these metrics easily within Dext Prepare Optimize will help you do just that -- manage your tax season more effectively.
Dext Prepare gives you the tools to make bookkeeping more profitable by boosting productivity and efficiency by 3, 4, or even 5 times, while at the same time making the bookkeeping side of the tax preparation process effortless. This scalability allows you to increase the value of services for your firm and drive growth.
To keep you going on your journey towards increased efficiency, use these metrics to drive up your bookkeeper to client ratio. This is the key metric of productivity and tells you the capacity of each person on your team. If one person can double the number of clients they look after from 15 to 30, your firm gets twice the revenue, on the same cost base.
The journey towards tax season efficiency never ends - there are always areas for analysis and improvement. Using the metrics within Dext Prepare will take you further along your journey and give you the visibility needed to improve efficiency for you, your team, and your clients.
FIND OUT MORE ABOUT HOW DEXT PREPARE CAN MAKE YOUR TAX SEASON EFFORTLESS - BOOK A DEMO TODAY.