The current economic climate and upcoming changes in regulations are having an impact not only on businesses, but also on accountants and bookkeepers. To navigate these uncertain times, it’s important that practice managers review internal strategies for the next couple of years and assess whether the team can successfully monitor clients’ needs.
Keeping the house in order and strengthening consistency are crucial steps to build the foundation on which firms and clients will rely during this period.
The key challenges for accountants during an economic crisis
During busy and uncertain times, it can be difficult for accountants to get an overview of client’s data, necessary for both compliance and advisory services. Whilst technology to help with this has been available for a while, many businesses still rely on manual processes, which are prone to data inaccuracy and delays. Apart from obvious compliance issues, this can also affect decision-making in practice management, which is even more crucial during tough times.
Internally, limited oversight of team efficiency can make it difficult to identify inefficient workflows and make improvements in the firm. This can easily have a knock-on effect on team performance and even damage client relationships as it’s harder for accountants to be proactive.
The solutions that help accountants navigate tough times
1. Spot Opportunity
Take the time to dive deeper into your practice’s processes and identify where there’s room for improvement, as well as opportunities to expand your accounting services. Track your team’s workload and task completion to ensure your pricing is reflective of the time spent. After all, richer insight empowers all users to add more value.
Practice Insights in Dext Prepare – The new Practice Insights dashboard makes it easy for you and your team to keep track of work and delivery of engaged services for each client. Make sure to explore features such as autopublish, bank rules and fetch to improve bookkeeping standards and save time.
Dext Precision – Create data-rich reports via Dext Precision, helping you monitor clients effectively, identify issues and help them manage their cash flows. Automated data insights result in proactive conversations that are specially helpful during difficult times.
2. Improve Decision Making
Have the right level of understanding to take initiative and improve your practice’s workflows. From board-level decisions to minor workload improvements, you can now make key decisions backed by the right data. Objectivity and quick decision-making during tough times are vital, and can really help your firm navigate the storm.
Practice Insights in Dext Prepare – The dashboard gives you complete data, which helps you improve decision-making for your higher-value services. Meanwhile, your team can use in-depth client-focused data to provide even better insights into their business.
Dext Precision – Get holistic and detailed views of your accounting practice and clients with intelligent insights, which gives you confidence in the client data used for decisions. Explore customisable partner-level reporting for internal analysis.
3. Accommodate Agile Working
With more of your team working from home, it can be difficult to keep track of workloads as well as ensure that you deliver on the services you have been engaged to do. Use technology to provide flexibility and have more control over your firm. With the right balance, you can improve efficiency and, ultimately, productivity in your practice, helping you navigate tough times.
Practice Insights in Dext Prepare – You can use filters to keep track of workloads and easily recognise and fill skills gaps within the team. Smarter management will help your practice attract and retain top talent.
Dext Precision – Access client performance by team members to manage workload and monitor the progress of all workflows in one dynamic dashboard. Create team workflows to manage task completion and automate relevant data checks.
Find out how technology can support you and your practice during tough times. Start a free trial of Dext Prepare and Dext Precision.