Where next for MTD?
VAT represented the biggest change in accountancy since iXBRL. From record keeping to making quarterly submissions and payments. However, this is just the beginning. In the coming months MTD for VAT will become business as usual, and the focus will move to Income Tax and Corporation Tax.
In advance of her Accountex Tax Theatre seminar on 2 May at 10:15am, Jenny Strudwick, Senior Product Manager for IRIS Software Group shares her thoughts as to where next for MTD for VAT.
MTD has arrived
We’ve made it. From initial discussions, concerns, interim solutions and technology changes, MTD is now in place and the move to a digital economy is evident. In 2015, Companies House received 9.04 million submissions, of which 86.5% were electronic. Skip to 2018 and 90.7% of the 11.4 million submissions were completed online.
Some accountancy practices have fully embraced the digital revolution, while others are cautiously observing the industry and Government to see if there will be any further changes before they step into the MTD water.
Much as this is logical, we also need to be mindful of more digital changes over the coming years including the move to Income Tax and Corporation Tax.
Beyond MTD
The MTD journey starts by profiling clients; understanding which of them need to file into the HMRC VAT portal and who will be first in line to make quarterly submissions after April 2019. However, there is far more to gain from client profiling which will help inform the strategic direction of their business, so it’s worth adding both Income and Corporate Tax to the analysis of the client base.
Understanding your clients’ needs makes it far easier to incorporate changes, especially when the practice knows where the client’s business is heading. Talk to them about the big picture – what will their business look like in the next three years? What digital platforms do they anticipate using? Explore other areas of the business such as CRM and database systems, as integration to financial systems will be key to efficiency and productivity gains in the future.
Use practice data to shape your future
The advent of MTD has compelled practices to look at their structure and systems to ensure they have the right skill sets and services for the next decade. With more legislation around the corner, it’s worth creating capacity and skill for Income and Corporation Tax services, not just MTD. This doesn’t mean to say you must structure your practice for these services but understand (just as we did with MTD) staff experience, profit margins and capacity. Depending on the outcome of your investigation and decision, consider partnerships with other firms who can offer complementary or outsourced services for your clients.
Digital connectivity
The technology choices available to support clients to meet their obligations without using excess budget and team skills on routine processing is of course, front of mind. Connectivity solutions are available for bookkeeping, file sharing and client communication, so you should consider what’s best for the practice and clients.
The wonderful world of ‘big data’ has provided businesses with more data than they can cope with. In fact, they don’t know what to do with it. And here lies the opportunity for accountancy professionals. Using real-time technology tools, you – as their trusted advisor, can bring it to life and provide the intelligence to help them thrive in the digital economy.
Lifelong learning
Enabling the practice to be ready for MTD has required staff training, client training and a whole-practice approach. But the learning doesn’t stop there. Consider the additional advice clients will require for Income Tax and Corporation Tax, as well as other changes that could occur in the future. For example, accountancy professionals could be the new breed of bank manager, helping to develop business plans and obtain funding for start-ups or clients requiring more investment.
Structure training around the strategy for your business. The opportunities to broaden service provision are not only available today but are likely to be endless in the future.
Taking the lead
At Accountex 2020, I expect MTD to be ‘business as usual’. We will have submitted electronic quarterly returns for a full financial year. Firms will see increased practice efficiency and productivity and depending on the desired vision and strategy, new services will be in place to create strategic partnerships with clients.
This time last year, MTD perception across the industry was comparable to eating an elephant. It’s long trunk; large, floppy ears and wide, thick legs looked too daunting to eat in one go. However, with strategic planning and a little change management, we’ve seen the industry evolve into an exciting, critical service for UK Plc. As we ask ourselves ‘where next for MTD’ we should also seriously consider how our expertise can shape the future digital economy.
Ten myths about MTD for VAT
BTCSoftware has put together 10 myths about MTD for VAT that will help to clear the way
- “ I cannot use bridging software after the 12-month soft-landing period ”
Answer: HMRC recognise the need for bridging software as an important form of digital transfer, and it is not just for the soft-landing period
- “I cannot use spreadsheets for digital record keeping”
Answer: HMRC now recognises spreadsheets as an acceptable form of digital record keeping. Again, this is not just for the soft-landing period.
- “I cannot make adjustments to the VAT data once exported from the bookkeeping software”
Answer: HMRC recognises that some of the more complex VAT adjustments, e.g. Flat Rate Scheme must be made outside of bookkeeping software, generally, once the base data has been exported to a spreadsheet. Any such adjustment must be documented in the spreadsheet to preserve the digital trail.
- “I must submit to HMRC all of the transactions that make up the VAT return”
Answer: HMRC now only wants the nine boxes of numerical data that make up the VAT return.
- “I must upgrade my older bookkeeping package to use MTD enabled cloud accounting bookkeeping software.”
Answer: Any record keeping software can be used if it keeps the individual transactions in a digital form, and it can transfer the VAT return data in digital form (e.g. CSV file or API link) to MTD enabled bridging software.
- “My specialist, a record keeping software, must interact directly with HMRC for MTD”
Answer: It is perfectly acceptable for your specialist record keeping software to utilise bridging software to submit the MTD VAT return to HMRC.
- “I can just type in the nine boxes of data”
Answer: To comply with MTD for VAT, you must keep your accounting transactions in a digital format, and the transactional data must be used to calculate the nine boxes of the VAT return automatically.
- “A CSV data file transfer is not a digital link”
Answer: HMRC recognises a CSV file as an acceptable form of digital link between the record keeping software and the MTD submission software.
- “I cannot Copy and Paste data into an MTD VAT return”
Answer: HMRC does not consider the use of ‘cut and paste’ or ‘copy and paste’ to select and move information, either within a software program or between software programs, to be a digital link.
- “I can leave MTD for VAT when I like”
Answer: Once you have submitted your first MTD VAT return you cannot go back to the old VAT 100 submissions, even if you fall below the VAT registration threshold. The only way to leave is to de-register for VAT.
Contact BTCSoftware
For more information or would like to talk to us come and see us on Accountex Stand 530, contact the Sales Team at BTCSoftware on 0345 241 5030 (Option 1) or email [email protected]
Accountants must embrace change today to shape tomorrow's business
Accountancy is a venerable old profession. Since mankind first worked out how to exchange goods and services for small metal discs, the job of bookkeeping has been a central part of every economy – not to mention a source of professional pride. When Roman generals were defeated by their enemies, their accounting scrolls were among the first things they saved as they beat their retreat. Accountants have long been the unseen cement keeping the edifice of business together.
Fast forward two millennia and the picture has changed in style but not substance. Accounting still occupies an essential role in the success of businesses of all sizes, helping them to keep control of their finances and ensure that they’re focusing their energies in the right places and for the right reasons. Business leaders of all stripes rely on their accountants to act as a counterweight of good sense and sound practice.
But the old ways are changing. At Accountex this year, I’m going to be sharing findings from Sage’s global research study, The Practice of Now, which lifts the lid on an industry in flux. We already know that technology is changing not just how accountants do their age-old job, but the job itself. Where a few decades ago the role was primarily focused on bookkeeping, balancing incomings and outgoings and making sure the taxman got his fair share, those strict lines are beginning to blur.
In a world where data flows more freely than ever before and accountants have access to information from across the business, accountancy is undergoing a shift of purpose, moving closer to strategic advice and business insight.
The silos are coming down
The silos are coming down. The numbers with which accountants work are no longer bound to the pages on which they’re written – they’re linked in to a holistic picture of the business as a whole, which gives accountants the chance to widen their scope and increase the value they provide to their clients.
In our ‘experience economy’, where data-driven value-add services based on customer needs are the key to a successful strategy, accountants must be able to keep pace. Their clients are becoming increasingly used to being provided intelligent, personalised services by their professional partners. Everything from supply chain to HR is becoming data-driven, using insights generated by increasingly digitised systems to tailor services to the specific users and customers in question.
The good news is that this is a truly exciting time to be an accountant. Many practices are already making the shift from transactional relationships to strategic partnerships with their clients. There are boundless opportunities for accountants to maximise the value they provide and so increase their market share – and The Practice of Now research will help shape that. Technologies like artificial intelligence and machine learning matched with cloud-based accounting software are providing not just a sleeker way to manage the books, but a whole raft of high-value insights that can help drive clients’ businesses to the next level.
The old skills aren’t defunct. Every accountancy should be based on a solid foundation of financial expertise. But that foundation is now ready to be built on. Accountants can use their unique insights into the business’s financial health to provide sound, actionable advice for business leaders on where to invest, when to double down and when to watch and wait. Aided by the advanced technologies now becoming widespread in the industry, there’s a real chance for accountants to push into the next level of partnership with their clients and secure their position as value-add strategic consultants.
Now is the time to embrace the change and get ahead of the curve. Equip yourself with the right tools to provide the strategic service your clients demand, and turn your bookkeeping expertise into board-level business insights.
I’ll be sharing the results of the research at the Keynote A Theatre at 10:15am on Day 1 of Accountex, and will also be taking part in a fireside chat discussing the findings further in the Sage Theatre at 4pm – why not come along and find out more?
5 things NOT to expect when launching your business
Entrepreneurship is a word that’s become almost synonymous with freedom and ambition. And while we’re bombarded with things to look out for and be aware of when launching a business, we rarely hear about the things that might not quite turn out as we expect! So, here is Tide member Ben Kamara’s top five things he didn’t expect when starting out on his own.
1. The universe to align
For some people, the thought of leaving steady paid employment can be a big hurdle. Life gets in the way: changes in living costs, relationships and other uncertainty can derail your glowing business idea before you even get going. This might come as good or bad news, but there’s never a perfect time to launch.
Trust your gut – it’s likely you’ll know when it feels like the wrong time or opportunity, but there’s no guarantee of a sign that it’ll feel right.
- Guaranteed success
We love a good start-up success story. But while business owners will rarely tell you negative stories, statistics show that only 44% of new businesses last more than 5 years.
It’s worth bearing in mind, and approaching your business with both a short-term mindset as well as simultaneously building the long-term vision.
- Someone to do all the boring stuff for you
It’s nice to think we can just ‘pay away the pain’ and get someone else to do the boring/ time-consuming work for you, but for most start-ups, it’s hard to do this without spending more money than is necessary.
Admin is the least glamorous part of running your own business, but it’s undeniably important.
4. Investors to throw themselves at you
There are plenty of startup newsletters and bulletin boards with daily news of startups who have raised capital. But whilst it can seem like there is unlimited money available to invest in your ideas, the truth is that investment can be a mirage. Like a mirage in the desert, you may end up spending your time and money never to reach the investment on the horizon.
Many small businesses do need an injection of cash to help them reach viability. So it’s a good idea to prove your concept as quickly and cheaply as possible – perhaps even before setting up your company – and then to start having conversations about financing with the right people as early as possible.
5. An easy mental journey
The phrase “it’s lonely at the top” has been around for decades. And for most people starting a new business, it can be just as lonely. Paid employment, especially in large organisations can be comforting, and you’re surrounded by colleagues and peers who often share your values and are in similar positions in life. When you become an entrepreneur, you’ll likely lose all of that. It’s tough – and clients can’t be expected to fill the void of colleagues.
You can find companionship in other entrepreneurs and small business owners, who you may come across at co-working spaces, shared offices or start-up meetups.
Tide business banking will be at Accountex on 1-2 May on Stand 210.
The tale of Morrisons data breach
You may remember 2014, it was the year of the top-knot, the ASL ice bucket challenge dominated our newsfeeds and Morrisons suffered one of the biggest data breaches in modern history.
That’s right, Andrew Skelton, in a story stranger than fiction, deliberately posted personal payroll information including names, bank account details, salaries and NI details of nearly 10,000 employees. Why? Well besides the obvious reason that he mustn’t have been in the right frame of mind, Skelton was the subject of disciplinary action following an incident and reportedly harboured a grudge. YES, REALLY.
To cut a long story short, the data breach cost Morrisons nearly £2m to rectify, a court case that lasted years, not to mention a headache of epic proportions. Skelton? He was jailed for 8 years. According to David Holderness from the Crown Prosecution Service:
“The potential loss to his victims and the sheer quantity of potentially compromising data was very significant and could have resulted in employees’ identities being stolen….The sentence imposed today sends out a clear message”.
Basically, the Crown Prosecution Service are not messing about when it comes to personal data and protecting employee payroll information. Got it?!
“But what has this got to do with me and my business?” I hear you ask. This employee deliberately set out to do this and all businesses must ask themselves: how do you protect against an inside threat, a disgruntled employee?
Well here’s where it gets interesting because in October this year, Morrisons lost a Court of Appeals decision that said the supermarket was vicariously liable for this data breach, even though it was carried out by a disgruntled employee. Why??
Well for one. The payroll data was briefly stored on Skelton’s computer (he was an internal auditor at the time) where there should have been arrangements to ensure the deletion of such payroll data. Arguably the point at which Skelton obtained the personal employee data exposed a vulnerability in Morrisons’ data protection processes. Plus, there is speculation that the protective strength of their policies may not have been up to scratch. It seems they are being made an example of.
The introduction of GDPR and a number of high profile data breaches means that our personal data and how it is used is at the forefront of our collective consciousness. This is supported by the fact that Morrisons is now being sued by 5,000 of their employees. Yikes!!
This case alone highlights the level of GDPR technical and organisational controls that need to be in place, even in the most trusted parts of the company. But this is such a huge task and I am surely doomed to fail! How can I ensure that my employee payroll details and client data is secure? Where do I even start?
Well, there is a GDPR payroll solution that is tailored to help you and your clients overcome some of the key challenges GDPR presents when processing payroll. BrightPay Connect is a GDPR compliant payroll tool that provides one of the most secure payroll platforms on the market.
With BrightPay Connect, the payroll information is accessed from a secure portal with end to end encryption. All sensitive data is stored on the cloud where clients and employees can log in to access the payroll information that is only relevant to them. Each employee has an individual password and access to their own personal payroll information only.
Also included in BrightPay Connect is an automatic cloud backup feature, an employee self-service portal, client payroll entry and payroll approval features amongst many others.
Book a free demo today and get a good night’s sleep knowing BrightPay gives you the tools to be GDPR protected.
An accountants' practical guide to R&D tax relief
Tax Cloud will be hosting a speaker session which aims to give accountants a practical guide to HMRC’s R&D tax relief incentive in the Tax Theatre at Accountex on 1 May 1, 4pm.
Designed and created for accountants, this presentation will help you understand all the latest information on HMRC’s R&D tax relief scheme, covering aspects such as:
- What are the thresholds for the R&D tax relief scheme?
- What could R&D tax relief be worth to a profit-making SME?
- What could R&D tax relief be worth to a loss-making SME?
- Directors' pay and R&D tax relief claims.
Accountants who attend this presentation will walk away with ideas on how the R&D tax relief scheme can help them attract new clients, grow their practice and boost revenue as well as how they can identify low hanging fruit amongst their client base.
What are R&D Tax Credits?
R&D Tax Credits allow businesses that incur costs in developing products, processes, software or services to receive a corporation tax deduction or cash payment from HMRC. But many businesses don’t realise that they qualify for R&D tax credits or that they are not claiming their full entitlement. These businesses are missing out on one of the government’s top incentives which allow up to 33.3% of a company’s R&D spend to be recovered as a cash repayment.
That is why Myriad Associates have used their specialist knowledge and experience to create Tax Cloud, a much-needed solution for accountants who are looking to offer their clients R&D tax relief services with support from a leading R&D tax consultancy.
Tax Cloud (stand 140) will be hosting a speaker session which aims to give accountants a practical guide to HMRC’s R&D tax relief incentive in the Tax Theatre on May 1 at 4pm.
Offshore Staffing: Is it for everyone?
What motivates a firm, big or small to recruit a full-time employee, thousands of miles away from their current office?
Declining profit margins and rising costs of operations have made offshoring more appealing to both the large and small-scale businesses.
The principal reason to outsource a staff relates to an increase in the efficiency and a reduction in wages all the while maintaining the same quality of work.
It also provides a flexibility in one’s allocation of resources to achieve the firms optimal value.
Several challenges
Large businesses have been exploiting the service to achieve their competing edge when contesting on a global platform.
However, the SME sector have faced several challenges when it comes to outsourcing, be it a process, one staff or a team.
A major drawback in remote staffing is identifying the need for offshoring itself and allocating the resources efficiently.
Delegation is the only major cost when it comes to hiring a remote staff. However, managing employees oversees has become simpler and trouble-free when the partner firm holds accountability in both parts of the world.
As technology has greatly helped in promoting and facilitating remote staffing, an offshore team located 10,000 miles away is no different to one on another building.
A data security plan should be developed, covering the transfer of data, levels of access and network security measures to ensure the reliability of the information that is being communicated.
With economic development in various parts of the developing world, there is greater access to global talent at a very affordable price, even for a startup.
Successful businesses adapt swiftly to the market changes in adjusting themselves among their competition. Offshore staffing grants more freedom to the employees, both in-house and remote with less emphasis on where the job is done.
Exel Solutions will be on Stand 152 at Accountex, 1-2 May 2019.
How accountants can scale sales and boost their trusted status
Most customers search for services and compare products online. So, your digital footprint is more important than ever.
According to a Harvard Business Review study of B2B buyers, 53% of buyers turn to social media when assessing tools and technologies. Currently, 94% of B2B buyers perform online research before making a purchasing decision. If you do not have an online presence and a strong identifiable brand you will miss out on most online inquiries.
In my last article, I showed how professional accounting services firms had room for improvement, now let's deep-dive into Scale Your Sales strategies to accelerate growth. Branding should evoke an emotional response that motivates your ideal customers to sign on as a client. Your brand must reinforce the brand values, engage new customers and make clients want to remain with the firm over their lifetime.
With 72% of firms struggling to win new business and a third of existing clients considering switching to competitors; your engagement and education process is critical.
Even if you are not planning to grow your accounting firm or sole practice, you will want to retain your existing client relationship.
Scale Your Sales is the ultimate relationship system that helps professional accounting services engage, educate and elevate your client relationships into trusted and loyal partnerships.
Scale Your Sales Engagement Strategies
Engagement starts long before the first meeting. It is in the brand messages the resonate with the ideal customers. The brand is the first impression, that set their expectations of what will follow. Do you encourage the customer to schedule their own appointments, is this process easy? What is the on-boarding process in the first, and subsequent years? Are clients invited to an introductory webinar before the meeting? Are they sent a list of questions to ask their accountant? With the confirmation is a photo of their accountant sent? Do you have an engagement process in place? Although a great deal can be automated, it is important that engagement is not overlooked.
Start by asking,
- What would be useful for the client to know?
- What is the best way that they want to receive information?
- How do you know you are exceeding their expectations?
Do you have the benchmarks in place to measure the level of deepening relationship?
Online engagement is no different from offline. It is just a conversation, sharing relevant information. You know what is relevant by asking relevant questions and commenting on other relevant posts to strike-up a two-way conversation. The key is to be active, be helpful, informative and genuine.
Scale Your Sales Educate Strategies
Customers lack knowledge leading to a lower perception of value and higher buyer uncertainty.
Not all your messages will relate to your entire database of clients. Segment your database by the customer stated preferences, characteristics and business sector. Then you are better able to align the relevant messages and offers to the most interested clients.
This is your push strategies, but you must have a pull strategy as well. This allows prospective and existing customers to draw down relevant information as and when they need it. It is important your clients see you are a source of knowledge and insight. The person that can solve their business problems. You must enable your customers to self-select and self-educate from your knowledge platform. If you do not your competitor will.
It is important to educate prospective customers on how best to access accounting services and what best fit looks like. Make it your mission to stop business owners like me, making mistakes that cost them.
Every other industry, technology continues to make inroads into accounting. Yet, technology will not replace relationships. Trusted professional advisers are needed to interrupt the data, to educate clients on the more information created from technology.
The firm itself must be at the leading edge, embracing technology and this includes getting a grip of social media and social selling. Technology plays a significant role in gaining clients and creating brand awareness.
Education creates opportunities that can lead to loyal clients and lifetime partnerships.
Scale Your Sales Elevate Strategies
Satisfied customers deliver an average of 7% higher revenues, what is your retention strategy? Do you know your level of churn and whether you are retaining your customer relationships?
Attracting new customers, retaining existing clients and growing existing revenue. Are all business goals that require defined benchmarks and strategies to drive your accounting firm’s growth results.
It’s about building relationships to help your clients achieve their business goals. This takes professional accounting firms beyond handling the taxes. To elevate the relationship to a trusted partnership.
When the on-boarding team meet with clients, focus on asking questions that help identify the client’s business needs. To help your clients set a direction of travel to greater financial opportunities. A partnership relationship will enable the accounting firm to sit at the client table (either virtually or literally) in key financial business decisions as a trusted independent partner. Without a deep understanding of the information held on your clients, along with a strong trusted relationship. Professional accounting firms must invest in internal systems to easily serve customers’ needs and meet their expectations.
The customer experience is more important than ever with 72% of businesses saying they switched due to a reactive service. Some customers want a lite touch, however, if this is not their expectation, you are delivering a poor customer experience. Firms must lead in creating the best possible personalised customer experience with a commitment to engaging, educating and elevating customer relationships. If they are to increase the customer base, retain clients and grow their professional accounting firm.
To hit your growth goals and to develop stronger relationships into long-term partnerships.
You need:
- Clearly defined brand and brand values.
- Customer data segmented for your most valued customers.
- Personalisation engagement strategy that elevates your customer relationships.
- An education strategy that builds credibility.
- An engaging onboarding and retention strategy.
Very few people love to sell much more love to build relationships. The more focused you are in serving your customers, the better your chances of scaling your accounting firm. You must in inject more than a bit of personality but fill-in your invisible box with colour and character. Make your professional accounting firm identifiable for the things your client cares about. By completely immersing your firm in partnering with your clients on their journey to business success.
Janice B Gordon is a Sage Business Expert and awarded 25 of the #TOP100 Global Business Influencer 2017 and founder of Scale Your Sales. Janice will be sharing brand building strategies at Accountex. Make sure you book your seat on May 2 in the Sales and Marketing Theatre at 11 am, for 6 Ways to Scale Your Sales Building Brand.
How to keep your talented young accountants
If you want to keep them, it’s important you make sure your younger members of staff feel valued and involved...
We recently spoke to a client who expressed concern about the struggle they have in attracting and retaining younger employees. So what can they do to address this?
Younger employees are a valued part of most workforces, offering fresh perspectives to pre-existing working practices on account of their recently obtained qualifications. Firms who are experiencing difficulties attracting and retaining younger employees may wish to consider making the following alterations to their business.
As the structure of the National Minimum Wage (NMW) requirements enables staff to be paid different hourly rates depending on their age, companies who structure their payroll in this manner could be inadvertently discouraging younger individuals from applying for available roles. Instead, consider paying all staff the suggested Real Living Wage of £8.75 per hour to increase pay equality.
In order to attract younger staff it is important that you advertise jobs in the appropriate manner. Multiple platforms should be used when placing job adverts, to give them a greater chance of being viewed by a wide range of applicants. Additionally, pay particular focus to online platforms such as LinkedIn, or use recruitment agencies that specialise in graduate positions.
Younger individuals will often be drawn to organisations that make concerted efforts to invest in staff and help provide them with the skills needed to succeed. Therefore, you should consider introducing a specially tailored graduate scheme or training programme aimed at helping younger individuals progress in their organisation.
Designated workplace buddy
Naturally, it is common for younger workers to lack the employment experience of their older counterparts, so providing them with a designated workplace ‘buddy’ during their first few months will help them settle into their role and increase retention rates.
It would appear that flexible working practices are favoured by younger employees, given their significant representation in gig-economy industries such as retail and hospitality. Although this may not be appropriate in all working environments, you could consider offering flexible working hours and part-time employment opportunities as a way of attracting younger employees who may wish to work reduced hours as a way of supporting themselves while working towards university qualifications.
It is vital that decisions surrounding promotions and bonuses are based on a combination of merit and ability as opposed to age. Companies who make the mistake of favouring older employees for roles and responsibilities purely because of their age will likely see younger employees become disheartened and seek alternative employment. As a result, they should ensure their organisation remains a meritocracy and that performance is rewarded appropriately, regardless of age.
By following these steps businesses will make their workplace a more attractive environment for all employees, but specifically those of a younger age. This will help set them apart from their competitors in what is an increasingly competitive UK job market.
Amanda Chadwick is an employment law and health & safety presenter at Peninsula Business Services
Why should accounting firms invest in a powerful BI solution?
Time is usually considered to be one of the most valuable assets for accountants.
A good BI solution will reduce manual work tasks so that you can free up time to become your customer's best financial adviser.
With a good BI solution, you should be able to present reports and key figures to your customers at any time, so customers always have access to fresh data. A complete online solution makes this possible.
The digital transformation results in that business services are to a greater extent expected to be offered on digital platforms. This also applies to accounting services, it has become more and more common to order accounting services directly online.
There are many digital marketplaces that customers can visit to retrieve information about accounting services, and quickly compare reviews and competencies for accounting firms.
In addition, today's customers often need more than "just numbers" - they want business advice based on their financial data. Therefore, it is important to ask the following question: “can we offer a complete digital BI solution for our customers?”
We want to highlight how accounting firms can grow their businesses by investing in a powerful Business Intelligence (BI) solution.
A flexible BI solution that provides great opportunities for creating custom reports is also essential to meeting your customer demands. Custom reports provide your customers presentable data as they want to see it, which contributes to better financial control and decision-making.
Customized reports also help to emphasise factors that are particularly important to your customer's success. Often, a lot of time is spent on daily operational tasks that make it easy to forget the overall goals.
With a personalised dashboard that displays updated key figures, the customer can easily locate, for example, outstanding claims, balance year-to-date, actual to budget, which customers are most profitable, etc. This enables the customer to stay up to date on critical success factors and quickly show trends and challenges.
Expectations of an accountant seem to have changed progressively. Providing advanced advisory that gives the customer a solid ground for decision-making is becoming more and more crucial. The increased digitalisation also means that the accounting firms services are expected to be offered online. A flexible online solution makes it easy for the customer to get access to their reports and keep up to date on their financial situation. A powerful BI solution enables the accounting firm to meet today's customer preferences and create added value for both the customer and the accounting firm.
OneStop Reporting will be on Stand 526 at Accountex on 1-2 May.