How Futrli reimagines the small business landscape
Hannah Dawson is the Founder and CEO of Futrli and has just been named as part of the Maserati/Sunday Times top 100 entrepreneurs to watch. Futrli is a UK-based tech scale up whose Classic product supports 1,100 accountants and over 45,000 small businesses worldwide. They are Xero’s Practice app of the year and won a place on this year’s Tech Nation Upscale 4.0 programme, where the likes of Monzo have thrived before.
Futrli has been building a new platform over the past two years that complements Classic’s traditional forecasting and reporting capabilities. The platform reimagines how a small business works and succeeds every day, and with launch imminent, Hannah’s full steam ahead, but excited to talk with Accounting Insight News before her session at Accountex 2019 at ExCel.
AIN: Hi Hannah. Let’s take a brief trip down memory lane - tell us about founding Futrli...
HD: Futrli was born from my own experience as a small business owner. I was working in hospitality, running a pub in Devon. There were some simple things around the business’ financials that were far harder to get a handle on than they should have been, such as getting an up-to-date overview of our cash flow. Then I was landed with a hefty tax bill I didn’t know was coming, because the information on running the financial side of a business was so lacking. It nearly closed the company’s doors.
I needed a way to run the business with eyes on the future, not just the present or the past. Making decisions was difficult and full of risks because I didn’t have all the relevant information in one place when I needed it. So after doing some research, and realising there was a significant gap in the market for this specific type of software, I founded Futrli.
AIN: And how’s Futrli evolved since you founded it?
HD: Nearly five years later we have 100 people with offices in the UK, Australia and New Zealand. Futrli Classic has done brilliantly and we’re incredibly proud of where we’ve got to. But we’re only just getting started.
We are nearly ready to launch our preview release of our AI driven smart platform for small businesses. It has a range of products that have been designed after careful research and design, which solve the most pressing pain points that small businesses face (and the accountants that support them). There’s no gold standard for the tools you use to run a small business. Our platform is this.
AIN: Why do small businesses need help?
HD: Despite all the technology available in the marketplace 50% of small businesses fail in the first five years. Something is broken. Classic is used for bigger small businesses and their reporting needs, but for the 90% of small businesses that don’t prepare monthly management reports or rolling forecasts, numbers are often a scary thing. They don’t have finance or analyst teams interpreting the data they generate every day - they need help.
The new Futrli platform is for the 90%. It discovers information; interprets it into real words and prioritises the most important things that need to be actioned every day: simple!
Whether that is something within non financial data sets, future cash flow issues or getting paid by your customers.
The benefit for our accountants it that Futrli Platform makes it quicker, easier and extremely cost-effective for accountants to service the remaining 90% of small businesses that they simply don’t have the time to get to.
The platform does the heavy lifting, every client knows exactly where they are today, and when there is a question about what to do next from the small business, the accountant is given an opportunity to service a client who would have gone unnoticed before or would have not been deemed the right fit for advisory.
Advisory will finally be democratised and Futrli accountants will be deemed heroes! Depending on whether you use the free or pro version of each product will dictate the opportunity for the accounting firm. Pro gives deeper information so that even more heavy lifting is done and there is a richer base for advisory opportunities to present themselves.
AIN: And what’s the first product to be launched?
HD: The first product to launch is Flow. Flow helps small businesses who are stressed about not getting paid and how much they owe by using the power of AI to understand customer and supplier habits. There are lots of payment chasing apps out there but what’s missing from many customer focused products is that there is no actionable detail. We’ve got risk assessment, dependency levels, customer ranking (who are your top 10 and worst for x/y/z), and because the platform doesn’t just pull data, it pushes it too, smart workflow is created as you can create invoices/bills etc directly from the platform and straight into Xero and QBO.
Layered over the top of it all is the AI driven predictive element. It’s all well and good having credit terms, but when will your customers actually pay you? Flow gets to the heart of the problem and gives you solutions.
AIN: And there are free features too?
HD: Yes! Our smart daily newsfeed for your business. We all consume information every day by scrolling until we are caught up: think Facebook, Twitter, LinkedIn - so why not one for your business? Pulse is where you login to the platform. It’s where information from all activated products is prioritised and the next best action is recommended. It’s very cool!
If the status quo of software for the 90% is broken, let’s reimagine a new way with the smartest workflow, for every data source and pain point, so that small businesses are de-risked, de-stressed and can focus on why they went into business in the first place!
AIN: What does the future hold in store for Futrli?
HD: We’re really excited about all the products on Futrli Platform. After we’ve launched Flow and Pulse, our free newsfeed, next in line is Predict. This is forecasting totally re-imagined.
It helps small businesses who are uncertain about the impact of their decisions, by combining their knowledge with AI-driven predictions to forecast their future, and again the most amazing workflow has been created to ensure it’s something a small business will actually want to do every day.
Then we have Playground. It helps small business teams who are tired of juggling multiple data sources and making decisions in silos. It brings teams and information together to deliver coordinated and faster decision making and execution. It’s a world first and takes funnel to a whole new level!
We’ve got more products up our sleeve for later in the year, but you’ll have to interview me again to find out more!
Avoid accounting software mishaps with bluQube
No one plans on software purchases ending with furiously typing a misspelled, ALLCAPS rant on a user forum… But what do you look out for to stop this?
Here at bluQube, the words “It’s not at all what we expected,” are heard too often from our new customers…
Lots of software buyers have told us exactly that when explaining why they needed to replace recently purchased accounting software.
Nobody plans to have their software purchase experience end with them furiously typing a stream of misspelled, ALLCAPS rants on user forums, but there sure are a lot of those out there.
When new customers come to bluQube, we find that there are a few main reasons why.
It could just be time to change, maybe a falling out with a supplier through extended and over priced implementations, but most of the time it’s due to a business out-growing their software.
When there is too much manual input and re-keying of information…
It takes an age to report, meaning by the time the meeting has come around – the data is out of date and probably inaccurate!
We hear lots of stories from clients who thought they were buying X but ended up with Y, so here’s our top list of things to be aware of…
- Surprise limitations on user licences. Not every user license is a full access license. Different vendors have different licensing models so make sure you know what they’re quoting for.
- Unexpected annual support costs. Very often the first year of support is bundled in with the initial cost of licensing software. The bundling of support costs can easily skew expectations for ongoing costs and total cost of ownership.
- Database and required software licensing. If you’re only tallying up the licensing costs for the actual accounting software, you might have some more software line items to add to find your true costs.
- Lack of integration. Integration might mean that you need to manually trigger a process to export data from one program to another and plan for data inconsistencies between updates. Find someone who offers True Interoperability.
- Poor support. Long waits, communication issues, inexperienced support agents, or limited support availability hours can all turn even simple problems into major inconveniences. We pick up the phone within two rings.
- Know their methodology. Implementations should be fixed price so you’re not strung along for months and being charged for it! You also need to find a partner to work with, you shouldn’t just be left to it.
- Records limitations. Certain product offerings will cap the number of records that can be stored in the software, in order to keep users from running into slow response times. Users who approach records or file size limits generally face a choice between upgrading their software or removing data from the system – which isn’t possible with UK auditing standards! Find a cloud that can expand and contracts as you do.
If you want to find out what it's like to work with an accounting software partner, opposed to a supplier, check out how we helped Oscar and Ruby here and get in touch! With bluQube, there’s a better way… 08456 44 77 88
The case for cloud document management
Let us start by defining document management (DM) to mean any software system that maintains a centralised repository of documents such that it assists in finding and organising documents, while facilitating office processes.
So a DM may be anything from a simple shared folder structure through to a sophisticated management system supporting full versioning, custom metadata, views, filtering, sorting, user access controls and document workflow.
Most professional businesses deal with vast numbers of documents and hence secure, robust storage for the document repository is a key IT concern and cost centre.
The question arises as to whether it is appropriate or worthwhile to also consider moving DM to the cloud, given that document creation, editing, storage and printing is all done locally within the office?
The on-premise rationale
Firms committed to in-house deployment for DM typically offer the following reasons:
• Considerable investment has been made in their own IT infrastructure with both staff and facilities and it therefore behoves them to leverage this investment.
• Physical security of servers is entirely under their own control and responsibility. Typically, only escorted access is permitted to on premise servers, and only their own hardware is permitted to be connected to their internal network.
• Electronic security is managed by virtue of firewall isolation from the Internet enabling controlled protocol level access to what is essentially an isolated private internal network.
• Application usage is controlled and centrally managed by IT to ensure that staff has a controlled and managed desktop working environment.
These measures are designed to protect the organisation from external threats such as hacker attack and virus penetration, and to ensure known levels of system performance, redundancy and backup.
The general belief is that internal installation of DM is necessary to maintain the level of security and robustness required by the organisation.
But is this really true and at what cost?
On premise deployments usually carry considerable IT costs, which bear scrutiny. Typically, there are 3 main cost centres:
• Cost to buy.
• Cost to maintain.
• Cost to backup.
How secure is it really?
No matter how much is spent on the on-premise or virtualised server environment albeit locked behind firewalls, it seems repositories are still vulnerable to attack by malware such as crypto-locker, which infiltrates via email or web access.
Introducing cloud document management
CDM is a cost-effective solution for document-minded businesses, and provides the following benefits:
• Unlimited file storage - no more running out of disk space, no more expensive server upgrades.
• Permanent archive - no more tapes, just an unlimited permanent online archive, never lose a thing.
• Collaboration - no uploads, no downloads, no copies, just single source shared documents.
• Security - securely encrypted file store replicated across world class data centres.
• Accessibility - view and edit your files online, anywhere, anytime and on any device.
So true cloud application technology allows all traditional costs of owning or leasing equipment, maintaining it and backing it up, to be eliminated. It allows you to eliminate expensive IT support services for host servers. It is the way of the future.
How much is disruptive technology actually disrupting accountancy?
The accountancy sector, like any other, is facing a sea change. The future is digital, not just for accountants but for everyone – at home and at work, the paraphernalia of our lives are leaving the page and being entered on to the hard drive. This is far from news. But despite the rising tide of digital information exchange, accountants work in what has historically been the slow lane of business development: finance.
Financiers are cautious by nature, and with good reason. When you’ve got the company’s money at your disposal, it pays to be careful before rushing into a new system, solution or infrastructure. No-one wants to be the unfortunate soul who unwittingly opens a system backdoor and sees the family jewels go rushing down the plughole.
Regulatory requirements also apply a natural brake to the speed of change – when your every move is dictated by compliance and you’re up to your ears in red tape, you’re a lot less likely to install the latest Shiny Object unless you’re sure it’s going to help you.
The balance of accounting
All of that means that accountants have to perform a high-wire act when looking to implement new technology that could help improve their services. They must take their clients on the journey with them, demonstrating the benefits of technology without bounding off ahead, missing the basic bookkeeping requirements that the majority of their customers still have. They must act as royal food-tasters, sampling the latest innovations and advising their clients on how they’ll affect their systems – and avoiding anything damaging. It’s a delicate pursuit.
New research that we will be sharing at Accountex has found that although many accountants are well aware of the benefits technology can offer them – improved accuracy, greater insight, reduced admin, deeper strategic understanding – they’re also seeing a slowness in actual uptake. That’s not because they’re lacking in vision or entrepreneurialism – quite the reverse. It’s because they have a responsibility to bring their clients along as they evolve and ensure that each innovation is up to best practice.
With that said, how can accountants communicate the value of digital transformation clearly and enable not only their own practices but also their clients to get the most out of emerging technology?
Technology feeding strategy
The answer lies in value-add services. Accountants that limit their vision to bookkeeping are missing a massive opportunity. As accounting software becomes more data-driven, integrating with other business services and bringing in data from across clients’ organisations, accountants have the chance to become valued strategic advisers. They can use their insight into the financials to provide advice on wider strategy.
For example, if they notice a sudden dip in revenues aligning to reduced productivity on the factory floor, they can begin a conversation with the client leadership about which areas need to be addressed to rectify the problem. Similarly, they can quickly pick up unexpected fluctuations in cashflow, whether they’re the result of error or fraud, and help the client to rectify the situation quickly.
The bottom line is that technology isn’t just a labour-saving device – it’s an intelligence-booster. Automating basic tasks definitely reduces the amount of back-end admin on which accountants have to spend their valuable time, but the really exciting thing is what they can then do with the time that they get back. A well-informed, data-driven accountancy firm can use the information that next-gen accountancy software gives it to grow its value in its clients’ eyes, not only improving stickability but also driving up revenues.
To answer our own question – is disruptive technology actually disrupting accountancy? It certainly is. The real question is whether accountants are keeping up. Those who take advantage of technology will have the jump on their competitors – now’s the time to get on board.
To find out more about the latest innovations in accounting technology and the findings from our industry research, visit Sage at stand 720 at Accountex London.
Preparing for your first submission in an MTD world
The 1st of April has come and gone but the transition to Making Tax Digital for VAT filing is far from over. The true impact of the change will be felt at the first VAT return submission. What should be top of mind for you is keeping digital records, reviewing your VAT clients and assessing your current processes to ensure they are fully compliant.
While it may seem overwhelming at first, start with these simple considerations as you prepare for your first submission.
How are you submitting VAT returns today?
Firstly, consider how you submit VAT returns today. Are you submitting on behalf of your client using a bookkeeping product, or using a spreadsheet to come to the nine figures only to manually type them into HMRC’s online service? Do your clients prefer to submit their own VAT returns using a bookkeeping product or HMRC’s online service? The final question should be, are these processes compliant and if so, do you want to maintain them?
How will you maintain digital records?
The next fundamental step should be to start maintaining digital records to ensure the first VAT return submission is compliant. The good news is that spreadsheets remain acceptable for digitally capturing data. For some, this might be the logical first step to digitalisation. Providing you use API-enabled or bridging software to make the final submission, you have the freedom to keep spreadsheets with valuable historic data and calculations in the process.
How do your clients currently submit their VAT returns?
Finally, in preparation for the first submission, whether you submit monthly or quarterly, you should be completing your final reviews on all your VAT clients to establish:
• Do they want to complete and file the VAT return themselves?
• Do they want your practice to prepare and file on their behalf?
• Do they want your practice to validate and file the return after they prepare the data?
Once you have agreed on how to proceed for each of your clients, the next step is reviewing the system you use today and even setting up a new system for monitoring your deadlines. This will ensure that you know when all the different activities are due and are alerted to filing deadlines ahead of time.
How do you currently monitor your VAT returns?
Research shows that most practices have been using spreadsheets to monitor returns, which tend to list out the key milestones and deadlines. One solution that practices are looking at is being able to set up an automated workflow within their tax and accounting software which incorporates the alert data, the activities and when they need to be completed.
The key question to ask yourself would be, is the process you have efficient and compliant? If the answer to either question is no, join us, Wolters Kluwer, at stand 1060 at Accountex on 1 and 2 May to find out how you can achieve both.
Why failing to digitise will hit the value of your accounting practice
The move towards digitisation is being pushed by both regulatory and client-focused requirements, which means that accountants need to clearly identify their relationship with the client.
Making Tax Digital is a clear example of a regulatory imperative – with its subtle but important difference in the way information is submitted to the taxman, setting a path towards linking the practice with its technology platform of choice to submitted data.
From the client perspective, some will embrace the idea of a digital relationship with their accountant; others will wish to continue the same contact and personal service. However, the regulatory push means that maintaining the status quo is not an option.
From a compliance perspective, the accountant will need to consider carefully the processes and workflows of their practice and those of their clients. Fortunately, technological advances mean that information can be shared over the cloud seamlessly and in a timely fashion – if both parties take the data capture/sharing project seriously.
At this point, there are two things to consider. Firstly, how can I take advantage of closer and more frequent contact with my clients to provide a more valuable service, if I evolve my offering? And secondly, if I carry on focusing on tax compliance, what impact will that have on my practice as HMRC continues to drive digital record-keeping and filing?
The first point has been covered by Foulger Underwood here. The second point is worth considering from a ‘tax return revenue stream’ point of view.
We developed an analysis model to categorise personal tax returns into five categories:
- Simple forms that will all be prepopulated;
- Entries where there will be some input required from non-HMRC captured information;
- Those with input from SME dividends or other non-earned income;
- Multiple sources of income from non-captured sources including overseas dividends etc; and
- Non-resident or high net worth individuals.
From this analysis it became clear that the simple tax returns 1 and 2 might be at risk from HMRC’s ongoing personal tax return digital initiative and possibly the workload in preparing tax returns for category 2 would also be reduced.
For practices, this means a focus on continuing to ‘do as you’ve always done’ will erode your practice’s value.
This is an interesting example of one of the negotiation issues in selling and buying practices, but whereas in the past there has been a reasonable consistency in approach and methodology we have seen: increased audit thresholds; the MTD effect on VAT; and the further digitisation of self-assessment tax. The values of these services, in terms of sustainable returns, need to be considered and re-evaluated.
If practice transformation is an issue for you and your practice to resolve, then come and meet the Foulger Underwood team on stand 490 at Accountex on 1-2 May. If you’d like to speak beforehand, please email Julia Whistler at [email protected].
Foulger Underwood are M&A and strategy consultants focused on the accounting, legal, trust and corporate service and wealth management sectors.
Free guide to Accountex 2019
MyFirmsApp, a developer of bespoke apps for accountancy firms, is offering accountants the opportunity to download the Ultimate Guide to Accountex 2019 so they can start planning their visit to the number one event in the UK for accounting and finance professionals.
This indispensable guide will make it much easier to navigate the event with top tips on how to get the most out of the two days, comprehensive check lists and logistical advice on how to get there, where to stay and which sessions to attend. The event takes place across two days on May 1st and May 2nd and is being held at ExCel in London.
Last year, a record 8,000 accountants and finance professionals attended the show and this year’s Accountex is set to be bigger than ever with over 200 exhibitors showcasing new products, technologies and solutions. What particularly appeals to delegates is the ability to choose from more than 200 sessions that examine the big ideas defining the profession in the free CPD accredited education programme.
Mike Page, Head of Product Management and Customer Experience strategy, MyFirmsApp commented: “Every year Accountex gets bigger and bigger and with some pre-planning and with a download of our guide to hand, accountants can ensure that they don’t miss anything and they get as much out of the event as possible.”
The Ultimate Guide to Accountex can be downloaded HERE
MyFirmsApp will be running 16 thought leadership sessions across the two days in the Joel Oliver Innovation Theatre, which has been named after the company’s CEO, and can be found alongside Stand 145.
The line-up includes Will Farnell, Founder, Farnell Clarke, Richard Keys, Managing Partner, Taylorcocks, Andrew Van de Beek, Founder & Director, Illumin8, Tony Margaritelli, Chairman, ICPA, Mark Telford, Director, Telford Accountants, Amanda C Watts,Founder, TwentyTwo Agency, Alexander Bond-Burnett, Presentation Trainer, Bond Ambition, Alan Woods, Managing Director, Woods Squared, Nicki Adams, Director Ad Valorem, Jen Surtees, Head of People Experience, Xero and Claire Bennison, Head of ACCA UK, David Oliver, who is a member of the Executive team at MyFirmsApp, an author of fourteen books and an international keynote speaker and Dan Richards, Head of Global Sales at MyFirmsApp.
How to create a cyber-security conscious firm
Most of us are aware of the dangers associated with a lack of awareness around cybersecurity.
We’re constantly being tested by cyber criminals who use increasingly sophisticated methods to access our data.
As soon as we easily recognise one malicious technique, they source new methods that test our habitual assumptions. As accountants, you hold incredibly valuable personal data in your systems. The Cyber Security Breaches Survey 2017 (published in a joint report by the Department for Digital, Culture, Media & Sport and National Cyber Security Centre) identified companies holding Personal Data as more likely to be targeted than companies than those that do not (51 per cent compared to 37 per cent). This puts accountancy practices firmly in the target zone for cyber-criminals. The most common attacks took the form of fraudulent emails, followed by viruses and malware.
Here are five top tips to create a culture of cyber-security
- Provide clear instructions
Explain the habits you’d like your team to use when thinking about cybersecurity. If you don’t give explicit instructions such as not to download a file or click on a link from an unknown sender, then you’ll have a greater chance of a breach in your firm. Make sure your guidelines are clear and concise. Try not to use jargon, make sure your remove ambiguity wherever possible. Providing in-depth training for new staff and regular refresher training is one way of proving clear instructions.
- Discuss it regularly at team meetings and meetings with your bosses
Just because you’ve provided clear instructions on best practice, education doesn’t stop there. The more you discuss threats associated with cyber security, the greater their awareness and likelihood of recognising a potential attack. The more stories your team can share about things they’ve read and seen, the greater the engagement levels across the firm. You’ll be surprised how quickly this becomes part of a conversation piece with customers.
- Have open and honest conversations
Everyone is a potential target, and nobody is completely infallible. Accidents happen and if they do, business owners need to be aware of this as soon as possible. The more time that goes by after any malware downloads, the greater the potential damage. Be sure not to cultivate a blame culture by encouraging your team to report anything suspicious, however small. Staff should feel comfortable to speak up if they think they may have downloaded something they shouldn’t have.
- Password complexity and reset frequency
I know, everyone hates creating and remembering passwords. But this is a key weapon you have in your defence arsenal. Make sure you have clear guidelines on the frequency and complexity of passwords. If you can enforce regular password resets on your IT systems it is well worth considering.
- Training
There are several low-cost/no-cost online training tools for you and your staff. I’d recommend a finding a good course on Phishing. Phishing is a tool that uses email to try and gain sensitive information. Emails will arrive and look incredibly real, sometimes even experts find it hard to tell the difference between a real and fraudulent email.
My recommendation is to maintain conversation and training around this topic to incorporate it in to your firm’s culture. By protecting your firm from a data breach, you’re doing your best to help protect your clients against fraud. Thomson Reuters Onvio offers secure online file storage and client portal software for accountants. Benefit from a more streamlined process for client communication, easily share files and documents with your clients online and gain online approval from clients with e-signing.
For more tips on cyber-security, see how Lucy Cohen and Olly Evans approach risk management within their successful accountancy firms.
A personal guide to the UK accounting software landscape (Part 2)
I’m on a mission to depict the current landscape of software available to accountants to help improve their practice through better visibility, efficiency and/or automation.
My goal is to break down and understand just how many pieces of software are out there to help paint a picture on what firms can do in 2019 to build their tech stack successfully in the UK.
Here's Part 2 of my personal guide:
Workflow, Job management
- AccountancyManager
- Senta
- Karbon
- BTC
- Capium
- Glide
- CCH
- IRIS
- Xero Practice Manager
- QuickBooks Online Accountant
- Thomson Reuters Onvio
- Sage Accountant Cloud
When you see a list like this where do you start? If anything it was a little overwhelming to see just how many product there are available to accountants in the UK. In Australia this number is nearly halved and even when you consider what firms are using in the cloud, that number becomes a lot smaller.
Personally my biggest recommendation for picking a workflow tool, is try to find something that is going to integrate into your cloud accounting ledger. If you’re running QuickBooks or Xero, then you need to be sure that your workflow tools have an integration. If there’s no integration, then again you need to be mindful of what are you actually trying to solve, as you’ll end up double handling your data manually which is the opposite of what you want to achieve.
If you’re looking for an easy no cost entry to the market and you’ve got a small team. QuickBooks Accountant or Xero Practice Manager could be a great option for you to consider. Both products integrate back to their cloud ledger and have their own perks and benefits as a result. Also with Xero’s acquisition of Instafile it’s only a matter of time before this is incorporated into their practice management strategy in which case you’ll hopefully have a books to tax workflow, all-in-one.
For something with more depth and complexity, then it’s hard to go past tools like Senta, Karbon and Accountancy Manager. Yes you got options with CCH, Sage, etc but I would say this is not where the momentum is. BTC and Capium have notably been award winners in the past - but having little no to exposure to them or firms using them I can’t comment too much on how effective they are.
You’ll also find that some of these tools mentioned may also have Tax filing included which we’re about to talk about next.
Once you find a workflow tool that suits your needs, helps your firm stay organised and you’re really on top of your client work! Congratulations you’re 50% of the way there!
Tax
- Digita
- TaxCalc
- InstaFile (Xero)
- TaxFiler
- Nomisma
- ABC Self Assessment
- Simple Tax
Again, I found a lot of different tools that you could be using in the firm, with a variety of desktop, cloud and everything in-between. Coming back to my first point, I need something that integrates directly into my cloud ledger, and even better if that’s connected to my workflow solution.
As previously mentioned, Instafile was an interesting acquisition for Xero. I’m watching intently to see how this new product add’s to the UK Strategy.
In this mix the two I’ve come across the most are TaxCalc and TaxFiler, with both having integrates to QuickBooks and Xero, this is potentially a smart platform for you to be using if you carry both or one of those options in your firm.
The conclusion...
Navigating your way through the UK software market is no easy feat. I thought this would be a cake walk but honestly I can tell you, it wasn’t. I was left with a lot of questions. But when I focused back to the key pieces that were most important it was integration and streamline of process. I don’t want to have to learn how to use multiple pieces of software, I don’t have the time to trial 4 different practice management systems and I want to create a seamless experience for my clients, so that even they can see the benefits of running a fully cloud and automated stack.
Now this guide won’t work or for fit everyone. Why? Because we’re all different. You’ve got different firm with different needs and maybe you’re already using a combination of the products mentioned. It can be hard to shift, switch and change, especially if you’re systems are heavily integrated or completely disconnected. There’s no point bringing in another disconnected system unless it’s helping you to improve your client or staff experience, and help improve your profitability. Anything that doesn’t meet these two bits of criteria and you really need to ask yourself why you’re using it in the first place.
Good luck, happy hunting and remember. It’s best to plan out what you’re trying to achieve first, before you start buying tools and trying to get them to fit your existing processes. You may need to reinvent yourself and/or your firm as part of this process.
Trent will be speaking at Accountex on 1-2 May 2019. Check out the line-up here.
Is there a ‘best time’ to change accounting software?
Wondering when is the best time to change accounting software? Perhaps you’ve started your own accountancy practice, business is good and your client numbers look positive for the year ahead.
Maybe you’re using software which performs the basic functions, but have begun to realise its limitations as your clients become more complex.
Whether you’ve laid down the groundwork and researched various solutions, or are just in the early stages of considering a change – how do you know when the best time is to switch?
- When it syncs with your business growth plan
If you’re feeling a bit vague about this concept, then it is time to map out some key objectives and timescales in a detailed business growth plan. Even a sole practitioner should align any investment in software with forecasts for projected growth. Perhaps you are not yet ready for the switch and would benefit by waiting until it fits better with your business growth plan.
- When your current software holds you back
Perhaps you’ve used particular software in a previous role at a different firm, and know that certain tasks can be automated, taking up less of your valuable time. According to a recent Thomson Reuters survey of 345 UK accountants, 59% believe they will spend less time on personal tax compliance tasks over the next 10 years. A sure sign that you’ve outgrown your current software is when you’re spending more time in excel than your dedicated solution! It is sensible to select software with sufficient functionality and scalability which also has knowledgeable and UK-based training and support staff.
- When the time of year permits
Few in this industry experience a definitive lull in workload at a certain time of year, but many accountants looking to change accounting software choose to do so at year-end. This is because it presents a clean break before starting reports for the new year. However, this may not be for everyone because staff may be engaged with all the usual year-end tasks. Making the switch when you have the bandwidth to give it your full attention is advised – getting your data ‘fit’ for migration is a project which is worth doing beforehand to save yourself time later down the line.
- When you can get a good deal
Who doesn’t love a good bargain? We certainly do, which is why we have a great deal for on our efficiency packs for new users. Be sure to do your research for the best long-term deal and watch out for high price hikes year-on-year which tie you in.
- When you have had enough of your current provider!
Whether you have had enough of poor customer service, extortionate price hikes and/or your account manager seems to always be on holiday, then today is the day to start looking for an alternative. If you’re tired of using several non-integrated providers, start looking for a more efficient solution for your growing practice.
Speak to us
If you think the time is ripe to make the switch, find a software provider you can trust who can convert your client data with minimal disruption to your business. Learn from accountants who have changed their accounting software successfully and have benefited from industry-leading local support.