Is your IT presenting you with more than your fair share of challenges?
A Managed IT Service may be key to overcoming them.
Accountancy practice management software has come a long way. Today, features like automated billing and reconciliations are easily integrated into the day-to-day practice workflow of Wolters Kluwer Tax & Accounting UK customers.
Our employees work side by side with our customers to create and manage these solutions – driven by a deep understanding of their needs and addressing the rapid changes in their environment.
However, it’s often hard to look beyond improving performance in day-to-day operations. Amid Brexit, the COVID-19 pandemic and other disruptions, accountancy practices and their clients are dealing with an unpredictable economic landscape. Future business planning can appear daunting.
However, technology can support accountancy practices (and their clients) in making informed business decisions, and planning for the future. In the first part of our Accountancy Practice Management for Future-Fit Growth series, we’ll explore how they can use technology to define and easily track Key Performance Indicators (KPIs). Doing so gives practices closer control of performance tracking, and deeper insights that will inform strategic growth plans.
Saving Time
For several decades, business technology platforms have enabled practices to track performance metrics that they have customised. This highlights areas that qualify for improvement and underpins strategic planning.
Contemporary technology, such as CCH KPI Monitoring, makes setting up KPIs faster and easier for accountancy practices than ever before. This is vital today. The current business landscape demands that firms assess and amend KPIs more frequently, based on fresh market variables. KPIs such as client retention rate and business time-to-recovery have become increasingly prominent performance indicators in the past year. If clunky technology makes KPI management difficult, practices have less time and insight to plan future growth.
Reducing Risk
CCH KPI Monitoring makes it far easier to track KPIs and report on them. This is fundamental in minimising risk. For example, if a KPI is set to track and escalate debt filtered by overdue dates, the ability to easily set alerts and automatically generate reports is critical to practice performance management.
Some practices are manually running monthly reports to measure KPIs. Others are running real-time reporting engines, a key feature of CCH KPI Monitoring. This latter solution allows practices to review essential data at any time – covering both performance management and compliance requirements. They can do so remotely or on-premise.
This means that firms can assess issues before they become problems, and thus act proactively. Real-time reporting is a true asset in building a future-fit practice.
The Proof is in the Practice
A number of Wolters Kluwer customers have been using CCH KPI Monitoring for several years now. Our customers look to us when they need to be right. Ryecroft Glenton has successfully integrated CCH KPI Monitoring with its own system. This consolidates information from several sources, including CCH Central and CCH Practice Management.
“We can use the year end date to trigger a sequence of reminders. Have we asked for the books? Have they been received? If a request to a client has been outstanding for a certain period, the partner will receive an alert via email. For limited companies, we can monitor the corporation tax and Companies House filing deadlines – as well as the different deadlines for pension schemes”
– Ian Smith, partner at Ryecroft Glenton
“Apogee are not just aprinting company, theyconsult with us and go onto deliver a full end to endservice from concept toinstallation. They go aboveand beyond and we lookforward to continuing ourjourney with them”
“Apogee are not just aprinting company, theyconsult with us and go onto deliver a full end to endservice from concept toinstallation. They go aboveand beyond and we lookforward to continuing ourjourney with them”
“Apogee are not just aprinting company, theyconsult with us and go onto deliver a full end to endservice from concept toinstallation. They go aboveand beyond and we lookforward to continuing ourjourney with them”
“Apogee are not just aprinting company, theyconsult with us and go onto deliver a full end to endservice from concept toinstallation. They go aboveand beyond and we lookforward to continuing ourjourney with them”
As technology becomes more sophisticated to meet the demands of hybrid working, research suggests that in-house IT teams are straining to manage their resources effectively. Strategically outsourcing elements of your IT support infrastructure can relieve the pressure - and can even deliver wider business efficiencies that are often overlooked.
While you may think that making changes to your IT infrastructure is more hassle than it’s worth, investing in a Managed IT Services (MITS) provider can actually take a multitude of problems off of your hands:
IT Budgets you can predict
Instead of shelling out an enormous capital expenditure on purchasing technology, a MITS provider gives you access to the latest models for manageable operational costs. The obvious advantage of paying in instalments is the ability to accurately project your annual IT budget - while also being able to maximise your performance with superior technology.
Another benefit of a MITS provider is that maintenance and repairs are often already included in the lease price – meaning that surprise technical issues won’t cost you any extra to resolve.
Support you can rely on
For a MITS provider, uptime is a top priority - and the best will use a combination of remote monitoring and a 24/7 support centre to deliver a proactive approach to supporting your devices. Whether you require a remote or manual fix; outsourcing this service means that you can organise specialist repairs easily – and quickly, assuming you’ve chosen your provider well.
By combining your specialist MITS service with the smaller, general day-to-day maintenance of your IT department, consistent uptime is all but assured for your operations.
Easily adjustable device packages
IT systems must be able to suit your business needs – and if your business is growing, your IT should be scaled accordingly in order to keep up. While this is easy if you’re purchasing your own equipment, it’s much harder to scale down if you need to balance costs for whatever reason.
However, companies with MITS providers are not limited in this way. Often, MITS packages can easily be scaled up or down depending on what is required; with costs being adjusted proportionally to ensure that you’re only paying for the devices that you’re leasing.
Seamless IT transition
How much of your time is taken up by setting up devices for new recruits? The good news is, an exemplary MITS provider will provide Imaging Services that take this time-consuming task off your hands completely – setting up your new IT devices with your unique specifications prior to deployment. This will enable your team to transition between old and new devices near-seamlessly: and all without taking up the valuable time of your IT department.
Convenient disposal of legacy equipment
When the time comes to upgrade to a MITS solution, some providers will allow you to sell your old technology to them in order to offset some of the cost. Usually your old technology will be dismantled - with the core materials reused - and the memory drives disposed of safely and compliantly with GDPR regulations. Procedures such as data sanitisation and hard drive shredding mean that any personal details stored on your old devices will be completely inaccessible, providing you with peace of mind.
We’ve covered many benefits of investing in MITS, but the one unifying element between each one is that technology-based tedium takes up less of your workload. Not only does this allow you to focus your attentions wholly onto developing your business – but to do so safe in the knowledge that your IT is completely covered by someone you can trust.
Despite accountancy firms investing in diversity and inclusion programmes, recent figures suggest that the diverse make-up of the accountancy workforce is falling behind its counterparts. So what’s holding them back?
Digital Distinction will be central to the continued success of established accountancy firms competing against the new wave of digital native companies, says Ville Somppi, Vice President of Industry Solutions at M-Files, a global leader in information management
The last few years have been a valuable lesson in the importance of staying connected with each other and our clients. With a whole raft of digital tools at our collective disposal, hybrid working now commonplace for many businesses and consumers becoming more demanding, it has become challenging for accountancy practices to deliver excellent and consistent customer care.
Accountancy firms will always be a serious target for cyber criminals due to their sensitive client information and the significant funds they handle. Extensive data consumption means they need to ensure they have the right technology in place to protect client information with the increasing threat from cyber criminals.
What would your business do if you lost all transaction data from the last 6 months or if you lost some accountant data just before you had to submit your accounts to HMRC? How would you be able to fix it in 90 seconds and get your business running smoothly again?