Making the move to a cloud-based accounting firm isn’t the giant leap into the unknown that you might expect. It’s not a bandaid-ripping shock to the system, but instead, a step-by-step process that providers like Receipt Bank can’t wait to help you with.
The time has come to make the move to a cloud-based future. A study by Intuit found that 65% of small businesses in the USA use cloud accounting and invoicing solutions.
Yes, automation will replace many of the basic repetitive tasks in accounting and bookkeeping, freeing up your time, giving you the ability to innovate beyond your usual remits. Here are a few tips to get you started.
Breaking down the steps:
Give your clients the paperless pitch
If you’re going paperless then your clients should consider it too, but change is hard for some. Leading reluctant clients to a digital life means leaving the numbers behind and focusing on the value it will bring to their day-to-day.
Thankfully, the pros are there in black and white. According to a Gartner study, “moving to digital processes can triple your processing capacity, increase worker productivity by 50%, and reduce storage costs by as much as 80%.”
Break it down into a few main benefits for your clients:
- No more filing cabinets
- Everything at your fingertips
- Increased security
- On the go efficiency
- Better expense tracking
Deliver real-time numbers
Data is transforming how we do business, it’s a hot commodity. If aiming high is the goal for your firm then you will need systems that can keep up with big data. Whether you receive documents through email or paper, technology can turn numbers on a screen or receipt into actionable client data. Receipt Bank uses smart-scanning to transform those bills, bank statements, and receipts into data that can be synced with QuickBooks Online in real-time. Removing manual data entry through automation is key to giving clients the real-time numbers they need to move forward. And all they need to do is snap a pic and send.
Bye hourly billing, hello value-based pricing
Automation saves time, and that means you can no longer charge by the hour. Enter a value-based model. This prices a client based on the perceived value of the service provided and is an amount agreed to before work begins.
With the tedious tasks taken care of, quicker access to client information and accurate data on hand, your firm can move into other aspects of business advisory, like cash flow forecasting, budgeting, and strategic planning. Adding on these services will strengthen your client relationships, improve your bottom line, and importantly reduce the burden of tax season on your and your team.
Create solid relationships
Data aside, the most positive aspects of a streamlined system is the time given back. Instead of the hours wasted on manual tasks, now your firm and team have the space to build lasting relationships with clients and really dig into what they need to build their business from the beginning or back from the edge.
To learn more about bookkeeping automation in QBO, make sure to check out Receipt Bank's webinar with Insightful Accountant, presented by Damien Greathead on February 4, 2020 at 2:00 p.m. Eastern Time. Register here.