Future Proof Reporting
Accountants value lies in helping business owners grow and trade smartly. Accountants can now give advice to their clients in real-time by looking at the most up-to-date financial information.
Thanks to cloud accounting, single Ledger shared between the Accountants and the business owners makes the real time advice possible.
The other great benefit in having cloud system is for Tax or Management Accountants set up Reporting templates and use them across all your clients.
Ideally reporting system should have the following features to effectively save time:
1. Run a seamless integration between accounting and reporting system : Gone are the days for using different systems for each business activity. The benefit lies in using systems that integrate with each other. With most businesses you want the CRM, Accounting, Inventory , Scheduling system to talk to each other. Accounting industry is no different. To run a profitable Accounting business we need integrated systems as well.The workflow system, CRM, accounting, reporting and scheduling system should talk to each other.
2. Avoid double handling on different systems : The systems should be integrated so the same information is not being worked and entered in different systems. Let’s invest in systems which would help Accountants save time and work more efficiently on various systems.
3. Ability to set template to across clients and for future years: Reporting system should be such that you set this up once and then use it across all your clients. You could of course create templates for each industry and structure. Once invested time and money will let you reap the benefits for a long time. Of course each year you might need some tweaks with some changes in the business.
4. Invest in systems to utilise your time on your Value add to the client : Accountants have and will be the trusted advisors for small businesses.With more automation in Accountants practices they have more time and can assist more clients and add more services.
5. Automated and error free reporting: With integrated systems there are less chances of error. One of my worst nightmares when I saw financial reporting from a reputed accounting firm having different depreciation on balance sheet to the Fixed asset schedule. Which they corrected after being picked up by the business owner and the Accountants.
So let’s work smart, avoid double handling, avoid errors and future our reporting to future proof our practices.
Contact us to discuss how we can assist in Future proofing your report.