[Video] 4 ways to improve your accounting firm’s productivity and profitability

Accounting firms are feeling the pinch. It’s harder than ever to retain and attract the right staff, plus wages are increasing causing margins to shrink even further. Without the right processes in place, you run the risk of your firm becoming unviable. This video blog explores four ways to improve your productivity and profitability.

Transcript:

“Accounting firms are feeling the pinch. It’s harder than ever to retain and attract the right staff, plus wages are increasing causing margins to shrink even further. Without the right processes in place, you run the risk of your firm becoming unviable.

To help, we’ve come up with four ways to improve your productivity and profitability.

Number one - move to the cloud. The ability to access a document anywhere, any time, on any device has enabled accountants to add more value to their clients by improving turnaround times and capacity without jeopardising quality of service.

Number two - understand what standard workflows are and use them. Standard workflows are a series of processes that outline how to do a task from start to finish. Having workflows in place will help you increase efficiencies and streamline your business processes. As an added bonus, when it’s time to hire new staff, training will be a breeze.

Number three - nurture existing clients. Did you know that acquiring a client is five times more expensive than retaining one? If you want to scale and grow your firm, then stay in-touch with your clients, get to know them and build long-term relationships.

And finally - smarter resourcing. Outsourcing is a resourcing strategy that gives businesses of all sizes access to a larger talent pool of employees - increasing your chance of finding the right person for the job and at the right cost. It’s simple, keep your high-value tasks onshore and send your low-value, repeatable tasks offshore.

Are you keen to find out more about how Philippines-based talent can help you scale your business? Contact us for a business consultation today.”