Date posted: 17/03/2022 5 min read

6 ways to supercharge your practice’s efficiency

Boosting efficiency and productivity in your everyday tasks gives you time to focus on expanding your accounting practice.

In Brief

  • Technology is just one way to supercharge efficiency in your practice.
  • Client relationship management (CRM) and data hub technologies can quickly integrate client data into your core processes.
  • You can also reclaim time by delegating tasks and outsourcing to experts.

Time is a finite resource and, for many small to mid-sized accounting practices, a lack of time can be a major inhibitor to growth.

Effective time-management goes hand-in-hand with any profitable business. Freeing up more of your time through the smarter and more efficient use of technology (among other things) can allow you to deliver more to your clients and ultimately grow your practice.

However, as you juggle multiple clients, deadlines and often complex deliverables, it’s easy to overlook some of the simple yet powerful ways you can supercharge efficiency in your practice.

Here are six approaches that help boost productivity and grow your practice.

1. Be proactive in getting client data

Gather all the information you need from a new client before starting a job. A survey of more than 450 accountants, commissioned by The Access Group in 2022, found that accountants spend an average two hours per day collating and curating practice and client data from various applications, and 90% of respondents believe their time could be better spent on more value-adding tasks.

Using a combination of client relationship management (CRM) and data hub technologies – available for accounting firms of all sizes – can radically reduce time spent collating and integrating client data into the firm’s core systems and processes.

2. Anticipate client needs to deepen relationships

Successfully managing client relationships is the lifeblood of an accounting firm. Using a client management system can allow for richer information exchange, including capturing detailed client needs in real time. This enables you to better anticipate what your clients require and build more proactive client relationships. In addition, a system that includes client portals helps engage clients at a time and in a way that is convenient for them.

3. Centralise compliance tasks with cloud-based software

A problem that plagues many growing practices is that their tax and compliance work is spread out over numerous software applications or physical locations. That leads to a lot of time-consuming manual work and effort, as well as the risk of human error in manual inputs. Modernising your practice with cloud-based tax and compliance software enables you to work from a central hub in a much more efficient way. Compliance really is a never-ending story. The sooner you can get on top of it, the better.

4. Outsource to experts if needed

You should build a network of advisers to call on if your clients face an issue outside your areas of expertise. If a client needs help with something outside your usual realm, take the opportunity to outsource it to another qualified professional. This will build goodwill with your clients by ensuring they are getting the absolute best advice and solutions they need.

5. Know when to delegate

You can gain back hours by delegating admin work to junior staff or those with smaller workloads. It may initially take a little time to show them the ropes, but will lighten your load in the future. Modern cloud practice management systems, coupled with digital learning solutions, can help you better structure workflows and enable more colleagues to carry it out.

6. Automate manual processes with modern technology

In a 2019 survey of 500 accountants in public practice, 72% said the biggest benefit of technology was improved efficiency in their work and practice. Leveraging technology in this way is always front of mind, so Access HandiSoft Cloud is designed to help accounting practices streamline compliance workflows and boost productivity.

By helping you automate or eliminate tedious processes, and easily gain data-driven insights into your practice and clients’ businesses, such modern practice solutions can help you deliver faster, more effortless services to your clients.

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