Accountants are often the glue that binds a company together. However they have some issues that, if solved could make that glue stronger.
1. (Some) Technology
Accountancy software such as Xero and Quickbooks means that more and more people are able to manage their finances without the help of an accountant. This poses a serious threat to the future of some accountants, particularly the ones who don’t specialise.
Accountants will have to offer more than just run of the mill services to compete with the every improving technology.
2. Unsuitable customers:
Accountants often don’t focus enough on creating effective strategies for customer acquisition and retention.
In order to maintain and grow a sustainable business, a big focus must be put on acquiring and retaining reliable customers.
Learning to accurately evaluate potential and current clients is a crucial skill for accountants. It allows them to avoid wasting time on unreliable customers, using the time instead to focus on the ones worth their time.
3.Poor time management:
Time is the most valuable resource we have, once it’s gone it’s gone.
Accountants, like most other professionals have a million and one things to do at once and effective time management is key to them being able to complete all their tasks on time and to the expected standard.
If an accountant is too broad or don’t set clear boundaries of what they will or won’t do for their clients from the outset, they can waste a lot of time doing things that don’t have a positive ROI.
Chronic stress reduces productivity by up to 40%.
74% of UK adults were stressed to the point they felt that they couldn’t cope.
We won’t work well if we are too stressed, accountants need to put in place coping mechanisms that ensure they remain productive during challenging times. Health is more important than anything else, everyone, including accountants need to remember this.
5. Late documents
For any accountant, if a client doesn’t deliver the relevant documents on time it’s annoying. It slows down the process and puts more pressure on the accountant to rectify the situation.
A lot of entrepreneurs often forget to hand in the relevant documents to their accountant on time because they have other things on their mind – employees, the overall health of the business etc.
Hence a lot of time is spent reminding or chasing documents, time which could be better spent doing other things.
Xriba can help create the perfect client, the one that hands in all their documents ahead of time, without you having to ask.
It’s not necessarily the best professional that prospers it’s the one that works the smartest, you could be the world’s best accountant but drowning in admin for you can’t show how good you are.
Specialising is working smart, it’s a competitive advantage. In order to do this you need to have time, you can’t be bogged down by by admin that you really shouldn’t have to do. Thankfully technology has advanced to the point where it can do all of those laborious tasks that are holding accountants back from realising their potential.
Thanks to Xriba, which uses AI and blockchain technology to read, register, verify and store accounting documents which reduces the amount of time it takes to to do these tasks by up to 72%.
As a result any accountant that uses Xriba will:
If you want to start saving time and having a suite of advanced tools to helps improve your business, request an invitation right now to be amongst the first ones to use XRIBA ecosystem tools as soon as they are released to the market.
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