Accountancy practitioners from smaller firms are saying that their workload increases every year although they computerise their procedures.
But then they chose their own destiny and prosper accordingly.
Why?
SME clients are notorious for resisting increases in fees they pay.
The work does not decrease it is very time consuming because the accountant has to
In the first instance input transactions to build up the accounting records.
This is low-expertise work and no one wants to this. So, the accountant ends up doing much of the bookkeeping to build up incomplete records.
Thereafter, the accountant carries out high-expertise work of finalising financial statements and tax work and sometimes audit work.
So, what is the way out for the beleaguered accountant?
One answer is to let the client carry out their own bookkeeping. If they present their figures on software, the accountant can scrutinise it to spot any differences or unallocated items thus using his profitably.
However, most SME's are unable to cope with even the easiest of software.
InPractice Software has the answer - InPractice Cashbook
The bookkeeping software is on MS Excel platform. The SME’s need only to know how to open, input, edit, print and save. Most people know these basics of Excel and so training someone to use takes hardly any time.
The accountant then needs to persuade the client to use InPractice Cashbook.
The accountants have only themselves to blame if they insist on doing the input and bookkeeping work.
Instead of their clients buying an accounts book from the stationers every year, they should buy this very affordable software.
Those accountants who make this change will be more profitable and less harassed.
Benefits:
The Client can make his own sales invoices
It helps them to keep their paperwork in order
They can see a graph of their bank balances at any time so be in better control of your finances
They can see which customer owes how much
Errors are just edited, no need for reversal journals
They can see the VAT Return figures on a day by day basis so it will not come as a shock.
It will help produce annual accounts on time due to reduced hold-ups for queries and illegible writing
