THE NEW ACCOUNTING KPIs ADDING VALUE FOR YOUR PRACTICE AND YOUR CLIENTS
The rise of automation and cloud technology and the supersession of manual processes has impacted the common practices adopted by accountants for over 60 years. Whilst the established KPIs of accountancy firms are typically hours billed and fees recovered, the use of automation and cloud technology gives accountants the flexibility to measure KPIs in a way which is bespoke to them, allowing them to define and measure success independently rather than being locked in by ridged processes.
Whilst current KPIs are unlikely to dissipate anytime soon, the increasing use of cloud accounting software and changing regulation has meant that accountants can follow their own set of rules by utilising:
Software such as Spotlight Reporting and the Receipt Bank Practice Platform allow for financial and operational company performance to be analysed by accountants with real time reports and forecasts. Key features of Receipt Bank’s dashboard include being able to see the average submission rate of receipts, and number of outstanding items.
These new tools and working practices are redefining the way that many core accounting processes are carried out, and this is just the beginning. How would you add value to your practice and your clients?