How your accountancy practice can use software to achieve process excellence

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The modern software-powered processes that can help you deliver quality work, faster.

This content is brought to you by Xero

We’ve all been there – you set out with a list of jobs, only to get stuck on a single task for the whole day. When accounting tools don’t work as they should and information is hard to find, practice operations grind to a halt.

Fortunately, modern software-powered processes can help you deliver quality work faster. Let’s explore how.

Why practices need software-powered processes

Process challenges vary from practice to practice, but many accountants and bookkeepers will recognise the following:

  • Manual processes and repetitive admin: Data entry and reconciliation tasks are non-stop and time-consuming. They also keep practices from spending time with their clients and delivering personalised services like advisory.
  • Tricky task delegation and accountability: Who should be doing what? When tasks are spread across multiple platforms and there’s no single system for delegating work, it’s hard to know what’s getting done. 
  • Meeting deadlines and keeping up with regulations: Every year, practices face multiple deadlines for every client. This is made harder when changing regulations mean desktop accounting systems become outdated, or expensive to upgrade.

Where to start with streamlining your accounting processes

Small changes can make practice life much easier.

Start by automating repetitive admin tasks like bank reconciliation, invoicing, and reporting. Modern accounting software can take care of these jobs accurately and quickly – giving you more time to work closely with clients.

For example, Xero’s bank reconciliation predictions recommend matches for statement lines based on past transaction data. Another way you can save time is by using the repeating invoice feature for regular clients, so that an invoice is sent on the same day or date every month. 

Next, facilitate task delegation and collaboration with a system for assigning and tracking work. With Xero Practice Manager, you can assign tasks and track progress from a single dashboard, and set up customisable access levels and permissions so only the right people are working on tasks and projects that they have been granted access to.

Finally, use dashboards to manage deadlines. You can see client obligations for personal tax, company tax, company accounts and VAT in a single view with Xero Tax Manager. And Xero is automatically updated in line with changing regulations so you can be confident your software is always compliant.

Building on better processes

Once your practice is running like a well-oiled machine, you can focus on growth. 

Drive more efficiency with templates for regular practice tasks. Or integrate third-party apps that help you deliver specialised services. You could even explore reports that show progress against KPIs and areas for improvement. The choice is yours.

Successful practices don’t happen by accident, and the right software can help you achieve success on purpose. Xero helps you build an effective practice with a library of features and supporting apps to automate tasks, improve team efficiency, and better serve clients.

If you’re not yet a Xero partner, visit our Xero Partner Programme where you can find out more about becoming a partner and join over 200,000 accountants and bookkeepers using Xero in their practice. Get the tools and resources you need to succeed.

Xero offers a cloud-based accounting software platform for small and medium-sized businesses..

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