All of us like to think we are efficient in our jobs. But how do we compare to our peers?
The avalanche of small business technology in the form of cloud software has made it possible to achieve much higher levels of efficiency.
Accounting firms can reduce the number of steps in standard processes by plugging in a cloud app that performs it automatically, when required.
How much more efficient? By quite a large degree, it turns out.
In the latest Macpherson Report, “How to Run a Highly Automated Xero Firm”, I profiled two best-practice Xero firms to see which cloud apps they used and how they applied them internally.
Digital First also surveyed its mailing list, which includes many tech-savvy accountants, about the degree of efficiency achieved by cloud-ifying their practices.
The infographic below summarises the top nine traits demonstrating higher levels of efficiency or opportunities frequently taken by the most sophisticated Xero practices.
Reconciliation is moving to a weekly and even daily basis – for all clients. And firms are making sure that all their clients are using cloud software so they can eliminate time-wasting in sending files manually or recording client passwords.
How do you compare? Please leave your thoughts in the comments below.
And yes, subsequent Macpherson Reports will focus on how to run highly automated firms using technology platforms based on Intuit, Reckon and MYOB.
These will come later in the year so we can test out the fruits of the vendors’ labour in redesigning their practice management suites, features of which are gradually appearing as cloud programs.
If you want to learn more about turning your Xero firm into a highly automated practice, you can view a sample and buy a copy of the report here: How to Run a Highly Automated Xero Firm.
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