3 Trends Changing the Accounting Industry
Accounting firms are embracing the cloud
Accounts payable management can be time-consuming, paper-intensive and often occurs without an audit trail. Here at BBK | beyond bookkeeping, we experienced many of these inefficiencies first-hand.
To remain profitable, I knew something had to change. After coming back from maternity leave earlier this year, I sat down with my director of operations to discuss the state of our business. It didn't take long for us to realize that in order to create more efficiency and profitability we would have to move our firm and our clients to the cloud.
After implementing two cloud-based solutions, Bill.com and Hubdoc, we’ve reduced time spent processing our clients’ bills by up to 60% in just a few months. And our clients love it! Since the beginning of the year, we’ve converted 90% of our client base to the cloud.
Accounting professionals are becoming more than just financial advisors
Accounting firms are spending less time with manual processes and are instead automating certain services - this means more bandwidth and resources to provide increased value to their clients such as interpreting financials and helping them to grow faster or reduce costs.
We’ve been able to do this at our firm, cementing our position as trusted advisors while reaping benefits of profitable and efficient operations. And most importantly, we’ve made our clients happy.
From hourly billing to value-based pricing
Accounting and bookkeeping businesses are making the move from hourly pricing to fixed, value-based pricing.
At BBK | beyond bookkeeping, moving to the cloud created a lot of efficiency with our current staff. It forced us to start billing our clients on a flat rate. Because of increased efficiency, had we stayed with hourly billing we would have cut ourselves out of a ton of revenue.
We’ve always positioned ourselves as new school bookkeepers. The tools we use have changed and are enabling us to deliver our value to more small businesses than ever before.
If you’d like to hear more on this topic, get immediate access to a video of my webinar Automating Bills, from Intake to Payment