the new accountant – make and take opportunities in … · 3 the new accountant make and take...

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THE NEW ACCOUNTANT – MAKE AND TAKE OPPORTUNITIES IN A CHANGING MARKET

Exact for Accountants

TIME FOR A NEW APPROACH

1

Accountancy is changing rapidly. Technology is transforming financial accounting into a commodity. And that makes it harder for you to hit your targets, grow your practice, and stay relevant for your clients. Yep. It’s time to find new ways to serve your clients.

2 THE NEW ACCOUNTANT – MAKE AND TAKE OPPORTUNITIES IN A CHANGING MARKET

Identifying new opportunities means trying new things and ways of working . Above all, it means taking matters into your own hands. Clients are looking for the support, advice and insight that adds value to their business. These days they don’t just want an accountant, they expect a proactive business partner to help them succeed.

This whitepaper offers useful ideas on how you can make it all happen by helping your clients streamline their processes, work more efficiently and make better business decisions.

“The market has changed quite significantly. Books are automated and there is a higher demand for advice.” Marc Vosse, Partner MDM Accountants

And in doing so, how you’ll gain insight to deliver personalised strategic advice based notjust on financial data but on all the data.


NEW BUSINESS MODELS FOR ACCOUNTANCY PRACTICES

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You want to support your clients in achieving their ambitions, right? And presumably you like the idea of positioning yourself as the gotoguy or gal for sound business advice. So focusing on financial data will limit your ability to make a real difference. After all, the performance of a business isn’t determined by the numbers alone. Instead, you need to see the bigger picture. Stock levels, sales, costs, hours, work in progress… you name it.


The results of our international research confirm the huge potential in offering this allround business advice. It also shows that your clients are expecting you to offer more and more value, which opens up all kinds of golden opportunities.

THE OPPORTUNITY

of entrepreneurs expect their

accountant to coach and advise them

on running their business.Only 16% of

accountants access 360-degree client

overviews via their CRM system.

of entrepreneurs would like their

accountant to advise them on which

business software to use.

Source: Cloud Barometer Research 2015

53% 43%

“We now have just one employee entering bookings into companies. To give you an idea of this shift: that’s one employee out of a total of 31.” Sander Provoost, Cappa Accountants


THE OPPORTUNITY

of accountants consider the evolution

into a more advisory role as an

important business challenge.

of accountants consider gaining

industryspecific knowledge as an

important business challenge.

Source: Cloud Barometer Research 2015

24% 12%

What kind of services could you start to offer? Business process scans Advice on optimising processes including

automation option Implementation and configuration packages Training packages Define reporting packages Annual software and tooling ‘MOT’ Advice on crucial KPIs ( hours, work in

progress, billability, stock, working capital, capacity planning etc.)

Specialist industry expertise Facilitate crowdfunding processes


LOOK BEYOND TRADITIONAL FINANCIAL SERVICES

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There’s a new breed of accountants in town, armed with wider business skills and knowledge to help their clients beyond tradition al financial services. This New Accountant offers new and complementary skills such as technology, HR, CRM and legal. Are you prepared to do the same?


Or what about specialising in a sector you’re familiar with? This isn’t just about competing any more. It’s about surviving. Select an area of specialisation you’re passionate about and jump into it with both feet.

As previously stated, a wider skill set r equires a wider access to data beyond the financials.Take a wholesaler struggling with ecommerce,for example, or a professional service provider lacking clarity when it comes to capacity. Do you benefit from the right tools, knowledge or network to reinvigorate an online business and enhance efficiency?

Well, gaining the right insight will give you a good start. A complete endtoend overview of a client’s business delivers the knowledge you need to develop a more relevant, more comprehensive and more va luable coaching role.


What keeps your clients awake at night?Top business challenges per industry:

PROFESSIONAL SERVICES PROVIDERS

1. Improve customer satisfaction

29%

2. Deliver projects within budget

and on time 28%

3. Having invoices paid on time

26%

WHOLESALERS

1. Competition from suppliers

through direct sales 38%

2. Pressure on pricing due to online

competition 37%

3. Dealing with more demanding

customers 37%

MANUFACTURERS

1. Insight into costs of materials

and processing 44%

2. Innovation, development of

new products 36%

3. Having invoices paid on time

35%

Source: Exact 2015 SME Cloud Barometer


AUTOMATIONTHE KEY TO ADVISORY SERVICES AND NEW OPPORTUNITIES

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Sure. You’re an accountant, not an IT specialist. But let’s take automation as one example of many. Supporting and advising on the automation of a client’s processes could prove beneficial not to mention profitable in all kinds of ways. And if you’ve studied the figures shown in last chapter, you’ll know that 43% of entrepreneurs would welcome advice from their accountant when it comes to selecting the right accounting software (Cloud Barometer Research 2015).


You see, what keeps many clients up at night is the state of their business data and the lack of insight into their current status. Without that they can’t be sure they’re making the right decisions, limiting their ability to grow efficiently.

Clients also need the proper tooling to work effectively and to solve their business pains. A nd that’s where the cavalry (that’s you) comes to the rescue, helping them to streamline processes and create insights to achieve the desired results: optimised operations, wellinformed business decisions and solid growth.


Why offer automation as a new service?The main reason to automate your clients’ processes is making you clients better entrepreneurs, which in the end will result in more billable hours. You’ll be able to create a whole new revenue stream for your practice: by migrating companies from one system to another, for example, or supporting the implementation of new business applications.

“Providing automation services to our clients is an important unique selling point compared to other accounting firms” Sander Provoost, Cappa Accountants


“I now receive a lot of requests from clients to help with the migration of companies from one system to the other, or to support the implementation of new business applications.” Joris van Dijk, Advisor Joanknecht & Zelst

3 reasons to offer automation as a new service:1. Sell more billable hours2. Implement clients’ business software based

on their advisory requirements3. Set yourself apart from the competition

So the obvious question is: does your technical infrastructure support the advisory requirements of your clients? Simply put, can you access the data you need to provide the business coaching today’s entrepreneur is looking for? Because IT support plays a huge part in helping New Accountants set the mselves apart from the competition.


THE POWER OF INTEGRATED INDUSTRY SOLUTIONSKeeping on top of finances is obviously vital for any successful entrepreneur. Yet nonfinancial data like hours, stock levels, project calculations and quotations are equally important but unfortunately, not equally accessible.

So how do you gain the comprehensive 360° insight into your clients’ business processes that supports their success and yours? Because however hard you look, it isn’t in the top drawer stuffed with random papers. And it isn’t scribbled on one of the postits you keep finding stuck to your cup of coffee.

Technology is the answer. Today’s software solutions seamlessly integrate accounting with industry specific features to shed light on the darkest corners of any business. Connect your software with your clients’ systems and bingo.


Financial data, business info, i nsights into inventory, project progress, material planning, capacity planning, CRM… All the stats and facts and figures you need, at your fingertips. Suddenly your practice can provide proactive ‘big picture’ thinking and sell automation services at the same time.

Just some of the areas on which you can report

Revaluation of stock Sales and purchase orders Margins Quotations Project progress Work in progress Material planning Working stock Time capacity Billability


SET THE STANDARD WITH DATA INSIGHTS AND DASHBOARDS

Adopt a standard approach to the way you manage every set of accounts and you’ll create consistency across dashboards and the insights they display. That in turn makes it easier to deliver that proactive, valueadding advisory service.

Want to set up reports that visualise data? Rather than rely on a specialist to do the hard work, specialist software takes care of it for you. Most products include custommade visual analysis tools that make it straightforward to transform those endless rows of figures into a colourful chart of your choice.


OK, so you didn’t go into accountancy to create postmodernist works of art. But visual reporting helps you and (more importantly) your clients ‘get it’ at a glance. So instead of spending valuable time explaining the accounts, you can focus on the bigger strategic picture.

Custommade visual analysis tools make it straightforward to transform those endless rowsof figures into colourful charts of your choice.

“We discuss a broader range of subjects now such as revenue performance, new ways of doing things, strategy… I think it’s a great way of working and represents real progress.” Louis van Garderen, JOINSON & SPICE


CONCLUSION5

Technology helps you to free up time and gain the farreaching insights that equip your practice to make the most of new opportunities.

• Offer more consultative, higher margin services• Maintain and increase client satisfaction• Develop more profitable business models• Advise on and implement automation, boosting

revenue even further• Help your clients become better entrepreneurs


EXACT THE SOFTWARE PROVIDER FOR NEW ACCOUNTANTSExact provides the software that helps the New Accountant thrive in an intensely competitive, fast changing market. Our industryspecific software for wholesalers, professional services firms and manufacturers doesn’t only offer the relevant insights you need to guide your clients towards their business goals. Oh no. It also delivers the flexibility, connectivity and visibility to let you work together closer than ever.

And you may be reassured to learn that we go beyond simply providing software. Our advisors are here to help you make the most of it. Discuss business cases, ask questions, or even arrange a free knowledge session at your place or ours. We’re here when you need us online, on the phone, even in person.


EXACT YOUR STRATEGIC PARTNERIt’s surprisingly easy to learn how to implement Exact solutions for your clients . For a start, our free elearning sessions get you and your colleagues up to speed.

Then there’s our Accountancy Programme, which equips you with beneficial tools and insights that help you and your clients stand out from the competition. Successfully complete the Programme and you’ll gain certifications to advertise your skills to the masses.

We’ll even publish your new credentials in the Accountancy Centre, where thousands of potential new clients are looking for an expert partner just like you.


SO WHAT NOW?We could talk Exact up all day of course, but nobody wants that. Instead why not give it a tryand see for yourself? One of our specialists will be delighted to join you and your clients for a chat and a demo at a time and place that suits you. Just get in touch and we’ll get the ball rolling.

Call us on: 0800 - 05 25 689Email: [email protected]


© Exact Group B.V., 2016. All rights reserved. All brand and

trade names belong to the respective owners. MCL641065UK016

Exact UK

The Mille, 5th floor

1000 Great West Road

Brentford, TW8 9DW

United Kingdom

Phone: 0800 - 05 25 689

Email: [email protected]

Site: exactonline.co.uk

the new accountant – make and take opportunities in … · 3 the new accountant make and take...

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