15th October, 2021
Encouraging clients to centralise their financial admin in a single business management platform doesn’t just help them. Here are five key benefits for advisors and their clients.
Until recently, accountants and their clients inhabited different financial worlds.
In the past, clients would engage accountants to perform tasks without necessarily understanding how the work got done, and accountants would use data supplied by clients without necessarily knowing how that information had been collated.
Cloud-based business management platforms change all that. For the first time, an accountant and client can use a single system to monitor and report on critical functions such as accounting, inventory and payroll through the use of a solution like MYOB Business.
The new platforms make life much easier for small and medium business clients because they allow them to do everything – from invoicing to processing expenses – in one place. This has benefits for accountants, too.
Here are five reasons why you should encourage your clients to use the same cloud-based platform as you.
Before cloud-based systems, accountants relied on their clients to supply relevant data digitally or in hard copy. In a best-case scenario, that data was accurate and complete. But accountants still needed to input the information before they could process it.
Cloud-based platforms remove this need: much of the necessary data – such as bank transactions – is fed into the system automatically, and clients can be persuaded to take care of the rest themselves. That frees up your staff to tackle more skilled tasks.
When you and your client are using different programs, or even different versions of the same program, there is always a risk of compatibility problems. Certain files might not display correctly, or open at all, which necessitates back-and-forth with the client to resolve the issue.
Getting onto the same platform as your client means you never have to worry about compatibility again.
Many accountants appreciate the opportunity to work when and where it suits them.
When your clients are using their own record-keeping systems, your ability to complete work after hours or on weekends is dependent on them supplying you with up-to-date information at all times. But if your clients have moved across to the cloud, you can access all the data you need, whenever you need it.
Encouraging your clients to master cloud-based accounting software might seem like a way to make yourself less relevant. In fact, the opposite is true.
Although cloud-based platforms give clients more visibility and control over their finances, they are no substitute for accounting expertise. And because you can see how a client’s business is performing in real time, you can be a true partner and provide superior insights that enhance your value.
Your relationship with a client can become tense if data-entry mistakes occur or you misinterpret their instructions.
Working off a shared platform reduces the likelihood of these mistakes and misunderstandings occurring. It also enhances trust because clients understand that they can invite a third party to review their information at any time.
Find out more about how MYOB Business can help your practice grow and simplify your customers’ operations by making time to speak to your Sales Specialist today.