Two ways to spend less time at the office and have happier clients
We have all heard the quote “No one ever said on their deathbed they wish they had spent more time at the office.” We love our jobs and find great satisfaction in what we do and how we help people. Providing a better service in less time is the answer we are all looking to find. Let’s assume you would like to spend less time at work yet still boost profits and have happier clients? It is a universal need across the globe, so it is safe to say we all fall into that category. Below are two industry-specific ways our team has found to work smarter, not harder. The first is switching over to what is called Value Billing, and the second is finding and using a reporting software that is perfect for your business.
Value billing is an agreement between the business and the firm to pay for a package of services for a fixed monthly price.
Some business owners are looking for the most basic financial services. They incorrectly believe that the services available are far too expensive for their business or that their business is too small for enhanced financial services. Sadly, this lack of investment in financial management can come back to haunt them in the future. This is a situation where value billing can drastically change how businesses pay for financial services.
Some interesting trends are becoming more and more common. Interestingly, the pattern of moving away from owning and towards paying for access is astonishing. Rather than saving up for an enormous expense, people are more inclined to pay for access to the same solution every month. Companies like Adobe, Microsoft, Apple, Verizon, Google are leading this charge. However, this industry trend is not just limited to the big boys mentioned.
Every day, smaller companies are starting to see these trends and providing their products and services in this way. Dog walking subscription, snow removal subscription, sock subscription, house cleaning subscription, ready meal subscription, car wash subscription; The list expands every day. Business to consumer solutions is everywhere. Business to business solutions is also making a splash and for the same reasons. Companies love to receive full services for a fraction of the price. It is providing a base cost, a cost that is a fraction of a full-time hire, that enables a company to receive the full resources of a provider with a small monthly charge. In the accounting/bookkeeping world, it’s known as value billing.
We love surprises, don’t we? Surprise transmission issues, surprise knee surgery, or surprise broken water pipe. When you can remove the unpredictable from the equation (or at least minimize it), businesses are so much more able to forecast and project
Benefits of Value Billing
The benefits to you, the accountant, are also enormously valuable. Being aware of the specific services rendered each month enables you to plan and scale accordingly. It does not necessarily eliminate a busy season, but it certainly minimizes the surprises associated with it. Instead of rapid scaling, strategic planning can be incorporated to reduce adverse effects. Your income accounts will thank you. Feast or famine is diminished, and, income is stabilized and reliable. It is the definition of “Work Smarter, not Harder.”
Value billing, subscription, and MRR (monthly recurring revenue) models have changed the game. Clients are expecting more. They don’t want surprises. This need for security creates an opportunity for your firm to transition to a recurring revenue approach.
So think about switching over to a value billing system and see how can simplify many aspects of being a small business owner. Also, look for future blog posts explaining in more detail HOW to switch.
Use Reporting Software
While it is referred to as “reporting software,” Reach Reporting does so much more! Yes, it creates beautiful reports, but it also simplifies and enhances your clients understanding of their financials. Each area is essential and provides a different angle for them to see and analyze their information. It also plays a vital role for you, the CPA, in the value billing concept we talked about above. Reporting software is the foundation you need to provide what your client expects for their fixed value billing price. All while saving you time and stress. Win-Win for everyone!
First, let’s talk about the report generating area of Reach. Yes, reports can be created in QuickBooks but let’s be honest, they are not that great. Reach Reports are professional, beautiful, yet still simple, and easy for your client to understand. Reports are only useful if it converts data into information that is understood by the business owner. Providing reports that are easily understood and carefully reviewed is crucial. Also, making them beautiful, that’s just icing on the cake! The best part is (as if beautiful understandable reports wasn’t enough!) the report is created in less than 2 minutes. Faster than a speeding bullet! Again, let’s work smarter!
Second, the dashboard section. Each company you have in Reach Reporting has a dashboard. It contains KPI’s such as debt to equity, bank balance history, total income, and many, many more. The dashboard is completely customizable; you choose the KPI’s you want to see for each company. It is the ideal place to keep an eye on the financial health of each of your client’s companies. The dashboard is the perfect place for working smarter! It is the first place you can spot a potential problem that needs addressing. Even better, where you can see your clients meeting their goals! Sir Francis Bacon said it best with his simple statement, “Knowledge is Power.” Giving your clients the financial knowledge they need so they can then make the best financial decisions for their company is crucial. Doing this will make you a hero in their eyes and an invaluable asset to their business.
Third, the newest addition to our software, and we are as excited as a new Dad to announce our spreadsheets section! This new feature is industry-changing and only available with Reach Reporting. Say goodbye to those time-consuming data dumps. In Reach, no need for downloading and uploading information. The data in spreadsheets in LIVE data, no outdated information. You can also create KPI’s directly from your spreadsheet. Then they can easily be added to your dashboard, so the information is easy to read and easy to find. Just like Excel, all equations can be used so feel free to be as complicated or as simple as needed.
Are you ready for a change to make your life as easy as pie? Ok, maybe not as easy as eating a piece of pie but here at reach reporting we want to simplify your business life. Get you working smarter and spending time outside the office with your friends and family. Check out our pricing and sign up for a free trial and see how fast you can create your first beautiful report.