Building app stacks Nathan Keeley discusses the benefits of building tailored app stacks for clients, and considers the changing role of accountants when assisting businesses in the cloud...
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hanging landscape
As an accountant, it used to be enough just to mention the cloud and Xero, and you were seen as progressive! Not long after that, these progressive accountants started talking about apps. Nowadays, the landscape has developed even further, and any savvy business owner knows about the cloud. And it’s not just start-up businesses moving to the cloud – everywhere you look, there are established, growing businesses looking to join the cloud revolution. As cloud technology develops further in 2018, ‘app stacks’ are being created to help businesses automate not only their finance function but every aspect of their business processes. Clients want an industry solution, not just accounting software. Xero partners are finding small businesses eager to try more services: 92% want help with extra financial reporting and analysis, 50% desire advisory and support on apps and 30% would like assistance with HR advisory, people and planning. Advisers not only need to capture clients’ accounting records in the most automated and presentable way, but they also need to be able to assist in advising on internal processes. We must therefore further develop the relationship 70 / Issue 14
between ourselves and our clients, which will require a more granular insight of the individual client’s business. For readers who attended Xerocon UK at the ExCeL London last October, it’s clear to see that Xero’s strong presence in the market is here to stay, and they are investing heavily in their development. One of the more exciting takeaways from the event was to see the new offerings coming out soon that will help our clients in the day-to-day running of their businesses. What benefits will app stacks bring to your clients? It can be difficult for general accountants, who often work with clients in a wide range of industries, to deal with different processes and requirements. There’s a growing need for firms to offer bespoke solutions that help not only with operational issues, but to allow clients to focus on the business (and not in the business!). The remit for accountants is being stretched further and further, away from pure compliance and into an advisory role. Clients will need your support as they grow their businesses, and will trust your advice when choosing apps to ensure they retain the day-to-day control of their business.
@carpenterbox
Nathan Keeley, Partner, MHA Carpenter Box Nathan is a partner at MHA Carpenter Box, and specialises in offering advice to the SME business sector by looking at both accounting and tax solutions, alongside cloud software options, to drive efficiency. Nathan heads the cloud team within the firm, and nationally through their association MHA, and advises clients on the benefits of add-ons and integration opportunities now available.
Building an app stack will help your clients to be more efficient and reduce time costs. This support will no doubt become increasingly more important to help add value and strengthen your relationship, thereby reducing the risk of them leaving for another accountant. To work out what specific app stacks may be appropriate, an analysis will need to be conducted by the accounting firm to identify who could benefit from cloud systems. This is typically done via a segmentation session, which should provide an overview of what systems clients are currently using. You may find that cost associated with assisting certain clients outweighs the benefits, particularly in terms of time. However, you will need to identify the key signs that show a client needs to tweak the way they work, eg. they are still using a desktop based accounting system. Once you have identified the appropriate clients, you can reach out and help clients to analyse their current processes. This should flag any snagging issues or problems. As mentioned above, if they manually key in purchase invoices and receipts, you could suggest an invoice scanning systems. Or if they’re using an out of date EPOS system to log their sales, software that integrates with
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