Accountancy practice management software has come a long way. Today, features like automated billing and reconciliations are easily integrated into the day-to-day practice workflow of Wolters Kluwer Tax & Accounting UK customers.
Our employees work side by side with our customers to create and manage these solutions – driven by a deep understanding of their needs and addressing the rapid changes in their environment.
However, it’s often hard to look beyond improving performance in day-to-day operations. Amid Brexit, the COVID-19 pandemic and other disruptions, accountancy practices and their clients are dealing with an unpredictable economic landscape. Future business planning can appear daunting.
However, technology can support accountancy practices (and their clients) in making informed business decisions, and planning for the future. In the first part of our Accountancy Practice Management for Future-Fit Growth series, we’ll explore how they can use technology to define and easily track Key Performance Indicators (KPIs). Doing so gives practices closer control of performance tracking, and deeper insights that will inform strategic growth plans.
Saving Time
For several decades, business technology platforms have enabled practices to track performance metrics that they have customised. This highlights areas that qualify for improvement and underpins strategic planning.
Contemporary technology, such as CCH KPI Monitoring, makes setting up KPIs faster and easier for accountancy practices than ever before. This is vital today. The current business landscape demands that firms assess and amend KPIs more frequently, based on fresh market variables. KPIs such as client retention rate and business time-to-recovery have become increasingly prominent performance indicators in the past year. If clunky technology makes KPI management difficult, practices have less time and insight to plan future growth.
Reducing Risk
CCH KPI Monitoring makes it far easier to track KPIs and report on them. This is fundamental in minimising risk. For example, if a KPI is set to track and escalate debt filtered by overdue dates, the ability to easily set alerts and automatically generate reports is critical to practice performance management.
Some practices are manually running monthly reports to measure KPIs. Others are running real-time reporting engines, a key feature of CCH KPI Monitoring. This latter solution allows practices to review essential data at any time – covering both performance management and compliance requirements. They can do so remotely or on-premise.
This means that firms can assess issues before they become problems, and thus act proactively. Real-time reporting is a true asset in building a future-fit practice.
The Proof is in the Practice
A number of Wolters Kluwer customers have been using CCH KPI Monitoring for several years now. Our customers look to us when they need to be right. Ryecroft Glenton has successfully integrated CCH KPI Monitoring with its own system. This consolidates information from several sources, including CCH Central and CCH Practice Management.
“We can use the year end date to trigger a sequence of reminders. Have we asked for the books? Have they been received? If a request to a client has been outstanding for a certain period, the partner will receive an alert via email. For limited companies, we can monitor the corporation tax and Companies House filing deadlines – as well as the different deadlines for pension schemes”
– Ian Smith, partner at Ryecroft Glenton
“Apogee are not just aprinting company, theyconsult with us and go onto deliver a full end to endservice from concept toinstallation. They go aboveand beyond and we lookforward to continuing ourjourney with them”
“Apogee are not just aprinting company, theyconsult with us and go onto deliver a full end to endservice from concept toinstallation. They go aboveand beyond and we lookforward to continuing ourjourney with them”
“Apogee are not just aprinting company, theyconsult with us and go onto deliver a full end to endservice from concept toinstallation. They go aboveand beyond and we lookforward to continuing ourjourney with them”
“Apogee are not just aprinting company, theyconsult with us and go onto deliver a full end to endservice from concept toinstallation. They go aboveand beyond and we lookforward to continuing ourjourney with them”
This spring is more than just a sea of tulips and daffodils and longer evenings, it’s also awash with five public holidays as Easter, the May bank holidays and the King’s Coronation herald welcome time-off for much of the nation. But these extra holidays, especially when savvy employees tag them onto longer breaks, can cause serious operational challenges.
Here, Louise Wilson head of the finance sector at leading outsourced communication provider Moneypenny, shares some advice to make sure your organisation is the king of customer care this Spring.
Get ahead.
Louise says: “Research tells us that call volume can increase by up to 38% on the Tuesday following a bank holiday, so a drop in available resource can really impact operations and especially customer service standards. The more people are off work, the longer enquirers must wait for questions to be answered and issues to be resolved. But this really needn’t be the case.
“Consider what resource you’ll have over the coming months and really scrutinise the holiday calendar for the rest of the year. Savvy employees may have taken advantage of clever ways to book annual leave around bank holidays to offer extended breaks, so you could be short staffed for more than just a few days.
She adds: “Also ask yourself how a change in resource could impact your customers. Will you be open over the bank holiday weekend at all? If not, when can they expect call backs? How quickly will new enquiries be progressed? How will urgent calls be escalated? By planning for these kinds of scenarios now, you can ensure the most appropriate response and ensure both staff and customer know what to expect. It will also put you on the front foot for summer holidays and the rest of the year.”
Impress your audience.
Extended response times are often expected around bank holidays, but they shouldn’t be, says Louise: “There’s a tendency to think a drop in customer service during busy or holiday periods is inevitable and even acceptable – but why? With the right level of outsourced support – overflow call handling, fully outsourced support or 24/7 live chat – you can capture all enquiries, take messages and escalate issues. Plus, you’ll show customers and prospects just how much you value their business.”
Be transparent.
Businesses should use channels such as their websites, social media pages and recorded phone messages to explain to customers how bank holidays will impact both service and availability – after all, no one expects your team to be available 247; they deserve a break too.
Louise says: “People are more forgiving when they know what’s happening, so it pays to manage expectations. If you’re closed altogether, explain for how long. If service is reduced or calls will be handled within 72 hours instead of your usual 24 hours, be upfront and say it. Notes on email footers and in newsletters, updated phone recordings, social media posts and live chat pop-ups can all help to spell out alternative opening hours and show customer care matters.”
Encourage self-serve.
Louise adds: “Help customers to help themselves. Website FAQs can guide customer and prospects to find the answers to basic questions, while live chat can take messages, signpost people to what they need, and capture leads around the clock – at the same time as keeping volume away from the phones. Both options rely on the enquirer taking the lead and being willing to self-serve. Tools like these empower customers and deliver choice.”
Say no to shortcuts.
Louise says: “Resist the temptation to use voicemail as part of your strategy. Voicemail is not a friend of business and customers don’t like leaving them. Save their frustrations by ensuring they will always be able to reach a real person over the phone, even if it’s just to take a message. It delivers a far better customer experience and makes them feel valued and heard.”
As Bank Holiday season gets underway, Louise’s final tip is to use this exceptionally busy holiday period as an important lesson and opportunity to be prepared. She concludes: “No one wants to return to a raft of angry customers, frustrated messages or lost business after a lovely long weekend, so business continuity when people are on leave needs proper, strategic consideration. Set a standard for your customer care all year round, make it your USP and choose not to let varying resource levels impact your reputation by having outsourced support in place.
“The bank holidays are almost upon us but there’s still time to put the right communication strategies in place, think about typical customer needs and establish where outsourced support might help. It will have more value than just getting you through the next few weeks, it stands to bring additional stability and professionalism to your business long term. Continuity is king when it comes to customer care, after all.”
www.moneypenny.com
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