A common theme we see at FibreCRM (when speaking to partners of practices of all sizes) is that they want to “spend less time chasing clients”. I am sure this resonates with pretty much every reader of this blog!
Whether it`s chasing for information to complete a tax return or reminders to pay taxes – this is un-billed time and eats into profit margins. The larger the practice the more time that is lost, and if 1 day (per partner) each month is lost chasing clients – the cost (both £ and time) can be staggering. For example, if a practice has 10 partners, that’s 10 un-billable days per month (120 un-billed days per year, or 960 hours!).
Based on an hourly rate of £100 (conservative, I know) a practice could be absorbing £96,000 of unbilled work, every year. In that context, this is an issue well worth seeking a solution for. Time IS money, after all.
Look no further – because more and more accountancy practices are discovering that the solution lies in a (practice management/integrated) CRM system.
What exactly is “Integration”?
It sounds obvious, but in fact there are varying views of what integration is or looks like. I like the definition, “linking together of different systems and processes to act as a coordinated whole.”
What does integration achieve? An integrated system promotes efficiency and reduces costs, and is now a key focus for businesses across the world as their catalyst for growth. Integration allows organizations to leverage their existing processes, technology, people, and data – to stay ahead of the competition. Their individual, standalone processes become stronger and more efficient as a result.
As Daniel H. Wilson quoted, “Things grow stronger when you integrate”.
So, where does CRM fit into this picture?
While CRM is traditionally seen as a system for managing relationships (which it does extremely well, along with other key benefits), it is increasingly becoming seen by businesses as the “hub” for consolidating all their existing standalone systems. CRM delivers a solution so that staff can manage (efficiently) all those activities from within one system. This is being evidenced more than ever right now, by businesses who have identified CRM as the best solution for managing their GDPR compliance process.
CRM is the key to integration in accountancy practices, as it enhances practice management. It finds those job stages that stall due to manual (internal or external) information flows – and sorts them out. CRM sends automated email alerts directly to the client (without interrupting staff and partners) and immediately removes those expensive lost hours chasing clients. In short, it pays for itself (and then some).
Job turnaround subsequently speeds up, and invoices get sent (and paid!) sooner – resulting in improved cashflow and a healthier bottom line for your practice.
The key is identifying what standalone processes your practice currently operates, and discovering that CRM can integrate and bring them all together.
Another Daniel H. Wilson quote sums this blog up perfectly:
“The true knowledge is not in the things, but in finding the connections between the things.”