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Avoid operating in the dark

25th Feb 2013
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Imagine your accounting firm as an electrical circuit with a number of light bulbs sitting in series on the loop.  For the electricity to be able to freely flow around the circuit and all the bulbs to be lit, there must be no breaks or blockages. The moment that this loop is broken, the whole circuit descends into darkness. For accounting practices, the need for information to flow effectively around the business is very much the same. All too often staff can operate in separate silos instead of all pulling in the same direction. Teams may not work together to achieve company goals and the firm can become stunted and sluggish, limiting competitiveness. If this sounds like a familiar situation, it is likely that you need to improve your administrative processes and practice infrastructure.

As with electrical circuits, it can be a risky business to run an Accounting firm on a number of disparate systems or spreadsheets that do not align and instead create blockages. Instead, you should look to create a ‘single version of the truth’ for all data through a purpose-built, industry specific ERP or practice management solution that is able to offer a complete overview of your Accounting firm at any one point, and streamlines the administrative processes. Having this insight into your firm will mean that you can direct the business with accurate and up to date information. Instead of operating in the dark, your firm can function with clarity and transparency.

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