Building a more profitable practice | AccountingWEB

Building a more profitable practice

As the saying goes, knowledge equals power. But knowledge can also equal profit, as informed decision making and real time business insights give Accounting firm Partners the ability and empowerment to shape their business success. In this blog series Chris Duddridge, Business Director at Deltek, a global software company with a track record of helping Accounting firms improve their bottom line, shares his experiences of guiding clients to improve visibility of their operations, reduce administrative costs and ultimately, run a more profitable business.

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In a blog rather ominously entitled ‘The Cause of all Your Problems’, accountant Steve Pipe suggested undercharging clients impacts negatively in a number of ways and that accountants a


As professionals we are all aware of the Pareto Principle that states 80% of our revenue comes from 20% of clients.


Whatever your stance on technology, clients are increasingly expecting their accountancy firm to keep up with current technological trends and systems to ultimately offer them a better service, says a recent article in


Technology has made it easier than ever before for accountancy firms with geographically dispersed teams to share information.


We are all aware of the perception in some quarters of accountants as ’faceless’ number crunchers, but it's always been a perception I've felt uncomfortable with. It certainly doesn't describe the engaging, forward thinking individuals I've met in my career.


“No one knows anything anymore and the people who say they know something know even less,” says journalist Colm O’Regan in his BBC article ‘The mysterious powers of Mircosoft Excel’.


It’s not easy dealing with the seemingly never-ending challenges of compliance and regulation. This rings true particularly for the financial industry, with the requirement to provide highly detailed information in a timely fashion to the appropriate authorities.


Today, businesses are relying more and more on accounting firms, particularly when it comes to financial issues such as solvency and regulation. Businesses are also overly cautious when it comes to ensuring that they are compliant with the current governing legislation.


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.


When it comes to storing files you may often find a hodge podge of odd documents or images in a variety of places - some on Box, Google Drive or DropBox