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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Last week I discussed the importance of assessing and working towards a number of strategic KPIs for businesses looking to be acquired. For businesses looking for external investment for growth, the approach remains the same.


Like individuals, the beginning of the year can often signal a period of great change for mid-sized accounting firms. Many partners may be considering the firm’s exit strategy and looking at ways to make it as attractive as possible to potential buyers.


In this difficult economic climate, mid-market firms often suffer the most. They do not have as much flexibility to adapt as a small business but on the other hand, they do not have the financial resources to ‘weather the storm that a large enterprise’ would have.


An Accounting firm is fundamentally a people business. While it is imperative the numbers always add up, attracting and maintaining the right talent for your firm can help you rise above your competitors.


In taking over the baton from Deborah Welby with this blog, I would firstly like to thank her for the insight and advice shared in her previous posts.


Last week I explored technology that enables visibility into important business information to drive agility within an organisation.


In my last two posts we looked at business agility and what it means for firms who want to remain competitive in this shifting economy. In today’s post I’ll be continuing along this line of thinking and looking at why visibility is key to business agility.


As discussed in my last blog, agility really is vital for firms looking to ride out ongoing economic uncertainty.


How agile is your accounting firm?


Delayed payments are leading many organisations, such as accounting firms who bill clients for their time and services to function as a bank as they unwittingly ‘loan’ services to clients.