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istock_© Ferran Traite Soler

What accountants can learn from Great Britain’s Olympic team

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31st Aug 2016
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Unless you’ve been stranded on a desert island, you’ll have heard Team GB exceeded the Olympics medal haul from 2012, despite taking almost 200 less athletes.

Many see the cycling team as the bedrock for this turnaround. Its ability to breakdown each event into precise sections enabled the team to test each element for improvements, before making minor alterations to give them a significant advantage over their rivals. This is the power of marginal gains, but can this be applied to the accountancy industry and if so, where?

Customer-focused accountancy

Consumers are tech-savvy and digitally confident. So to attract new customers and retain existing clients, accountants must meet and ideally surpass the expectations of those utilising their services and ensure they are running accurately and fluently at all times. Accountants should therefore capitalise on technology which saves time and cuts costs in the workplace.

Customer experience is also vital, with consumers easily being ‘turned off’ if technology systems are inefficient and unattractive. As competition increases, accountancy practices must ensure their customers’ desire for a collaborative online relationship is fulfilled.

Embrace technology

Technology tools can help realise marginal gains. Reliable, progressive software enables accountants and their clients to manage a myriad of accounting functions, as well as support greater collaboration.

Such tools allow users to access documents and complete tasks when and where it suits them. Changes made by one user are immediately visible to others, instantly simplifying document management.

Similarly, a shared online system offers companies a 360° view of clients’ past and present accounts. Accountants can achieve more in less time and using fewer resources. By mapping workloads through the technology, time is being spent wisely, priorities are enforced and deadlines are met.

The customer experience is also enhanced when secure web portals are accessible on mobile devices. Such technology can entice new users and satisfy existing clients who want their accounting processes displayed clearly and concisely. Clients are offered a first class service with critical information accessible in one place, while accountants can reinforce their brand through customisation.

Increased efficiency

Reducing time spent on administration and practice management increases efficiency levels. Additional time can be spent attracting new clients and forging closer relationships with existing clients. Accountants can focus on client development, building their reputation and growing their practices using the same resources. The extra time also enables accountants to offer additional services, such as business advice.

Undoubtedly, accountants who strive to succeed must embrace marginal gains to transform their businesses. As the HMRC pushes ahead with the Making Tax Digital campaign, it’s vital to work as efficiently as possible and focusing on specific areas where change is required facilitates this. After all, if Team GB can transform its success rate in such a small amount of time, imagine the changes an accountancy firm could make in the next few years by embracing the marginal gains philosophy.

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