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How To Predict Client Exits With Two Numbers

21st Feb 2017
Brought to you by
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Dext provide digital tools that help accountants and bookkeepers like you to automatically and intelligently process and analyse financial data.

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Receipt Bank’s Practice Platform is a centralised hub for the data you need to run an efficient practice.

With one dashboard, you can monitor all key metrics, manage outstanding workload, allocate internal resources and track missing paperwork instantly. A less well-known feature, however, lets you monitor your client relationships and their engagement with your service, and build relationships that go beyond chasing them for paperwork.

For each of your clients, Practice Platform shows the date they last submitted an item to Receipt Bank, and the average delay between them receiving a receipt or invoice and submitting it to Receipt Bank, which we call Client Delay.

Make your clients more efficient

The concept of Client Delay will be familiar to any accountant or bookkeeper who has ever chased a client for late items. Now, Practice Platform puts a number on it. And, once you can measure it, you can work with your clients to improve it.

First, these numbers ensure that your clients don’t slow down your bookkeeping and compliance process. Second, it provides an accurate measure of how up to date the information is in your client's’ books, which shows you how useful it is to you and your clients.

Tracking client engagement

Last Submission is the fastest way to see how engaged your clients are with your service. For example, if you know your client receives invoices daily, but they haven’t submitted for over a week, then something is wrong.

One possibility is that your client is very inefficient and forgets to submit invoices. The second is that they don’t care about submitting items to you (or they could also be on holiday). Both cases indicate that they either don’t appreciate the value of your service or don’t fully understand their role in the process – so some extra training might be in order. Luckily, Last Submission lets you catch these problems early, before they turn into big problems.

The right word at the right time can make the difference between keeping and losing a client. Practice Platform gives you the data you need to have better conversations, so stop waving goodbye and start collaborating.

Click here to learn five more ways that Practice Platform can improve your efficiency

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