Case Study : South East practice uses online accounting software to help rapid growth
Background
Sturgess and Co are a dynamic accountancy practice in the South East of England, who recently saw an exponential growth in their client base. This has been enabled to a large extent by adoption of cloud accounting software.
The company saw the potential for a new style of accountancy, one run remotely, using the internet almost exclusively.
One of the aims was to grow the customer base beyond the traditional local market. But by offering a service on a national basis they needed near perfect communication. They saw more and more a large, and growing, market of business people disillusioned with outmoded accounting practices. These new, dynamic businesses wanted to use the internet more proactively.
They also saw that there was a call for clearer fees. To answer this meant changing the way they billed clients, getting rid of the fee notes landing on the mat.
Research of the market
One of the principals, Roy Mitchell took charge of developing the new business. He and his team looked at the way accountancy was traditionally approached, and how new technology could help.
"The problem was, traditional software didn't do what we needed it to do," explained Roy. "We wanted to source all our business via the web, to administer it that way as well. It seemed logical when we talked about it that we should also run our accounting systems that way."
This approach lead the team down a number of dead ends. They found that most accountancy practices were using inflexible software that did not lend itself to a web-based format. Not only that, where the software was linked to the web it was usually done inefficiently. More often than not it was too complex for the client's needs.
So they had a situation where the software did not usually suit their business model, when it did was the architecture was clumsy and even then not suitable for the user.
Of course they had heard of the new online accounting systems that were being brought out. The logical next step was to see if these could work for them.
This was the main question: Could the new style "cloud" accounting systems stand comparison with the establishment? They offer easier implementation, higher levels of collaboration and better security, but would the accounting function be good enough?
Choice
Roy took his time, studying all the available options. He registered for trials with all the main software providers, and hammered them with data. He was looking for a combination of ease of use and technical solidity. In the end he came across Arithmo via a cloud accounting white paper on Accounting Web. The software satisfied both requirements, but was also backed up by a good support system and integration options.
"There is no way you could take someone off the street and teach them Line 50 in one hour," pointed out Roy. "You can do that with Arithmo, yet, for what our clients need, it performs excellently in pure accounting terms. Everyone who starts to use it is delighted."
Another reason for taking Arithmo was its branding capabilities.
An online accounting service relies on fully integrated software. Roy was looking for a solution that would do this in the best way possible. Arithmo features a fully customisable interface, which was tailored to match the newly formed website.
Development
In the end, Arithmo worked closely with Roy and his team, bringing their own experience of online marketing and website creation. The website was designed to integrate fully the accounting system. The Sturgess pricing policy is fairly standard for contractor accounts, built around a fixed monthly fee. But their site has the whole service laid out on screen very clearly, including a full explanation of where the online accounting fits in.
Summary
Roy said:
"Our customers are professionals. They need get to their information without having to plough through umpteen manuals on book-keeping or software. But they want all the features of an accounting package. And if possible the backup of trained staff. That's the beauty of Arithmo. My customers can import their bank statements, without all that keyboard banging. Then my staff can keep an eye on things, and put in journals etc because we have full access to the system. It's really quite brilliant!
"And then there's the accounting side. It's bullet proof. They took me through all the accounting functions and I couldn't find fault. In fact, for the price it's astonishing how much they have put in. A full ETB and audit trail are included; it’s a proper double entry system.
"We are extremely pleased with the way Arithmo helped us get our service set up, especially the input from Julian in their marketing team. Since its inception our client base has grown dramatically. It's ok us generating new clients, but unless the software is good enough, we would not keep them. We haven’t had anyone leave us yet, so Arithmo must be doing something right."
For more information contact Julian Shaw or Mike Parkes on 0161 968 7395
Arithmo is an online bookkeeping program designed for the small business. Its easy to use interface allows users to be up and running within minutes without training. At the same time, it is a sophisticated double entry system with all the features normally associated with higher end software.
Arithmo is a client bookkeeping solution that can help your practice with its branding capabilities, letting you give your clients a unique, invaluable tool in your own logos and colours. You also benefit from a fully-featured Accountant's interface allowing you to make sure your clients books are kept in the way you prefer.
Contact : Julian Shaw
Email : julian@arithmo.co.uk
Web : http://www.arithmo.co.uk
Twitter : @julian_shaw
