Save content
Have you found this content useful? Use the button above to save it to your profile.

10 reasons to have an on line accountancy practice

22nd Mar 2013
Save content
Have you found this content useful? Use the button above to save it to your profile.

The arguments about the merits or otherwise of on line accountancy practices have been raging for a while now. More and more high street accountants are realising that they can offer an on line alternative alongside their current practice; the two are not mutually exclusive.

Just why should they do this? What are the advantages of offering an on line accountancy practice to clients?

  • The turn around and conversion for on line clients can be much quicker with the obvious benefit to the bottom line as a result of speedier billing
  • On line can be accessed from anywhere meaning that the target marketing reach can immediately expand
  • Use of cloud systems by both the accountant and the client mean that the accountant gets the same view as the client of their financial data, as soon as they have updated it
  • With up to date financial data, the accountant can provide more relevant and timely advise to the client rather than advise based upon year end figures provided many months after the event
  • Up and cross selling opportunities should be more immediately identifiable generating additional selling opportunities and revenue streams
  • On line will bring the opportunity for more stream lined business processes with the result of a reduction in the cost of delivery of the client service as well as the initial cost of sale for new enquiries
  • Such service offerings tend to attract more computer savvy clients who may be happy to carry the burden of some of the bookkeeping activities especially where there is a resulting reduction in their fees
  • The on line practice can easily be run alongside the existing practice without the need for additional significant investment
  • Operating on line with regular contact with clients improves retention as the client communication remains open throughout the year
  • Going on line future proofs your practice and opens up new previously untapped channels to your target market
Tags:

You might also be interested in

Replies (2)

Please login or register to join the discussion.

avatar
By oor001
28th Mar 2013 23:48

Hi Elaine
Thanks for posting this.
I have a small online service that runs alongside the practice (Ireland)
I am getting an increasing level of enquiries and I am slightly concerned about money laundering issues.
Obviously the nature of working online means we do not meet these clients.
How do I handle MLR?
Are other methods I'd identifying the client, ie ID, address verification, maybe Skype etc etc enough to satisfy the requirements?

Thanks (0)
By Elaine Clark
29th Mar 2013 09:47

Electronic and authorised orginals

We follow the ICAEW advice on ML including electronic ID checks:

 

http://www.icaew.com/en/technical/legal-and-regulatory/money-laundering/uk-law-and-guidance/electronic-client-identification-resources

 

http://www.icaew.com/en/members/practice-resources/news/money-laundering-what-do-you-do-with-passports

 

I would point out ....

 

Businesses should take a risk-based approach, considering the depth of scrutiny needed on a case by case basis.

 

And of course don't foget that the id needs to be checked regualrly.

 

ML is of course important but I do find that from time-to-time people get a little over zealous about ML – there is a need to keep it is perceptive and within the guidelines set.

Thanks (0)