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Businesses need you more than ever (again)

8th Nov 2022
Brought to you by
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Award winning CRM & practice management software

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It seems every few days there’s a new anxiety-inducing headline for UK households and businesses. Last week the Bank of England interest rate hit 3% and banks are now warning of a long recession. (BBC)  

Small and medium businesses are facing numerous challenges – high inflation, high energy costs, remaining pandemic and Brexit supply chain issues and customers with declining spending power. Of course, SME business owners are facing two crises – the cost of doing business and the cost of living.  

  

Get ready to translate the Autumn Statement  

Much like during the pandemic, your clients will need your help to navigate what’s to come.  

Instead of the fiscal statement we expected at the end of October, Rishi Sunak has decided on a full economic statement, to be announced by Chancellor Jeremy Hunt on the 17th November.   

While the swathe of back-tracking on September’s [insert your own adjective] mini-budget gives us some idea of Hunt’s plans, the country will be watching the Autumn Statement from behind the sofa. 

Make sure every type of client is getting the right information 

When our accountants and bookkeepers need to update their clients, they use AccountancyManager to segment their clientbase and send the right emails to the right clients. 

You can create email lists by filtering your clientbase. The filters use information stored on client files – so to add a filter, simply add a Custom Field. 

When you’re writing your email you can use ‘canned’ messages to store and paste often-used text. And, if you need to include information that’s unique to each client, there are hundreds of variables you can use. You write one email and hundreds of clients see an email unique to them. 

  

Small business confidence plunges  

Each quarter, the Federation of Small Businesses reports on the Small Business Index (SBI). This measures how confident business owners are feeling regionally and nationally. The results for Q3 2022 are in and, unsurprisingly, they’re not positive. 

In Q2 this year the SBI fell to -24.7, a drop of 40.0 points. (This was the second largest fall in the history of the Index after a fall of 121.8 points in Q1 2020.) As of Q3 2022 the national average is now -35.9. At a regional level, the strongest performing regions are the South East and East Midlands, both at -28 and the weakest is the South West at -47. (FSB) 

  

Standardise your support and advice 

This SBI data confirms that many business owners are going to need more support than regular updates over the coming months. Whatever that support looks like, you can plan, manage, formalise, standardise (and even automate) it using AccountancyManager. 

Anna Nikolovska, owner of Digital Accountancy has customised AM to organise and automate her advisory process. “The idea is that I review the company accounts with clients in the 10th month of their company year.” 

“In AccountancyManager I created a Task called 10 Months Accounts Review, where the deadline is two months before the year end. As soon as the Task should start in AM, my clients get an email saying ‘please get in touch’. We won't forget about doing it because we've got the automatically recurring Task.” 

Using AccountancyManager, we can control how and when we produce our work and give clients financial advice and timely information.”  

Ben Thexton, owner of TAC Accountancy, agrees that this is where accountants can add value. “Accountants have lots of information inside their heads and it's all about making sure that you give the correct information to clients that they can actually use.” 

“With compliance it's too late, it's already happened, we’re reporting in the past. But using AccountancyManager, we can control how and when we produce our work - to give clients financial advice and timely information. That’s where the added value comes from.”  

  

Organise and automate compliance and advice with AM 

AccountancyManager is a practice management software that automatically generates Tasks Lists for everyone in your practice – based on every client’s accounting dates and deadlines. AM will also automatically chase your clients and request e-signatures.  

…And that’s just scratching the surface. Explore every way that AM saves you time and hassle on a live webinar. 

  

Book a demo