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How to maximise ROI on your accounting tech

23rd Jan 2024
Brought to you by
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Bright was created in 2021 when Thesaurus Software Ltd. and Relate Software Ltd. decided to join...
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It can seem like every day, accountants, bookkeepers and payroll providers are presented with some shiny new tool that promises the world. However, while vendors are often happy to sign you up, when it comes to making the most of your software it can feel like you’re on your own. 

In practice, maximising the return on investment (ROI) on your accounting technology is more than just acquiring the latest tools; it's about fully utilising and integrating the tools you already possess. After all, every new tool you add means not only more overheads, but also time training, adjusting and implementing your new software. A strategic approach to ROI ensures that you’re using your resources and time effectively, and also enhances the efficiency and productivity of your operations.  

1. Learn the difference between a vendor and a partner  

When it comes to technology, it's not just about the tools you use but how you use them. This is where support services – and the potential lack thereof – can play a massive role. While some vendors will simply leave you to work out how to use their tools yourself (perhaps claiming that they’re so intuitive that they don’t require any support), the right partner should take an active role in your success. 

At Bright, we are proud to provide a holistic experience through our experienced Customer Success Team, which goes beyond routine troubleshooting to ensure that our customers are getting maximum value at all times.  

Rather than being siloed in certain divisions, we ensure every advisor is an expert across all of our products so we can offer a dedicated service to help you make our tools work for you, whether you’re just getting started or planning a change in your long-running processes. 

2. Read the manual (metaphorically) 

As human beings, we’re all hardwired to look for exciting new alternatives, even when the familiar tools we’re using may be more capable than we realise. Many organisations end up underutilising existing software features, either through being unaware of their potential, or through inadequate training.  

Before seeking new solutions – and adding new costs to your business – it’s crucial to assess whether your team is exploiting all the capabilities of your current software.  

Training, both within your firm and in partnership with your providers, plays a key role in understanding and utilising the full range of features offered by your software. Bright offers comprehensive training modules tailored to help users explore and use every aspect of our software, from webinars to one-on-one walkthroughs, to ensure you’re maximising the value available.  

3. Rethinking Your Processes 

Ideally, technology should not just be an add-on to existing processes – doing the same thing but faster – but be a catalyst for rethinking and improving them. This step should involve a strategic review of your current workflow, identifying areas where technology can enhance efficiency rather than just fit into existing patterns. 

Mapping out an improved workflow is a collaborative process, including managers who are responsible for the overall output of a team, as well as those working with solutions day to day.  Bringing in external support can also provide valuable insights, from general best practices to ideas from other businesses.  

Bright’s Customer Success Team works collaboratively with our customers to help visualise and plan workflows that make the most out of the software, aligning the capabilities of Bright’s wide-ranging toolset with the unique goals and challenges of your business. 

4. The Bigger Picture: Integration and Synergy 

The true power of modern accounting technology lies in its ability to integrate seamlessly with other systems. Tools such as live APIs facilitate secure, real-time data exchange, reducing data silos and enhancing functionality between your various systems. This interconnectedness is critical for a holistic approach to financial management – but it can also create challenges. Working with a range of spot solutions that don’t integrate and require manual data transfer, or force your team to learn a range of different solutions, can seriously impact your efficiency and ROI. 

Bright’s suite of practice software is designed to operate as a cohesive unit, supporting each other to boost your operational efficiency, including:  

BrightPay: Our comprehensive payroll software.

BrightManager: Practice management specifically for accountants and bookkeepers, including client onboarding and workflow automation. 

BrightTax: The power of traditional tax software in a modern, efficient online environment.

BrightAccountsProduction: For streamlining the process of preparing financial statements. 

BrightBooks: cloud-based bookkeeping software designed for small and medium-sized businesses. 

*Keep an eye out for the release of BrightAccountsProduction and BrightBooks in the UK.

Making the most of accounting technology 

In a crowded marketplace, making the most of the tools available requires a cool head and a methodical approach. By taking the time to go beyond the surface and look at the details, you can make an informed choice that makes the most of available software features, adapting your processes and plans to make the most of the digital accounting ecosystem. 

To find out more about how Bright’s suite of tools can support you in building an efficient, modern business model, why not chat with one of our experts today?

Book a free demo

Written by Bright

 

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