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Undeniable benefits of good, clean bookkeeping data

14th Mar 2023
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FYI have a clear goal. To remove repetitive and mundane tasks from the day-to-day work of...
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The undeniable benefits of good, clean bookkeeping data 

With the run-up to the implementation of MTD, many firms were considering the best solutions for them and their clients. One of the options was to offer bookkeeping services to their clients as one of their strategic goals. 

Here at FYI we are specialist providers of document management and process automation and we saw a challenge where we knew we could help. So we set up a research project to find out how automation could help firms with this process. 

FYI rapidly scaling your bookkeeping services
FYI Software

During our research with clients on ways we can help them tackle MTD, we found an increasing number of firms were concerned about the quality of the data their clients would be submitting. Firms agreed that the cleanest data they have is when they enter it themselves as part of a bookkeeping service. 

There are many undeniable benefits of offering bookkeeping to clients. Both from the perspective of the firm and also their clients. When delivered and strategically scaled, this provides a win <-> win for firms and clients. 

The five top benefits found in our research are the following:  

  • Working closely with your clients

With regular communication, the habit of having a two way conversation becomes second nature. This increases your opportunities to offer advice. 

  • Quarterly & Annual Compliance is easier

Historically looking at client’s records at the quarter or end of the year, means there will be (at least) 3 months of data to trawl through. This can significantly increase the amount of back and forth between you and your clients to get questions answered. 

When you’re responsible for entering the transactions, your confidence significantly increases. As does the speed of processing the work. 

  • Your clients can focus on what’s important to them and what they enjoy 

Many business owners see running their accounts as a necessary evil. Generally speaking, this is not what they started a business with the intention of doing. By offering an easy way for them to outsource this work to someone they trust is something many will appreciate. 

They can more easily manage their costs, they know the data is accurate and they have peace of mind that you can offer advice when it’s needed. 

  • A foundational cornerstone for fantastic business insights 

With access to near real-time data, the firm has the opportunity to spot and advise on problems. This can often happen even before the business owner is aware of any problems themselves. 

If your firm is acting as a virtual finance officer (VFO) and you’re producing management information (MI) reports, running cashflow analysis and forecasting, then having highly accurate transactional records is essential. 

  • Increased and predictable revenue 

Let’s face it, whilst we’re sure you love your clients, you are running your firm to make money. By increasing the number of clients you offer bookkeeping to, will increase your revenues. 

This gets even better, your regular bookkeeping clients should be on a monthly payment plan. This reduces the time spent chasing debts and provides a stable foundation for future growth. 

FYI will be running a webinar with Jessica Pillow, a firm owner where bookkeeping is provided to the majority of the firms clients. She will share her valuable insights on how this has benefitted her firm.