With MTD posing such an important challenge for firms, practitioners are looking for the most efficient ways to track processes that are more complex than before, including information such as which clients are due to file when, who is above the MTD threshold and which clients are deferred.
To streamline this process, practitioners are relying on practice management solutions. The good news is that, by improving your firm’s workflows, you can also see a big improvement in your self assessment processes, payroll, management accounting, and even your firm’s profitability.
Improved billing and cashflow
MTD has put a strain on cashflow and profitability. Although practices have spent a lot of time and effort preparing for MTD, many haven’t succeeded in charging clients for the increased amount of work. Due to the commoditisation of compliance services, many practitioners have seen how their clients are resisting fee increases, or even looking for cheaper accountants.
To simplify the billing process, the invoicing module handles both fixed fees and billing by the hour. And you can even program batch-group statements for your clients with a summary of how much they owe.
The increased levels of automation and client collaboration that software provides is also enabling practitioners to handle more compliance work efficiently and cheaply, increasing profitability.
From 2020, an Advanced version of Onvio Firm Management will be available with more automation and a ‘projects’ module that will automatically assign work to staff and clients alike without human interaction.
The Onvio client portal also helps streamline processes by simplifying the requests for client information. By giving your clients the ability to share data quickly and conveniently, you can now meet deadlines and complete projects quicker.