Young, talented and very busy – how the new generation of practice leaders benefits from great tech
Recent data from a Harris Poll survey indicates that millennials are moving into management positions, with about as many under 45-year-olds holding management roles as those older. Far from the “lazy and entitled” generation that was predicted by many, if you are a millennial running a practice you likely feel that you are always busy, with not enough time to focus on both the job at hand and your personal life. Research has repeatedly demonstrated that for many millennials – and the author is one – doing a job you are proud of and great work-life balance are top priorities.
That means you need to find extra time to prioritise the main things that bring in money, such as growing client numbers and billing for advisory services. You have limited resources and need quick reporting tools, which effectively improve your time management. Anything you can use to help is important so that you can log off at the end of the day and enjoy your downtime.
What matters to the first generation of digital natives
As a first-generation digital native, you keep up with evolving technology which ensures you stand out from the crowd to stay competitive and be progressive. To add to that, you have been hit by the pandemic and advising clients on the future of their business, plus staying on top of changes to regulations such as post-Brexit VAT return and the complexities of IR35. The past year has proven that with constant change, staying agile and organised is ever so important. And although accounting software can’t create balance in every area of your life (if we could find a way to add an extra hour to your day, we would!), getting the right practice software enables you to get things done and access the relevant information much faster. It makes a big difference to your working life when the tools you use do exactly what you need them to.
Ensuring you have the right accounting software in place is the first step to improving your workplace’s productivity, reflecting your practice’s earning potential. In a study by Ultimate Software, 92% of employees said having technology that helps them do their job efficiently affects their work satisfaction.
The search for software
There is a variety of software available on the market. It begins to get confusing as to which one to choose, and differentiating can take time (we make it a lot easier with our tailored demos!). But a little work now can pay dividends as your practice grows and your software grows with you. To help you get started, we’ve provided some questions that prompt you to assess how new software will benefit you.
Questions to ask yourself
1 - What software will eliminate my main problem?
Start by thinking about your requirements and make a list, with your current headaches added in order of importance (or pain level!).
It’s perhaps obvious, but you need to find a software package that suits your situation. Use your headaches list to guide you, and try not to be swayed by offers on added extras that don’t provide value or tie you into a lengthy contract that might not suit your future practice.
Good software providers make it easy for you to ask questions and tailor your package to your exact needs. Getting the right software package that meets your requirements means you only pay for what will benefit you, rather than a suite of tools that drain your finances and never get used.
2 - Is the cost right (and is it scalable)?
If you’re one of the 665,495 businesses incorporated in 2020 then you are in the early stages of an exciting journey. The amount available to spend on practice essential, like software, is finite, so keeping within your budget is key. Software with a modular structure is your friend, as you can start with the essentials and add more as you grow. BTCSoftware’s Package Builder provides a transparent view of your pricing – check it out here.
Using free software may seem like a great way to keep costs low. However, it will not allow you to deal with complex issues such as secure data and communicating client information between employees and management. You also run the risk of penalties due to missing key deadlines and making expensive errors.
3 - Can software make work easier?
The smaller your team, the more hats they wear, so be sure to help yourself and your employees get on with things quickly. Simpler and more intuitive systems involve less training, which leads to less time spent on figuring out what to do. Be sure to look for software providers who include access to telephone support too, so you know help is on hand if you do get stuck.
4 - Can my staff members access the software from anywhere?
It has become imperative for companies to adopt remote work. And for many practices, remote access will remain important even as offices reopen. You may be planning a hybrid working model, with client meetings held in the office and working from home making up the rest of the time.
Happy employees make for happy clients and happy clients mean your business grows. A reliable cloud access database makes remote work simple and can lower costs associated with running a full office. Therefore, it is crucial to have a cloud system that provides access and security, wherever and whenever you need it.
5 - Can I sacrifice excellent customer care?
Put simply; no, you can’t! When you encounter a problem, waiting too long for help is unacceptable – especially when you’re working to deadlines for your clients. Access to excellent customer support to onboard you and get you through unexpected issues is non-negotiable, so be sure to choose a software provider with great reviews for their support team.
How one practice owner benefits from BTCSoftware
Abul Nurujjaman runs award-winning Taj Accountants and turned to BTCSoftware to provide him with a complete package. BTCSoftware met his needs with a great product at a fair price and a user-friendly interface that his team was able to pick up quickly. Combining all the features of industry-leading software and seamless integration with a fantastic support team, BTCSoftware was able to fulfil Taj Accountants' requirements.
Let’s talk about your practice
At BTCSoftware, we pride ourselves on listening to our customers – and our prospective customers too! It means we work with you to establish what accountancy software will make your practice more efficient so you can spend more time focusing on your clients and growing your business. We’ll never oversell, so get in touch today on 0345 241 5030 or book a demo.