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FYI targets practice management evolution with Elite release

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Document management and automation app FYI has added cloud-based practice management tool Elite to its roster of products, as the Australian developer aims for UK accounting market growth.

14th May 2024
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Designed specifically for accounting firms, FYI Elite integrates document management, process automation and client relationship management into a single platform.

Launched in Australia in 2018 by chartered accountant Rob Cameron and developer Alan McLeod, FYI grew rapidly as Covid lockdowns and hybrid accounting firm working drove demand for accessible document management systems. The company now services more than 1,500 firms and 25,000 users worldwide and according to Cameron is growing at a rate of 100 new customers a month.

FYI opened for business in the UK in 2022 and quickly carved out a niche among tech-first firms looking for efficiencies in process automation and workflows.

FYI Elite has been in beta testing with Australian firms since October 2023 and is on a staggered general release worldwide from 15 May 2024, priced at £35 per user per month (as an extension of the developer’s Pro document management plan).

The main capabilities of its FYI Elite practice management tool include the following.

  • Time and billing: A range of time management and billing functionality, including streamlined invoice generation and approval, automated time tracking and work-in-progress (WIP) management tools such as task prioritisation and real-time progress tracking.
  • Client maintenance: A dedicated workspace for each client, the ability to record meetings, phone calls and see all client interactions across the firm, and the option to create and customise client groups and views.
  • Secure communication: The ability to share sensitive client or firm documents through a portal instead of direct email attachments.
  • Employee management: Features like streamlined onboarding and offboarding, automated performance reviews, and enhanced security and compliance measures.
  • Reporting: A range of automated real-time reporting tools based on customisable templates, including staff productivity, aged receivables, aged WIP and job profitability reports.

Automations and integrations

Like its document management counterpart, FYI Elite comes with a range of pre-built process flows and automations based on FYI’s experience in the profession. Users can customise and scale processes according to their firm’s requirements, setting up bespoke workflows and automations that can handle tasks ranging from simple tasks such as auto-filing emails to complex business transactions like the sale of a business.

Part of FYI’s appeal to firms is also its integrated document management system, which offers the option to manage documents without relying exclusively on traditional folder systems. The system supports navigation across different entities and consolidates document handling – a feature the developer flags as useful when managing complex client groups.

“How often do you get an email from a client saying they’re going to the bank tomorrow for refinancing, and can you get us the past two years of financials and tax returns for the group?” Cameron told AccountingWEB.

“The client thinks that’s super easy, but for a relatively manual firm it’s a fair bit of work to go away and pull together all those documents, particularly if there are multiple entities or staff haven’t filed them well,” continued Cameron. “With our explorer, we can narrow this down, locate the documents and share them securely with the client on our portal.”

The system integrates with Office 365, Xero Practice Manager and a range of other systems and platforms. It does not currently integrate with Google Workspaces. Last year, FYI announced integrations with both IRIS and CCH, allowing what the developer called “the completeness of desktop compliance with the flexibility of cloud document storage”. 

The integrations with both IRIS Practice Management and the CCH Central database allow connected users to sync client data, removing the need to update client information in multiple places. This allows accounting firm users to remain on existing desktop compliance systems while benefiting from cloud document and workflow management. FYI also has deep integrations with Xero and Microsoft Office 365.

Visitors to Accountex on 15 May 2024 can find out more about FYI and FYI Elite at a pre-Accountex breakfast, starting at 8am in the Good Hotel (next to the west side of the Excel).  Cameron and McLeod, will talk more about the product and answer any questions. To register or for more information visit the event page.

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