Uber has transformed the way we travel, offering speed, visibility and control. Download one app and within minutes, a car arrives at your door. What’s more, you have full visibility of when and where it will arrive. You have complete control over your destination, can split the fare with other co-riders, and know when you will arrive - give or take a few minutes.
That expectation of convenience is spreading through everything, from Netflix and entertainment to Deliveroo and eating.
Tax authorities are also responding to changing client expectations. Clients now expect to manage their businesses from their phones and work on the go. 84% of Australian SMBS have a smartphone, and they expect their data to go with them. If your firm does not adapt, you risk getting left behind.
So how do you evolve your service for the Uber-generation and bring it into the now?
You need three things in place to build a stand-out service from offering real-time, or close to real-time insights.
1. FAST EXPENSE PROCESSING
Data comes first. Are your numbers up-to-date and correct? You need to get data from clients quickly, while it’s still useful, and avoid lost paperwork. Use a tool like Receipt Bank to get data instantly from your clients. When they receive a receipt, they can snap a photo using the mobile app. This sends the data you need, instantly.
For your clients, having accurate data and perhaps most importantly, visibility of that data can help with everything from securing funding and budgeting more effectively to better decision-making. Receipt Bank gives you visibility into your clients’ financial data at anytime, from anywhere.
2. STAYING IN CONTROL OF YOUR FIRM
Adopt scalable processes and solutions. You can’t have every client adding hours to your workload each week. You need to find automation opportunities that enhance your client experience, and improve your efficiency.
First, enter a discovery phase where you list the services you offer to clients. From here, examine what client pain-point each service solves, and what your clients value. Seek out technology that addresses these pain-points. Also keep in mind what your clients value, such as timeliness, transparency, or accuracy
Next, redesign your workflow accordingly with technology. Implement your technology stack, test internally then roll out to clients. You can then use your tech stack to differentiate your firm from others, attract the clients you want to work with, and provide a fantastic stand-out experience.
If you already use technology, run an audit on how you use each solution. Look to set goals within your team to encourage increased efficiency, and to increase that all-important client to staff ratio.
3. ACCESS INFORMATION FROM ANYWHERE
Shoeboxes of bank statements and bags of receipts carry a hidden cost. They cost time when organising and filing documents, and human resources when your team spends too much time managing and searching for documents. This means wasted time, space and often, lost or misfiled documents.
The good news is you can manage your data securely online, so you can move information faster and more efficiently. By moving to cloud technology solutions, you can finally drop the paper and have everything in one place. Everything is under your control.
PLANNING FOR SUCCESS
Best of all, once you have the above in place, you can establish key performance metrics to track it all. Here are some metrics that you can use in your firm, and incentivise your team to meet them:
- Client attach rate: the more of your clients who use your service and follow you recommendations, the better.
- Client submissions: how are your clients submitting paperwork? The more often they do, the better.
- Client engagement: Are they interacting with you often? Hopefully that means they’ll see value when you send them the next invoice.
- Stickiness: another word for retention. How loyal are your clients?
Control, speed and visibility is no longer a nice-to-have. It’s a must. Ultimately, by spending time on insights rather than inputting data, you’ll truly be creating a stand-out service that meets your client expectations.
Find out more about how Receipt Bank can help you maximise time on insights and minimise time time getting data. Visit receipt-bank.com/gift100 to find out more.