Those benefits also consist of improving recoverability. For accountants and bookkeepers, leveraging automation is a significant contributor to increasing capacity and their profit margins.
Recoverability is more than just percentages; it is also about pricing and processes, says Munro. First, firms need to understand what makes up their recoverability equation. Then, they need to revise processes that occur within their firm and the pricing structures that contribute to the recoverability equation. Using data capture and automation tools such as Dext Prepare, can save time on processes by capturing and categorising pre accounting data, which leads to increased recoverability.
"By automating the repetitive tasks of accounting and bookkeeping, we allow people to focus on maximising their chargeable time. It's changing your current processes, utilising automation and then leveraging that automation to increase your people's capacity.
"Prepare is a data capture tool. So instead of chasing clients for receipts, clients can simply take a photo and upload the image to the Dext Prepare app. The image is then read using OCR technology and, with the right settings, the transactions can be automatically integrated with one of Dext Prepare's bookkeeping software integrations.
Another product is Precision, an analytics tool that helps with data quality and assists businesses in gaining insights into their pricing structures, says Munro. The insights provided by leveraging Precision's automation allows you to surface useful data relevant to accountants and bookkeepers for action taking through business performance metrics.
"Precision's focus is data quality. After integrating with your bookkeeping software, Precision within financial data sets, analyses the general ledger, examines its history and provides data regarding the client file activity.
"It allows a business to gain further insights into an accounting file, aiding accountants and bookkeepers to have informed discussions about pricing with their clients because they've got quantifiable data. "Our goal is to help accountants and bookkeepers provide value and thrive in the age of automation. If this allows an accountant or bookkeeper to increase their recoverability as a result, then using Dext is well worth it"
Being able to look at their client files holistically also provides opportunities for accountants and bookkeepers to leverage the data to provide clients with additional services, says Munro.
"The data, being automatically synced with your bookkeeping software, lets you know what the extra services are that your client may need. You're in a position to see if they're reliant on one particular customer quickly, and perhaps they need to diversify. It might be that you can see their inability to make payments, so you're able to provide advice to that client regarding their cash flow position.
"It allows for the creation of additional revenue streams and you can then increase your pricing and recoverability from that client," says Munro."
Keen to hear more about the topic? Download the e-book! Improving Recoverability with Advanced Automation: A Guide by Paul Lodder. Hear from Domain Product Expert @ Dext Paul Lodder. In this report, Dext will take a look at the role of technology, including automation, artificial intelligence (AI) and robotic process automation (RPA) in an accounting or bookkeeping firm. Examining how advanced technology can make a firm more efficient and profitable, by saving time and bringing you closer to clients.
Using their experience and insights, Dext will provide a deeper understand of how new and emerging technological solutions will help your practice, including:
- How technology can improve your overall recoverability and profitability
- Using technology for better pricing and time management
- Improving client engagement and overall visibility with the aid of technology.