Boost profitability with interim accounting
When reporting deadlines approach, the work often piles up. Working with the knife to your throat is rarely a good feeling. By keeping interim accounts for their smallest clients, firms can secure a number of competitive advantages that increase capacity and profitability.
Autumn is normally a quiet period for accountants and firms. The year-end close and the holidays are out of the way. Most accounts are up to date. Books that are only kept once a year can wait. But what if this quiet period were used more strategically to get visibility into what’s coming on the other side of the new year? Keeping interim accounts for all small clients can save accountants a lot of time, and provide an overview of what awaits when year-end approaches.
Avoid surprises
With many small companies in your portfolio, you can be in for some surprises once you start getting a sense of how many transactions there are over the course of a year. That’s why it’s smart to get a grip on how much work you’re actually facing. With a good overview of the workload, it also becomes much easier to plan and delegate work to colleagues. The dashboard in Siffer provides valuable information that helps when planning and delegating tasks.
Get the overview
Build good routines by keeping interim accounts. In Siffer it can be done in minutes by importing transactions from the bank. Once bank statements are imported, Siffer makes most of the postings automatically. The import can be done for any period — from one month to as many months as you like. The next time the work is picked up again, Siffer helps you keep track of what’s been done, and you avoid losing bank statements.
We’ve built Siffer to help accountants work efficiently, and at the same time give managers a steering tool that gives a clear overview of the firm’s client portfolio.
Just Chr. Heide, product manager at Siffer
Involve the business owner in the accounts
Involving the business owner in the bookkeeping has several benefits. The owner is held accountable for the documentation behind the accounts, and at the same time gets a better understanding of the volume of work that goes into them. This increases both their willingness to contribute and their willingness to pay. In Siffer, the accountant can invite the business owner to collaborate in three clicks.
Smart communication
Don’t waste time on long email threads when you need to discuss specific receipts or transactions. The conversation should live where it belongs — on the receipt itself. In Siffer, accountants and business owners can do exactly that. The dialogue is stored securely in the cloud — where it belongs — on the receipt. These are the tasks the business owner can handle:
- Upload documentation to the inbox
- “Attach” receipts to transactions
- Comment directly on receipts/transactions
Increase capacity
They say a good tool is half the job. The same goes for the accounting industry. With good tools you work faster, increase precision and avoid costly mistakes. With good tools, capacity can be increased. That leads to:
- Higher productivity
- Less duplicated work
- Increased profitability
Curious about how Siffer can help your firm? Read more at Siffer for accountants