Flags of United Kingdom and European Union outside Parliament in Westminster during the Brexit debates
Tax & Accounting06 November, 2019

Brexit: Preparing for the unknown means knowing your numbers

Do you find yourself saying “if only I had known sooner”? It’s not a question you want to be asking yourself during uncertain economic and political times. Brexit is one of those uncertain influences that you have no control over. While you can’t prepare for the outcome with the everchanging climate, you can get a firm grasp on your practice, its numbers and key performance indicators.

Every practice strives to be as efficient as possible. Brexit has left the country in suspense for months, resist the easy option to face the next few months blind.

Knowing your numbers

Building organisational resilience within your practice is important. It will allow you to anticipate, prepare for, respond and adapt to change or sudden disruptions and maintain business as usual. In scenarios like Brexit the rights tools to automate process and reporting as much as possible can help to ensure preventable situations are avoided.

Automated workflow and KPI monitoring tools can minimise the amount of admin required to run your practice. This benefits you in two ways. The first is that more time is spent on client relationships than running your practice. The second is that you are in the most well-informed position about your practice that you can be.

During uncertain times you need to make sure your business is running as profitably as possible. This means having complete control over the time spent on your clients and the money coming in for the work. It’s an age-old battle making sure that your practice operates without running unknowingly over budget with extra hours spent.

Full control over your practice

Imagine being able to manage your practice workflow efficiently, without keeping endless spreadsheets or labour-intensive management systems. It means you can run your practice by exception, rather than by the rule. Imagine being able to find more time and resources to grow your offering and make use of the opportunities that Brexit could bring your practice.

How? With the right tools. Create your own virtual assistant to monitor your systems and automatically notify you if your predefined conditions are not met. These alerts could inform you when timesheets are overdue, client data is incorrect or incomplete or when a WIP is about to go over the quoted time. They could also be used to alert a partner when a client might be showing signs of leaving the practice.

One such tool is CCH KPI Monitoring.

Using CCH KPI Monitoring to stay ahead of the game

Make informed business decisions and have complete control with real-time access to your practice’s success indicators and performance tracking by using CCH KPI Monitoring software. CCH KPI Monitoring monitors your CCH Central database. Set ‘exception’ alerts so you’re informed, by email or text, when something has happened, or is about to happen giving you the chance to deal with any issues before they become problems.

While this is customisable, there are set of predefined alerts including:

  • Missing timesheets
  • New clients this month
  • Clients closed last month
  • Incorrect addresses
  • Draft bills outstanding
  • Losses over £X for last month
  • WIP over 80% of budget
  • WIP outstanding over an amount
  • WIP/Debt more than 90 days and over an amount

With the uncertainty that Brexit brings, CCH KPI Monitoring can you give you the certainty that you can find out about situations while you can still do something about them, and before they become problems.

Brexit providing opportunities

Any major change in business and economic landscapes often trigger businesses to review their professional services like their accounting. Brexit will give you the opportunity to shine above the rest, both to existing customers and to prospects.

You will need to make sure you are supported with a software package and tools that help you remain competitive and stable during these unknown times. Enable your business to flourish despite the uncertainty and you will unlock time to build a loyal base of clients and achieve growth.

For more information, click here for email [email protected].

We’re experts in providing information, software and services to tax executives who work in complex, compliance-driven environments.  Our innovative and mobile technology provides the information that tax, accounting and audit professionals need to make accurate decisions, comply with legislation and to increase the efficiency of their operations. We support our customers by offering expertise from our in-house team of finance professionals, ex-accountants and developers.
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