Lessons in leading digital transformation
Tax & Accounting22 September, 2022

Modern practice management: how medium-sized practices can grow

Many integrated accounting suite vendors boast of how easy it is to switch to their products.

However, how can you be sure that the switch, no matter how smooth it is, will help you reach the end goals you’ve identified?

If you’re looking for a full accounting suite, a tried and tested product will allow your practice to become more agile and scalable. You’ll also be able to increase your business resilience and capitalise on new opportunities. So, what do today’s integrated accounting suites actually look like? How can they demonstrably and consistently drive practice growth? And how are they helping practices with the real issues that matter today – like compliance with Making Tax Digital?

These are questions we’re frequently asked by practices, as vendors of the product bundle CCH Accelerate. CCH Accelerate is a bundle devised for medium-sized practices of around 10-50 employees. It is comprised of tried and tested accounting solutions. At Wolters Kluwer Tax & Accounting UK, growing our local and global expert solutions is at the core of our work. This bundle aims to optimise account preparation and tax automation processes. In this article, we’ll give you a breakdown of what practice growth for medium-sized practices can look like.

Centralised data: limitless potential

Fundamentally, a fully integrated accounting suite can intelligently share information between applications. This saves accountants vital time every day. By centralising all information in one secure place – available whenever and wherever it’s needed – advisors have 24/7 access to a single source of information. Clients also have access to a secure view of their own data.

The accounting suite is not simply a data collection exercise, however. A full suite will also include a central repository of documents and messages that have been exchanged between advisor and client, plus workflows that show how each job is progressing. Collaboration timelines can be shown for all tasks and deadlines. Accountants can view their entire document management system – with appropriate privacy controls set by the accountant themselves.

It’s a far cry from the days of endless emails and spreadsheets: this is how a medium-sized practice modernises. However, this is just the tip of the iceberg.

Beyond the basics: growing a medium-sized practice

How does a full accounting suite actually impact practice growth? It’s often useful to look at some of the common challenges we see among medium-sized practices. We should also examine some of the growth goals that modern practices strive for.

Take Making Tax Digital (MTD), for example. The MTD for VAT compliance deadline has now passed. The deadline for MTD for Income Tax – whereby clients will have to file quarterly – is in 2024. Practices of all sizes are having to work smarter and faster to process more data. Accounting software suites can help significantly by providing a consistent view of data across practices. They also provide the digital links required to submit returns in compliance with HMRC regulation.

There is a temptation among smaller and medium-sized practices to explore ‘workaround’ solutions. However, this can create difficulties in serving higher-value clients, due to the time and resource drains of MTD compliance with outdated software.

MTD also emphasises what a full accounting suite can do for demonstrable practice growth. If practices can fast-track MTD processing and compliance, quarterly filing is transformed from a potential hindrance into an opportunity. This means that accountants can push more services to their existing client base, and devote more time to attracting new clients. MTD for Income Tax will also mean we have more data, which can drive better business insights. Understanding a client’s position perfectly is the best possible foundation for offering them better value-add services over time.

Many accounting suites also feature intelligent and visual reporting. These allow advisors to pull data in real time and analyse it – thus providing the rationale for strategic plans to help clients capitalise on new business opportunities. Practices can also use similar tools to analyse their own position, so that they know when to jump on new opportunities, and when to hold back.

Controlling costs and securing support

At Wolters Kluwer, we believe and invest in technology that makes a difference – technology for the real world. Our CCH Accelerate bundle is designed to help medium-sized practices switch with ease; it offers a fixed fee and a dedicated account manager. This is designed to transform your entire journey into a cost-effective and seamless end-to-end digital experience. From accounts production to personal and corporation tax, the sky is the limit.

To find out more about CCH Accelerate, simply fill out the short form below.

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