Amy Harris, Co-Founder
Update Update Cash Enter Sales Enter into Management Flow Forecast Daily Cashup into Sage Account Spreadsheet Spreadsheet Spreadsheet
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Xero Benchmarking: How cloud accounting is changing client experience
Xero Partner Benchmarking Series 404 722 2,000 486 PRACTICES PARTICIPATED 388
Thousands of Xero partners on the same journey 50 15 7 0 ONLINE 0 CLIENTS ONLINE CLIENTS 5 ONLINE 3 CLIENTS 5 ONLINE CLIENTS 5 ONLINE 1 CLIENTS ONLINE CLIENT
When small businesses connect with an advisor, they’re both more successful 90% of Xero subscribers are connected to an advisor SMALL ACCOUNTANTS BUSINESSES Connected to an Serve 100+ clients advisor online growth net profit 23% growth revenue 80% faster faster and create 70% more jobs Using cloud Provide app advice and apps support growth net profit 30% grow revenue 60% faster faster
Practice efficiency increases dramatically 3 7 15 > 30 5 5 5 0 0 ONLINE ONLINE ONLINE ONLINE ONLINE CLIENTS CLIENTS CLIENTS CLIENTS CLIENTS N 4 21 36 50 74 Z NUMBER OF CLIENTS SERVED PER EMPLOYEE U K Source: Xero Partner Benchmarking report, New Zealand (Oct 2017)
Practice efficiency increases dramatically 3 7 15 > 30 5 5 5 0 0 ONLINE ONLINE ONLINE ONLINE ONLINE CLIENTS CLIENTS CLIENTS CLIENTS CLIENTS N 4 21 36 50 74 Z NUMBER OF CLIENTS SERVED PER EMPLOYEE U 4 14 20 43 56 K Source: Xero Partner Benchmarking reports, UK and NZ (2017)
Practices also speed up adding more staff 3 7 15 > 30 5 5 5 0 0 ONLINE ONLINE ONLINE ONLINE ONLINE CLIENTS CLIENTS CLIENTS CLIENTS CLIENTS 49% 65% 86% 88% 100% PERCENT OF FIRMS INCREASING THEIR STAFF BY HIRING MORE PEOPLE Source: Xero Partner Benchmarking series (2017)
Practice staff ‘move closer’ to their clients 3 7 15 > 30 5 5 5 0 0 ONLINE ONLINE ONLINE ONLINE ONLINE CLIENTS CLIENTS CLIENTS CLIENTS CLIENTS 1.8 2.9 4.2 4.3 5.8 NUMBER OF TIMES PER DAY THAT STAFF INTERACT ONLINE OR OFFLINE WITH CLIENTS Source: Xero Partner Benchmarking series (2017)
Spending time with spreadsheets OR with clients 1-2 1 How often staff interact with clients CLIENTS PER DAY CLIENT EVERY 30 MINS
Spending time with spreadsheets OR with clients 1-2 1 How often staff interact with clients CLIENTS PER DAY CLIENT EVERY 30 MINS 8.2% 18.2% Firm revenue growth Source: Xero Partner Benchmarking series (2017)
Spending time with spreadsheets OR with clients 1-2 1 How often staff interact with clients CLIENTS PER DAY CLIENT EVERY 30 MINS 8.2% 18.2% Firm revenue growth 4.4% 1.3% Losing their best clients Source: Xero Partner Benchmarking series (2017)
Spending time with spreadsheets OR with clients 1-2 1 How often staff interact with clients CLIENTS PER DAY CLIENT EVERY 30 MINS 6% 2% Losing their best staff Source: Xero Partner Benchmarking series (2017)
Spending time with spreadsheets OR with clients 1-2 1 How often staff interact with clients CLIENTS PER DAY CLIENT EVERY 30 MINS 6% 2% Losing their best staff 1.8% 4.1% Last year’s remuneration increase Source: Xero Partner Benchmarking series (2017)
Spending time with spreadsheets OR with clients 1-2 1 How often staff interact with clients CLIENTS PER DAY CLIENT EVERY 30 MINS 6% 2% Losing their best staff 1.8% 4.1% Last year’s remuneration increase 8.2% 18.2% Firm revenue growth Source: Xero Partner Benchmarking series (2017)
Thousands of Xero partners on the same journey 50 15 7 0 ONLINE 0 CLIENTS ONLINE CLIENTS 5 ONLINE 3 CLIENTS 5 ONLINE CLIENTS 5 ONLINE 1 CLIENTS ONLINE CLIENT
Four serious software mistakes accounting firms are making Let’s start by trying out some Let’s keep clients on desktop and wait collaboration apps and then we can until the technology is ready. But, just start thinking about moving clients in case, let’s put 2-3 clients online. online. Should we How many When should support Which clients should we invest to whatever practice apps we move to ramp up accounting should we online advisory software clients focus on? accounting? services? want to use? Let’s put a couple clients on Let’s keep all of our focus on each of the various online compliance for a couple more accounting packages and see years. Then, we can start working how it goes. on advisory.
Sam Horner
The Digital Practice Blueprint Consider Align Plan Migrate Optimise Partner Benchmarking Historical data decision Vision worksheet Onboarding checklist Payroll feature Report tree Why cloud, why Xero, Structure team, roles & Data gathering Client segmentation Expenses feature why now? job description checklist Making Tax Digital Communication How to switch bank Segmentation criteria Projects feature (MTD) resources worksheet feeds Digital or Die research Managing objections Post conversion Expanding your app Price plan picker report help checklist add-ons
My firm’s plan on a page Why is our firm Competitors with large Our competitors are We struggle to attract We struggle to attract Advisory services online portfolios are offering a more and retain our ideal and retain talented based on RTI offer an undertaking this able to serve 70-80 modern client clients staff opportunity to now clients per employee experience dramatically increase revenue Our ambition To move 75% of our clients online in the next 2 years What success looks like by November 2018 Our unique value drivers and proposition Decisions we 1. 2. have made 3. Decisions we 1. 2. need to make in 3. the next 3 weeks
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