9 traits of a highly automated xero firm d1
-
Upload
digital-first -
Category
Business
-
view
124 -
download
1
Transcript of 9 traits of a highly automated xero firm d1
![Page 1: 9 traits of a highly automated xero firm d1](https://reader030.fdocuments.us/reader030/viewer/2022032513/55d27b7abb61eb56128b4700/html5/thumbnails/1.jpg)
![Page 2: 9 traits of a highly automated xero firm d1](https://reader030.fdocuments.us/reader030/viewer/2022032513/55d27b7abb61eb56128b4700/html5/thumbnails/2.jpg)
Automated firms can process tax returns faster with fewer resources and are therefore more profitable.
Read on to find out how automated firms maximise their margins and how much they charge their clients.
![Page 3: 9 traits of a highly automated xero firm d1](https://reader030.fdocuments.us/reader030/viewer/2022032513/55d27b7abb61eb56128b4700/html5/thumbnails/3.jpg)
![Page 4: 9 traits of a highly automated xero firm d1](https://reader030.fdocuments.us/reader030/viewer/2022032513/55d27b7abb61eb56128b4700/html5/thumbnails/4.jpg)
Highly automated firms standardise their processes on one cloud accounting program for maximum efficiency and then convert all their clients to it.
For more information about the processes involved, read the Macpherson Report
How to Run a Highly Automated Xero Firm.
![Page 5: 9 traits of a highly automated xero firm d1](https://reader030.fdocuments.us/reader030/viewer/2022032513/55d27b7abb61eb56128b4700/html5/thumbnails/5.jpg)
![Page 6: 9 traits of a highly automated xero firm d1](https://reader030.fdocuments.us/reader030/viewer/2022032513/55d27b7abb61eb56128b4700/html5/thumbnails/6.jpg)
Compliance services are an essential ingredient but are not the focus in client relationships. Clients place much greater value on business advisory services which in turn are a big profit driver for firms.
![Page 7: 9 traits of a highly automated xero firm d1](https://reader030.fdocuments.us/reader030/viewer/2022032513/55d27b7abb61eb56128b4700/html5/thumbnails/7.jpg)
![Page 8: 9 traits of a highly automated xero firm d1](https://reader030.fdocuments.us/reader030/viewer/2022032513/55d27b7abb61eb56128b4700/html5/thumbnails/8.jpg)
Bank reconciliation and bookkeeping is usually done in-house by the firm. Daily reconciliation gives the client a real-time position on the financial status of their business.
![Page 9: 9 traits of a highly automated xero firm d1](https://reader030.fdocuments.us/reader030/viewer/2022032513/55d27b7abb61eb56128b4700/html5/thumbnails/9.jpg)
![Page 10: 9 traits of a highly automated xero firm d1](https://reader030.fdocuments.us/reader030/viewer/2022032513/55d27b7abb61eb56128b4700/html5/thumbnails/10.jpg)
Customer service is a big focus for automated firms. Often they use support-desk software to pass client requests between accountants.
![Page 11: 9 traits of a highly automated xero firm d1](https://reader030.fdocuments.us/reader030/viewer/2022032513/55d27b7abb61eb56128b4700/html5/thumbnails/11.jpg)
* Prices charged by Australian accounting firms
![Page 12: 9 traits of a highly automated xero firm d1](https://reader030.fdocuments.us/reader030/viewer/2022032513/55d27b7abb61eb56128b4700/html5/thumbnails/12.jpg)
Clients usually subscribe to an annual service that includes quarterly and annual tax reporting.
Additional projects are charged separately.
![Page 13: 9 traits of a highly automated xero firm d1](https://reader030.fdocuments.us/reader030/viewer/2022032513/55d27b7abb61eb56128b4700/html5/thumbnails/13.jpg)
![Page 14: 9 traits of a highly automated xero firm d1](https://reader030.fdocuments.us/reader030/viewer/2022032513/55d27b7abb61eb56128b4700/html5/thumbnails/14.jpg)
Automation of accounts payable and receivable, bank reconciliation and payroll throughout the year reduces the time to complete an annual tax return.
![Page 15: 9 traits of a highly automated xero firm d1](https://reader030.fdocuments.us/reader030/viewer/2022032513/55d27b7abb61eb56128b4700/html5/thumbnails/15.jpg)
* Prices charged by Australian accounting firms
![Page 16: 9 traits of a highly automated xero firm d1](https://reader030.fdocuments.us/reader030/viewer/2022032513/55d27b7abb61eb56128b4700/html5/thumbnails/16.jpg)
Firms can still charge a good fee for completing a company tax return despite the reduced time to complete it.
![Page 17: 9 traits of a highly automated xero firm d1](https://reader030.fdocuments.us/reader030/viewer/2022032513/55d27b7abb61eb56128b4700/html5/thumbnails/17.jpg)
![Page 18: 9 traits of a highly automated xero firm d1](https://reader030.fdocuments.us/reader030/viewer/2022032513/55d27b7abb61eb56128b4700/html5/thumbnails/18.jpg)
Automated firms aim to cover all operating expenses including salaries with recurring revenues automatically debited each month.
![Page 19: 9 traits of a highly automated xero firm d1](https://reader030.fdocuments.us/reader030/viewer/2022032513/55d27b7abb61eb56128b4700/html5/thumbnails/19.jpg)
![Page 20: 9 traits of a highly automated xero firm d1](https://reader030.fdocuments.us/reader030/viewer/2022032513/55d27b7abb61eb56128b4700/html5/thumbnails/20.jpg)
A typical practice has a ratio of one admin to four accountants. Automated processes can improve that ratio to one admin to eight accountants, or even higher.
![Page 21: 9 traits of a highly automated xero firm d1](https://reader030.fdocuments.us/reader030/viewer/2022032513/55d27b7abb61eb56128b4700/html5/thumbnails/21.jpg)
Sources: Survey, interviews and primary research for Macpherson Report 1503 “How to Run A Highly Automated Xero Firm”. The Macpherson Report is published by DigitalFirst.com
Want to know more?Read about the apps and exact processesused by two best-practice firms in the latest
Macpherson Report:“How to Run A Highly Automated Xero Firm”.