Top Benefits Of Digital Transformation For Accountants
by Rory Traynor
Accountants have the difficult task of not only looking after their own financial wellbeing but also their clients’. This means that they must be aware of the financial comings and goings of dozens to even hundreds of companies.
Further complicating this is the fact that accountants need to know of any developments or problems as soon as possible if they are able to provide effective advice and protection to their clients.
Unfortunately, business directors frequently come to their accountants when small, easily solvable issues have escalated, or are themselves completely unaware that their company is showing signs of potential distress. Despite this, businesspeople are becoming increasingly demanding and expect their accountants to be a source of advice and knowledge.
To solve this problem most accountants have adopted some sort of monitoring software. These programs generate email alerts should a business experience any changes or events.
But, whilst slightly better than a manual process, these systems were not designed with the practicalities of business in mind. Frequently resulting in missed alerts and confusing processes.
Red Flag Alert have designed our innovative customisable monitoring tool specifically to fit in seamlessly with real businesses needs and processes. Here are just five of the top reasons our customisable monitoring tool is perfect for your practice.
Know your clients problems without them telling you
To provide your clients with the best service you need to know as much as possible about their businesses financial health. UK directors are also increasingly looking to their accountants as a source of general business and regulatory advice.
Unfortunately, both of these tasks are made difficult by accountants reliance on their clients keeping them up to date on their businesses. Directors will often come to their accountant for advice when an issue has persisted for some time and is no longer easily solvable, or they may not even be aware there is a problem.
This system prevents accountants providing proactive advice to rectify any potential issues before they become a problem.
With our customisable monitoring tool and lightning fast data feeds, including UK first CCJ information, you will no longer have to rely on your clients to provide you with the information you need and will often know of any issues before even they do.
Meaning your clients will be financially stronger and a more stable source of revenue.
Create an easier and more efficient monitoring process
Monitoring software is supposed to be a useful tool and as such for your monitoring processes to be effective they need to be intuitive and straightforward, requiring as little maintenance from your staff as possible.
Unfortunately, traditional monitoring software do not let you organise your monitored companies into lists or select which alerts are relevant. Meaning that their inboxes will be bombarded with alerts with no context as to why that company is being monitored. Meaning they then need to manually check this and decide if the alert needs to be acted on.
We solve this problem for you by allowing you to create as many separate monitoring lists as you want and choose which alerts are relevant for each one. After all, you will be interested in vastly different things regarding a prospect than you would at a client.
Alerts can be shared across your company and are delivered in a convenient and inbox friendly daily round up.
This results in a streamlined and efficient monitoring system that you and your staff that once set up runs in the background, protecting your business and empowering your staff.
No more missed critical alerts!
The main issue with traditional monitoring software is that it actually disincentivizes your staff to check alerts and actually subconsciously trains them to ignore them. This is partly due to the fact that each alert requires them to do additional work referencing why the company is being monitored; but it is mainly because of the sheer number of alerts that are irrelevant they receive.
Faced with an inbox clogged with emails from your monitoring tool and their frequent inconsequence, your staff will quickly begin to ignore them. Meaning that when something business critical occurs it will missed.
Our customisable monitoring means that you will never miss an alert again by eliminating any alerts you feel are unnecessary for your business and sending alerts through as a convenient daily round up that clearly shows which of your monitoring lists each alert came from. And, if there has been no alerts generated over the course of that day we wont send anything through.
So when you see an email from Red Flag Alert company monitoring in your inbox you and your staff know a critical event has happened and immediate response is required.
Monitor your competitors
Understanding your competitors and their clients gives as significant competitive advantage. If you know that they specialise in servicing certain businesses then you know where to prospect for less competition. If many of their clients are showing signs of financial ill health then there may be wider issues at the company and their clients may be receptive to a change of accountant.
Find your competitors clients with our unique auditor search and monitor them to gain a significant tactical advantage, know which of your competitors are showing signs of weakness, and which clients of theirs you can win.
Improve your practice development processes
Whether you want to grow your practice or replace old customers, developing your practice is a vital to your business. But accountants often rely on untargeted marketing techniques that are expensive and inefficient.
We make it easy to find your most suitable prospects with our B2B Prospector tool and then monitor them for buying signs. You can then deploy personalised targeted marketing at the perfect time to win their business.
These are just a few of the ways that our monitoring tool will digitally transform your practice, grow your revenue, and add value to your customers. Get a free trial today and see how we can transform your firm.
