imagine being able to generate more revenue
knowing your firm is operating effectively
Most accounting firms are run by the Director or Partner. Whilst they would ideally love to have a Practice Manager to be able to look after the operations of the business, Directors are invariably stuck with the running of the firm. This increases the risk that the firm will operate sub-optimally as the Director is spending time on operations (a cost to the business) as opposed to working with clients (generating for the business) and could quite possibly miss regulatory requirements or suffer with lack of time.
How we help accounting firms
The first step is to run a health check to see how your business is performing. With decades of experience in accounting firms as a Practice Manager, we have the tools to be able to assess your practice and how it is operating very quickly. This will then allow us to formulate a plan for you to roll out in improving, or leveraging your efficiencies.
Want to move your firm into advisory services? Or have moved into, but want to bolster your advisory team. Bizee Managers are MBA qualified professionals that do advisory for a living so why not let us work complementary with you. Not only can we provide advisory services to your clients under your firm name, there is no requirement to find us work in down times. Additionally, we love teaching and developing others, so we can also train your team and bring them along in any engagement so that your firm becomes self-reliant. Sometimes, all you need is to be shown what to do to be successful.
The lifeblood of any accounting firm, we have implemented systems to ensure that your cashflow gets back under control. With a proven track record in reducing accounts receivable and WIP balances, Bizee Managers understand cashflow management from budgeting to debtor collection. Getting your finances back under control is our priority number 1. Furthermore, understanding the timing of asset investment is critical to operations. Bizee Managers can analyse your business to determine this timing and have the network in place to fund it. We offer a full virtual CFO service without the employee overhead of keeping us on staff.
Be it making a small change to a policy or procedure; making wholesale changes to technology environment or even moving offices, Bizee Managers have seen a lot of situations and are able to project manage to ensure whatever change is made, that it is made successfully and effectively. The hardest part of change management is getting your staff on board…but with our human centred training models, we make this transition less stressful.
The modern firm is vastly different to that of twenty and thirty years ago. How staff are treated, managed and developed is key to success and creating a shared vision takes a specific skill set. Through utilisation of the Bizee leadership programs, Bizee Managers ensure that your staff are happy, fulfilled and productive. We also keep an eye out for the next generation of Partners too and assist Directors on how this transition could work as part of the overall business strategy.
With over 500 successful Xero migrations under our belt, Bizee Managers have the systems and processes in place to ensure that your client businesses can take advantage of the automation power of Xero quickly and accurately. Being Xero certified since 2011 means that Bizee provides a level of experience unrivalled by many. Furthermore, we have migrated many firms to Xero Practice Manager, Simple Fund 360, CAS360, Fathom and much more making the firm systems based completely in the cloud.
Technology and app development has exploded and affects the modern accounting practice. Our difference is not only being able to identify an app that would work within your business, but how it interacts with your entire operating environment. Not looking at an app in isolation is what sets us apart from the ‘IT Crowd’. We have successfully implemented cloud environments at numerous firms over the years.
Human Resources is a vital part of a firm, however it is an area that when operated without specialised expertise, can be a massive risk to the practice. Keeping up to date with obligations, changes to legislation and ensuring employment contracts are current are all stumbling blocks that can trip up firm Directors. Bizee Managers reduce this risk by managing the HR functions for you and have a proven track record at effective HR management.
Even the best staff can fail if the policies and procedures of the firm are not sufficient. With decades of experience in delivering adaptive procedures to optimise efficiency, Bizee can draft and/or implement any operational procedure and provide change management and review to ensure it is running effectively.
Knowing when supplier contracts are due to expire and what is included in them is key to being successful in a firm. The fine details matter and unless firm Directors have had experience in looking for these fine details, then opportunities can be missed. Bizee has successfully negotiated thousands of supplier contracts and know exactly what to look for and can manage this process.
Firm G is a highly profitable firm with excellent clients. They had growth issues due to the Partner having limited time to work with clients. He was demotivated and as a consequence, their debtor days had stretched out to 90+ days. They also had the dated and restrictive APS practice management system which limited the flexibility and automation that other systems provide. Their employee culture was also waning with some key personnel departing in quick succession.
What Firm G had on their side is the clients and staff talent to be able to turn things around. What was lacking was some operational efficiency and structure. Over the course of the next two years, we were able to:
Reduce aged debtor days from 111 days to regularly under 20 days within 12 months. How we were able to do this is by improving EOM reporting and invoice issue. Increase automation around invoice delivery and statement delivery. Increase frequency of statement delivery and tighter but clearer engagement letters.
Design and develop an entire cloud based ecosystem for all accounting software ensuring that each program has the ability to integrate with another. Design the training and procedural changes around the migration and provide change management support.
Provide the Partner with his time back. With his time back, he has been able to achieve:
- Year on year growth of 6% annually consistently
- Increase client engagement resulting in client satisfaction improving
- Greater results and growth in client businesses
- Greater growth and time spent in other family group businesses
- Spending one day a week with his grandkids
Improve the staff culture. Through the implantation of a robust training program, mentoring senior staff on staff development and the introduction of team building days, the firm now has very little staff turnover. In fact, of an employee base of 18, there has only been 3 people leave in 2 years, all due to personal reasons