When CPA's increase B.T.B.* they are [much] more profitable. Go Datamolino!
Are you running a CPA business? I frequently discuss bookkeeping automation and its potential with CPAs. I hear the reasoning for staying away from bookkeeping services loud and clear: There is not enough money in it. Its difficult to find quality bookkeepers. Etc. So the focus is on higher level consulting work. Taxes, Specialized Reporting. But here is our observation:
Those CPA clients who added automated A/P processing in combination with a cloud software prosper. And generate nice income doing it. Part of the secret sauce is to 'move clients to cloud accounting and use a cloud based software such as XERO. If cloud accounting is something you wish to research you will like our white paper "How to navigate the cloud application landscape." (just leave your contact info on our contact section)
Assume you could implement a service offering, where bookkeeping would be highly digitized and automated [Mantra: "What ever can be automated must be automated"]. Where providing the service would cost way less than the income generated. Time savings of 60 to 80 % are the usual outcome. Processing time-reduction is top of the list in designing a profitable process. The outcome: better B.T.B. (*bills to bookkeeper ratio) and that means a better bottom line. Fewer Bookkeepers to process bills - it's the result of applied smart technology. Machine learning and elements of AI help data capture solutions to recognize data in bills more accurately. Examples:
Yes, "a date is a date" but which is the invoice date, which is the due date? Eventually which is the order date etc. Software that learns what each data element represents, can rapidly extract data in vendor bills and automatically export digital data to accounting- and or inventory applications. Instead of bookkeepers doing the work manually, Datamolino provides automation.
And that works at an astounding pace: last week at XEROCON 2018, London, one of our clients presented their operation and stated they process an average of 17,000 bills per month/bookkeeper. 500+ bills per day, more than 1 bill per minute. All bills with Datamolino's solution. In a nutshell: this is the way to make real money with bookkeeping. (Picture above depicts XERO on a tablet; picture to the right shows Xero conference)
Add some icing to that cake: once invoice data is in digital format its ready for analytics. Often weeks before financial accounting, for many businesses available within next day of business. (Cost Accounting is geared towards the internal constituents, those managing and supervising). If that is done faster, it makes a huge difference. Speed, agility - gained in part by process automation with Datamolino.
This requires to "move from an SMB centric model to a CPA centric model" as Div Bhansali puts it in his article "Saving Time and Building Value By Leveraging the Cloud". Div Bhansali is Vice President of Marketing for AccountantsWorld, where he oversees the online, social and print marketing strategies for AccountantsWorld’s leading cloud computing solutions. In his words: "The biggest advantage of the cloud is the ability to deliver more value in much less time." Let's discuss.