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With our thanks and Best Wishes
As the calendar year draws to a close we often look back over the previous year and at the same time look forward. In the last 12 months we have seen considerable growth in the number of users we support with the Online50 platform together with steady growth in the number of partners offering accounting services in conjunction with the platform. Achievements for 2006 have included:
- Gaining Microsoft Gold Partner Status
- Gaining ISO9001 certification
- Creating and delivering the PDSL access service
- Introducing Screen2Screen software for our partners
- Offering IRIS software on the Online50 platform
- Doubling the revenue (December 2005 to December 2006) of the Online50 service through increased numbers of users and working closely with our partners
As readers of this newsletter are, no doubt, readying themselves for the festive season we have kept this issue shorter than usual. As we look forward to 2007 we have been reminded by our partners that what we provide to them is a platform that they can use to improve their business. The Online50 platform is helping our partners to operate more flexibly, control costs, offer new value added services and win new clients.
With thanks to all our partners for what has been achieved in 2006, and with our best wishes for a prosperous 2007.
Online Accounting: The Practice Opportunity
It may be stating the obvious, but online accounting presents a huge opportunity for partners of accountancy firms looking to grow their practice. While not new in concept it is still an immature market, and although small businesses have been outsourcing much of their accounting for years, it is only with the advent of online collaboration that a solution to many of the issues business owners have with current practice is found. These issues include insufficient access to management information, a lack of in-house skills in the accounts department, or inadequate technology to support the business needs. These are just some of the reasons for businesses to outsource their accounting functions to accountants, but they still need data-capture capabilities for their sales ledger, and they still need access to reports and management information.
While many practices are still largely dependent on year end accounts production, the opportunity is to provide a solution that works throughout the year. The benefits to clients is that they can lose the payroll hassles of employing a bookkeeper and arranging cover for holidays and sick days. To the practice, the benefits are a closer relationship with the client; a less stressful year-end, because the work has been done throughout the year; more revenue because clients value the additional service and advice; and finally, a higher recovery rate because with ongoing involvement and monthly billing any issues will be identified and resolved sooner.
Having the right technology to support a business is key, but it is also important that it is effectively managed. Technology is constantly changing, software is regularly updated, new viruses are unleashed and weaknesses in systems exploited. It is challenging at the very least for most small businesses to stay on top of technology issues when they are trying to focus on their business. A greater propensity for travel and home-working lends an increasing reliance on the internet for access to information, and subsequently creates a greater requirement for internet security. Business continuity and internet security are crucial to any business, but they don’t just happen.
Only by combining managed technology and outsourced business support services will you be able to provide a solution designed to meet your clients’ needs, rather than offering an imperfect solution that fits with existing process. It is true that the monthly or fortnightly visit may work at the moment, but the question is how much better could it work online, and what additional problems might it solve for your client?
For more information about Online50 Partnerships call the sales desk on 0800 195 0835.
Case Study: Winning Business
One of the keywords with a hosted accounting system is flexibility. It allows different functions to be carried out by whoever it is appropriate for, and wherever they are located. Clients can undertake as much of the data entry as is required, with a range of supporting services from their accountant.
This month we are pointing you to an article originally printed in Accounting and Business magazine on Online Accounting. In it Mark Taylor from Banks & Co - an early adopter of Online50 - details how the service has enabled him to extend the reach of his practice. Click on this link to view the article as a PDF.
Previously in the newsletter we have drawn attention to other 'client winning' case studies, such as an Online50 partner securing a US outsourcing contract in the February 2006 issue.
The reasons for clients choosing an accountant, and an online accounting system, vary. One of the recurring keywords, as mentioned above, is flexibility. One of the challenges we face as the provider of Online50 is to equip our partners to respond to the changing needs in the market and to stay ahead of other service providers in terms of the flexibility that we, and they, can offer.
