Amy Harris, Co-Founder Update Update Cash Enter Sales Enter into - - PowerPoint PPT Presentation

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Amy Harris, Co-Founder Update Update Cash Enter Sales Enter into - - PowerPoint PPT Presentation

Nov 14, 2023 402 likes •872 views

Amy Harris, Co-Founder Update Update Cash Enter Sales Enter into Management Flow Forecast Daily Cashup into Sage Account Spreadsheet Spreadsheet Spreadsheet 6 8 9 Xero Benchmarking: How cloud accounting is changing client

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Amy Harris, Co-Founder

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Enter Sales into Spreadsheet Daily Cashup Enter into Sage Update Cash Flow Forecast Spreadsheet Update Management Account Spreadsheet

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Xero Benchmarking: How cloud accounting is changing client experience

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Xero Partner Benchmarking Series

722

2,000

PRACTICES PARTICIPATED

404 486 388

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Thousands of Xero partners on the same journey

7 5

ONLINE CLIENTS

15

ONLINE CLIENTS

50

ONLINE CLIENTS

3 5

ONLINE CLIENTS

5

ONLINE CLIENTS

1

ONLINE CLIENT
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When small businesses connect with an advisor, they’re both more successful

SMALL BUSINESSES ACCOUNTANTS

Connected to an advisor

growth net profit 23% faster

Using cloud apps

growth net profit 30% faster

Serve 100+ clients

  • nline
growth revenue 80% faster and create 70% more jobs

Provide app advice and support

grow revenue 60% faster

90% of Xero subscribers are connected to an advisor

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Practice efficiency increases dramatically

7 5

ONLINE CLIENTS

15

ONLINE CLIENTS

>30

ONLINE CLIENTS

3 5

ONLINE CLIENTS

5

ONLINE CLIENTS

4 21 36 50 74

N Z

NUMBER OF CLIENTS SERVED PER EMPLOYEE

U K

Source: Xero Partner Benchmarking report, New Zealand (Oct 2017)
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7 5

ONLINE CLIENTS

15

ONLINE CLIENTS

>30

ONLINE CLIENTS

3 5

ONLINE CLIENTS

5

ONLINE CLIENTS

4 21 36 50 74 4 14 20 43 56

N Z U K

NUMBER OF CLIENTS SERVED PER EMPLOYEE

Practice efficiency increases dramatically

Source: Xero Partner Benchmarking reports, UK and NZ (2017)
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Practices also speed up adding more staff

7 5

ONLINE CLIENTS

15

ONLINE CLIENTS

>30

ONLINE CLIENTS

3 5

ONLINE CLIENTS

5

ONLINE CLIENTS

49% 65% 86% 88% 100%

PERCENT OF FIRMS INCREASING THEIR STAFF BY HIRING MORE PEOPLE

Source: Xero Partner Benchmarking series (2017)
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Practice staff ‘move closer’ to their clients

7 5

ONLINE CLIENTS

15

ONLINE CLIENTS

>30

ONLINE CLIENTS

3 5

ONLINE CLIENTS

5

ONLINE CLIENTS

1.8 2.9 4.2 4.3 5.8

NUMBER OF TIMES PER DAY THAT STAFF INTERACT ONLINE OR OFFLINE WITH CLIENTS

Source: Xero Partner Benchmarking series (2017)
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Spending time with spreadsheets OR with clients

How often staff interact with clients

1-2

CLIENTS PER DAY

1

CLIENT EVERY 30 MINS

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Spending time with spreadsheets OR with clients

How often staff interact with clients

1-2

CLIENTS PER DAY

1

CLIENT EVERY 30 MINS Firm revenue growth

8.2% 18.2%

Source: Xero Partner Benchmarking series (2017)
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Spending time with spreadsheets OR with clients

How often staff interact with clients

1-2

CLIENTS PER DAY

1

CLIENT EVERY 30 MINS Firm revenue growth

8.2% 18.2%

Losing their best clients

4.4% 1.3%

Source: Xero Partner Benchmarking series (2017)
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How often staff interact with clients

1-2

CLIENTS PER DAY

1

CLIENT EVERY 30 MINS Losing their best staff

6% 2%

Spending time with spreadsheets OR with clients

Source: Xero Partner Benchmarking series (2017)
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How often staff interact with clients

1-2

CLIENTS PER DAY

1

CLIENT EVERY 30 MINS Losing their best staff

6% 2%

Last year’s remuneration increase

1.8% 4.1%

Spending time with spreadsheets OR with clients

Source: Xero Partner Benchmarking series (2017)
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How often staff interact with clients

1-2

CLIENTS PER DAY

1

CLIENT EVERY 30 MINS Losing their best staff

6% 2%

Last year’s remuneration increase

1.8% 4.1%

Firm revenue growth

8.2% 18.2%

Spending time with spreadsheets OR with clients

Source: Xero Partner Benchmarking series (2017)
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Thousands of Xero partners on the same journey

7 5

ONLINE CLIENTS

15

ONLINE CLIENTS

50

ONLINE CLIENTS

3 5

ONLINE CLIENTS

5

ONLINE CLIENTS

1

ONLINE CLIENT
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Four serious software mistakes accounting firms are making

How many clients should we move to
  • nline
accounting? When should we invest to ramp up advisory services? Let’s keep clients on desktop and wait until the technology is ready. But, just in case, let’s put 2-3 clients online. Let’s keep all of our focus on compliance for a couple more
  • years. Then, we can start working
  • n advisory.
Let’s put a couple clients on each of the various online accounting packages and see how it goes. Let’s start by trying out some collaboration apps and then we can start thinking about moving clients
  • nline.
Which practice apps should we focus on? Should we support whatever accounting software clients want to use?
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Sam Horner

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Plan

Onboarding checklist Client segmentation Segmentation criteria Price plan picker

Align

Vision worksheet Structure team, roles & job description Communication worksheet Managing objections help

Migrate

Historical data decision tree Data gathering checklist How to switch bank feeds Post conversion checklist

Consider

Partner Benchmarking Report Why cloud, why Xero, why now? Making Tax Digital (MTD) resources Digital or Die research report

Optimise

Payroll feature Expenses feature Projects feature Expanding your app add-ons

The Digital Practice Blueprint

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SLIDE 44 Why is our firm undertaking this now Competitors with large
  • nline portfolios are
able to serve 70-80 clients per employee Our competitors are
  • ffering a more
modern client experience We struggle to attract and retain our ideal clients We struggle to attract and retain talented staff Advisory services based on RTI offer an
  • pportunity to
dramatically increase revenue Our ambition To move 75% of our clients online in the next 2 years What success looks like by November 2018 Our unique value drivers and proposition Decisions we have made 1. 2. 3. Decisions we need to make in the next 3 weeks 1. 2. 3.

My firm’s plan on a page

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