00
Days
00
Hours
00
Minutes
00
Seconds
Sign up to our webinar! ‘Future Planning for your clients... AND charging for it’
Register Now

Spring-Clean your Firm’s Digital Ecosystem

Creating new habits can happen at any time of the year. Take the opportunity to check in with your firm’s digital ecosystem and implement good habits.

It’s never a bad time to make a fresh start and review habits and goals for your firm. All practices use a digital ecosystem to ensure the successful running of their business. Taking the time to ensure that yours is working for you in the most optimal way helps free time for yourself and maximises value.

As we’re facing a tough financial year, it is crucial to tackle operational decisions within your firm and ensure you thrive.

What are Digital Ecosystems?

You may already be familiar with the term ‘digital ecosystem’ and ‘tech stack’, because the terms are interchangeable. Digital ecosystems are the combination of technologies a practice uses to build and run its operations.

When we think about our digital ecosystems it is worth considering each of the different functions and procedures within a practice, whether analogue or digital.

Map your Own Digital Ecosystem

Whatever technology you may use, take the opportunity to map out what you use and how you use it.

Flowcharting with a pen and paper is a simple way to map your digital ecosystem and identify clearly all the technology you use. Consider what the process is of working with a client. Strip down each process to determine how you currently perform each function of your firm. How do you onboard? How do you offer management accounts? All the while, consider where the bottlenecks may be in your practice.

Reassessing and improving

While mapping out your practice’s processes, you will no doubt become aware of some of the pain points that exist. This is a perfect time to assess whether the software you are using is the best for you.

At this point in the process, it is useful to think about two things.

Firstly, consider where you want to be in 12 months’ time and secondly where your team needs to work better together if you're to get there.

Secondly, take the opportunity to understand the capabilities of your current existing system. Work out what the technology at hand can do for you and how efficient it can be. For example, reinvestigate the core practice platforms for accounting, bookkeeping and practice management. New solutions are always under research: GoProposal and Ignition look to streamline client engagements whilst making sure you get paid for all the work you do - AutoEntry ensure less time is spent on data collection and processing.

Prioritise what process you need to improve upon first. There’s no point replacing some software within your digital ecosystem only to find out that you weren’t using the original programme to its full potential.

What can an effective digital ecosystem do for a firm?

A great digital ecosystem addresses some key issues that accountancy firms face. Short-term thinking can be prohibitive to significantly improve practices’ performances. We get stuck in the same routines and don’t take the opportunity to take a step back.

A holistic digital ecosystem, on the other hand, opens the door to advanced advisory. Not only are these opportunities highly lucrative, but they are also the aspects of accounting that colleagues are most excited by. In a period where employee retention is a significant challenge, it is integral that practices consider how they can improve their client offerings and create a dynamic place to work in.

Drive your Advisory Offering with Technology that works for you

By processing your forecasting in Futrli you automate error-prone, time-consuming manual spreadsheet activities. This allows you to spend more time with your client providing critical, value-adding advice that could transform your client's business and help achieve their specific goals.

Our recent release of drag-and-drop reporting removes the hassle from reports. Reporting is now almost effortless. Sync your clients’ Quickbooks Online, Sage or Xero account and see all their data in one place.

Run your clients through different what-if scenarios in our prediction builder. Let them see how their businesses will be affected by their decisions in pricing, expansion, and spending.

Above all, don’t let manual processes dominate your tech stack. If something takes hours to perform in Excel, consider the alternatives. Spend time with your clients, coming up with advisory solutions; instead of in the formula bar.

Watch the Webinar Recording

Start Your Free Trial

Let informed predictions and powerful reporting guide your business. Be ahead of the curve with Futrli.

Get business advice here

Our blog holds tips, how to’s and general business advice.

Futrli News

Futrli's February 2024 Release

This is some text inside of a div block.

Heading

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique. Duis cursus, mi quis viverra ornare, eros dolor interdum nulla, ut commodo diam libero vitae erat.

Futrli News

Futrli's February 2024 Release

Accountants

3 Apps to beat accounting blues and scale your firm

Chris Downing catches up with three accounting app innovators to discuss the apps that they have developed that directly help accountants.

Accountants

Where most prediction software falls short

Tread carefully when looking for prediction software. Find out how to dig deeper into your predictions with the tools that count.

Small Businesses

Cash is King! 4 ways to keep your cash flow healthy.

Cash flow is essential to your business’ survival. Read our top 4 tips for taking control of your cash flow.

Small Businesses

10 Common Cash Flow Forecast Hurdles

If there’s one thing that all small and medium-sized enterprises should prioritise, it’s their cash flow. Read on to find out the top 10 most common issues.

Accountants

Empowering Accountants: How to Embrace Uncertainty with Futrli

The future is far from certain. Find out how Futrli helps accountants wade their way through murky, grey, “This might happen”-type scenarios.

Small Businesses

Inflation affecting your hospitality business? Take back control with these three steps.

Acting quickly is key to ensure you can ride out the incoming storm. Find out more in this article.

Small Businesses

Why cash flow forecasting helps businesses survive downturns in trade

Learn how cash flow forecasting is crucial for surviving slower trading periods.

Accountants

The 7 reasons why SMEs struggle with cash flow management

Find out the 7 major reasons why your clients’ businesses struggle to achieve a positive, healthy, consistent cash flow.

Accountants

Take clients from compliance to scenario planning in five steps

Scenario planning helps your clients imagine different environments or realities in the future, guiding the plans and decisions your clients make.

Accountants

Flash reports and why to build them

This short guide covers what Flash Reports are and how you could use them as a speedy solution for your clients’ reporting needs.

Small Businesses

Head of Accounting and Futrli COO discuss challenges and solutions for small businesses.

Read Dan and Helen’s thoughts on how SMEs can protect themselves during what is set to be a challenging year.