Blog Article

Marginal Gains: 5 ways to build a better practice

By Steven Cox

Author

By Steven Cox

Chief Evangelist

Steve is Chief Evangelist of IRIS; a technologist and chartered accountant (FCCA) who looks at how technology can simplify the modern working environment.

He joined IRIS in 2002, who’s career at IRIS has spanned many areas of the business including Customer Support, Engineering and Product Management. His most recent previous roles at IRIS include Senior Product Director and Interim CTO.

Steve has over 18 years of experience in technology and accounting which he uses to work closely with customers, software companies, accounting/governing bodies and the government to champion the digital transformation of UK Education organisations, SMEs and Accountants.

In Steve’s current role as Chief Evangelist, he has looked across the globe at how technology and legislation is changing the roles and requirements professionals in the workplace and looking to the future to predict how their roles will further evolve.

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Updated 19th May 2022 | 2 min read Published 9th August 2016

Improve control - strengthen your brand

Last time, I looked at the beneficial impact of using a single, centralised database on your core practice processes, such as saving time on maintaining your records and answering client queries. We saw how all the minutes shaved off here and there add up to measurable time-saving marginal gains that combine to make a significant impact on your practice.

There are also wider benefits to building your practice on a centralised database. With a pool of instantly accessible, up-to-date information, it’s easier to keep your finger on the pulse of your practice as it is right now so you're not basing critical decisions today on last month’s data.

You'll build a more ‘joined-up’ practice, with changes made by one member of staff being instantly visible to other users.

As the summary here shows, you'll strengthen your control of the business and your understanding of your clients, while making valuable time-savings, too. Once again, the findings and figures come from independently conducted research amongst the IRIS user community.

Task	Without a centralised database	With a centralised database	Typical time-saving
1. Keeping client records up to date	Just adding a director can mean dipping into three or four different records	You'll save time as a change in one area flows through to wherever the data appears	10 mins per client record update
2. Working on core accounting functions	Client data entry, such as trial balances, is slow and error-prone	Data in the course of tax or accounts production work flows to other work & is available on-screen	30 mins per incremental filing produced per client
3. Answering client queries	You'll need info and updates from multiple sources before calling the client back	You can instantly put your hands on critical information	10 mins per inbound client phone call
4. Managing client documents	Using post or email incurs delays, costs and risk	No additional overhead as document management is an integrated part of the workflow	15 mins per electronically shared document
5. Producing correspondence	Client communications involve gathering and updating information	Time is saved when data feeds straight into correspondence	5 mins per item of correspondence

The journey continues...

In the final blog in our Marginal Gains series, learn the true meaning of 'integration' as I delve deeper into the benefits a centralised practice brings and how our genuinely integrated software succeeds where our competitors fail.

You can also read more about Marginal Gains in the blogs below: