If you’re an accounting firm that wants to become more profitable, it might be worth looking at the latest research. A report, which surveyed hundreds of small to mid-tier accounting firms, has identified three key drivers of profitability in high-performing practices. They were:

• Customer value creation
• Technologies that drive process and efficiencies
• Retention of key staff

The myprosperity platform can assist with two of these drivers. And like the old Meatloaf song says, “Two out of three ain’t bad.” If you’re unfamiliar with the song, here it is in all its glory. It demonstrates the era when Meatloaf could sing (obviously excluding THAT infamous AFL final).

Customer value creation

Adding value to existing customers is vitally important to improve strategy, according to 79% of higher performing firms*. The myprosperity platforms helps add value to clients in two ways.

• Gathering financial data from clients using up-to-data feeds
• Data mining through financial health checks

The best way to add value to an existing customer is having a thorough understanding of their needs. By gathering that informing through the two steps mentioned above, advisers are more likely to provide a higher standard of advice that also align with their personal goals.

Technologies that drive process and efficiencies

We bang on quite a bit about how we think technology can drive process and efficiencies. In fact, we are a broken record about it. But that’s only because we strongly believe that there are parts of the financial industry that should be automated so advisers can spend their time doing what they’re good at – advising.

Tools on our platform that improve efficiency include document signing, reports and practice analytics. To find out how we can help you become a high-performing firm, request a free demo of our platform.

*statistics from Accounting and Financial Services Benchmarking Report, Macquarie