Growing an accountancy firm to £250k in revenue isn't just about taking on more clients. It's about managing what you have more efficiently. The usual suspects are manual processes, which drain time and increase the risk of errors. We've seen firms struggle with client onboarding taking weeks instead of days, or invoices piling up because no one chased them. These aren't just nuisances—they're barriers to growth.
Scaling to £250k for an accountancy firm means efficient systems that handle increased workloads without proportional increases in costs. Most firms lose 15% of billable hours to unbilled work due to manual time tracking. This inefficiency is compounded by slow onboarding processes that can take up to three weeks, missing the mark considerably. The result? Potential revenue is left on the table. To break this cycle, firms must embrace streamlined management systems that automate repetitive tasks and track deadlines effectively.
A major stumbling block for many firms is client onboarding. The process should be seamless, yet it's often bogged down by cumbersome paperwork and slow KYC processes. A typical onboarding can stretch out over three weeks—far too long when you consider that this should ideally be wrapped up in three days. The difference lies in using systems that automate KYC checks and capture GDPR consent digitally. By reducing the manual input, firms can accelerate the onboarding process significantly, freeing up valuable time for more critical tasks.
Effective deadline management is essential for any growing accountancy firm. With VAT, corporation tax, self-assessment, and payroll deadlines to juggle, something's bound to slip through the cracks if you're relying on outdated tracking methods. That's where systems that automate reminders and client communications come into play. They ensure that documents are chased and signatures are collected timely, maintaining a smooth workflow and reducing the risk of missing crucial deadlines.
ilmove Accountancy addresses key pain points that hinder growth. By automating client onboarding, it cuts the process from weeks to just a few days. Its deadline tracking feature ensures that no VAT or corporation tax deadline is ever missed, sending automated reminders to clients and staff alike. What sets ilmove Accountancy apart is how it manages client communications—chasing documents and signatures without the need for manual intervention. This saves hours that would otherwise be spent on follow-ups, allowing accountants to focus on billable work instead.
Additionally, ilmove Accountancy tackles the issue of unpaid invoices by keeping track of outstanding balances and automating chase processes. Firms often find a significant chunk of their revenue tied up in unpaid invoices, but with ilmove Accountancy, these balances are consistently monitored and followed up on, ensuring that cash flow remains healthy.
Lost billable hours are a widespread issue in many accountancy firms. When time tracking is manual, it leads to inaccuracies and unbilled work. ilmove Accountancy offers a comprehensive time tracking feature that integrates directly into the invoicing system. This ensures that every minute spent on client work is accounted for, reducing the loss of billable hours. By automating this aspect, firms can expect to reclaim up to 15% of their revenue that would otherwise be lost.
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