WorkflowMax

3 Steps to Prime your Xero Practice Manager for XeroHQ

Managing client work as you grow rapidly can be challenging. If your existing systems aren’t scalable, you will soon outgrow them. We asked Practice Owners in Australia on how they allocate the jobs and close to 54% said they use team meetings and emails. All good, except, tracking client communications can be chaotic if clients were to double in the next financial year!

Here are 3 steps to scale your business with ease using various features in workflowmax:
Step 1: Better Utilization of Job Templates
As a practice owner, I am pretty sure that you are on top of the different types of services that you offer to your clients. Barring the one – off jobs that you do this might do during the course of the year the jobs that you do may not change when you are handling one client and when you are handling 100 clients. So create Job Templates in Workflowmax with relevant tasks, costs, and milestones and with a click of a button you can create jobs, rather than the last minute work that we usually tend to do.
Pro Tip:
If your Quote Management system is in Workflowmax, you can assign the job template to the quote and as soon as your client accepts the quote in one click your quote becomes a job with all relevant tasks, costs, and milestones.

Step 2:  Create Recurring Jobs in Workflowmax:
Here is a really useful feature. Once you scale your business say from 10 to 50 clients you will not have the time to create individual jobs for each and every one of them. In order to avoid this conundrum, workflowmax have come out with this feature called Recurring Jobs. Create a [...]

Creating Insightful Reports with XeroHQ

With XeroHQ the flexibility and ease with which insightful reports can be created improve further. However, some fundamental disciplines and workflow set up are required to gain full advantage.

Below are Three Tips to achieve great reporting and a bonus report package right at the end:

Begin with the End in Mind:
Take some time out and list down the most important questions you might want to ask for your practice. We will all agree that it is important to work on your practice instead of only working in your practice. And again, the way you categorize the jobs and tasks in Workflowmax is also very important, from a reporting standpoint and therefore demands your careful consideration.
Great reporting in WorkflowMax is easy when the system has been correctly and comprehensively setup to include the flow of all information and data in your practice. As much as its features support, remember to move everything over to Workflowmax. For example, you can move in your client quote process in, especially if you have been using another system for this purpose.

Manage time with greater diligence:
Daily time sheet entries will give you the most accurate data for better reporting. Additionally,

You can use custom notifications to alert teams when their actual time is approaching the estimated time on their jobs.
Lower your risk of project overruns by being able to review jobs daily.
You can issue and approve invoices promptly in the system –and track your AR status for managing it more effectively.

Keep your WIP in check:
The Work in Progress Manager or WIP in Workflowmax shows unbilled work – detailed by month or job status and provides customizable filters.
Make sure that the job [...]

Decoding the Job Task Structure in Xero Practice Manager

Over the past year, my colleague and I (both certified practice manager advisors) have been looking at different practices and small businesses and observed a fundamental flaw in how they set up their XPM/Workflowmax Job Task Breakdown. If you don’t get your task list and job settings right, then you end up with inferior reporting capability.

So we designed a 5 Step Programme to help with easy implementation in the form of an Infographic:

Reminder – If you are hard pressed on time with other priorities, there is a good news for you…Help is at hand! Check out our Special Offer that gives you a leap forward.

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    Get your Xero Practice Manager(WorkflowMax) ready for XeroHQ

Get your Xero Practice Manager(WorkflowMax) ready for XeroHQ

How important is Operational Efficiency to you as a practice? If it is, you need to think about improving the utilization of your XPM/Workflowmax.
I am delighted to announce a service offering that we recently launched. This will be a strategic addition to your toolkit. We carefully prepared this based on interest expressed by a number of our clients and can offer this to the first 5 that Sign Up.

How you can put your XPM (Workflowmax) to work in the way it was meant to

Full setup of all your services in a job task breakdown. This will give you control over your workflow as well as job and task allocation across staff.
Even for the compliance services, intermediary milestones can be set up, that will give firm control over the compliance deadlines
Setting up all staff (both in-house and outsourced staff) with the various billing structures. This will give you better control over staff planning as well as staff costing
Reports that will give you insight on your business: Customized Weekly and Monthly Reports on the Overall health of your firm can be designed and set up. You can have a track of Staff Productivity and efficiency for instance, through these.
W.I.P ( Work In Progress ): A snapshot view of the WIP of your firm is a helpful health indicator at a quick glance. We can have this going for you

We now can allocate our Advisor to work closely with you to achieve the above objectives. This comes at an attractive package price of $825 on a 3-month schedule.

 

Keeping the Pace With the Dynamic Tech Ecosystem

Application and Add-Ons revolution has ensured that newer feature-rich competitors enter the fray every 6 months.
  If you look at the document management tools, for instance, it started with the document repositories among which Dropbox, Box etc were popular. Today newer versions and newer apps like Hubdoc and Receipt Bank have gone on to provide increased document management automation options. Your bills and statements can now be pulled into one secure hub. It gives you one login to view and manage the documents from all of your accounts. These apps automatically sort and organise all of your documents into searchable and customizable folders as soon as they arrive while employing bank-level security to ensure that your data is safe.

Scanning the ecosystem for the latest options available for your workflow, therefore, has become an unavoidable exercise.

Having a documented digitised workflow for your end to end processes will once again prove very useful for such an exercise.  If you do not already have this in place, make it a priority to engage a workflow engineer to document this for you. This document will provide you the basis to evaluate new applications and make clear judgments on what might suit your workflow.

If you do not consider yourself as the best person who can keep an eye out for new and emerging technology, be sure that you assign this responsibility to another trusted resource. Have this resource update at least quarterly on the technology ecosystem that is relevant to your business and any tools or add-ons that you might need to consider. If you do not have the right talent within your organisation, you have the opportunity to engage such a role virtually on a part-time basis. Service providers [...]

3 Tips to Manage Your Business better in WorkflowMax

The reporting feature of WorkflowMax is incredibly valuable when you get it right. We will all agree that it is important to work on your practice instead of only working in your practice. As much as its features support, remember to move things over to Workflowmax. For example, you can move in your client quote process in, if you have been using another system for this purpose. See the Infographic below to understand how to manage your business effectively in WorkflowMax:

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    5 Steps to Improved Staff Performance Management using WorkflowMax

5 Steps to Improved Staff Performance Management using WorkflowMax

Up to 10 staff could be freely set up in your Xero Practice Manager if you are a Xero Gold or Silver Partner. You would already know that Practice Manager supports task based billing but a little lesser known fact is that differential rates can be recognized for each staff based on the value they generate, by virtue of their experience and expertise. Superior staff performance can be the result of higher productivity – where they do the same job in lesser time, or greater expertise, where only they can do the job.
 If you have not been recognizing differential rates  across your staff yet and putting it to strategic use in your management, here is what you should consider.

5 steps to turbocharge your Staff Management using your Xero Practice Manager:
Step 1 : EASY – First get your staff into Practice Manager:
Go into your Settings and click on Staff and hit Invite Staff. Enter in all the information followed by all the privileges you wish your staff should enjoy in practice manager and Click Save.
Helpful Tip : Even without any privileges set,  a staff can look at  his/her task and fill in the time corresponding to that task.

Step 2 : Sharpen your Pricing Model In Practice Manager:  
As Mentioned above this is less known information about Practice Manager that it can accommodate different pricing as well as types of billing:

Hourly and Fixed Rate Billing
Task and Staff Rate Billing

Choose the one your practice has been using earlier or find out if you can improve profitability trying out another type of billing available to you in Practice Manager.
Helpful Tip : Set up both the Staff and Task hourly rates [...]

Setting up Xero Practice Manager in Six Steps

 Managing client work as you grow rapidly can be challenging. If your existing systems aren’t scalable, you will soon outgrow them. We asked Practice Owners in Australia on how they allocate the jobs and close to 54% said they use team meetings and emails. All good, except, tracking client communications can be chaotic if clients were to double in the next quarter!
With the help of Xero Practice Manager(XPM) all relevant communications can be organized client specific and can be pulled up for reference very easily. We then asked the same audience how many of them use XPM for task management and only 19% confirmed.
Have you been postponing the decision to move to XPM and improve managing your workflows? Perhaps you have started using it but only partially. Here are 6 steps towards putting XPM to good use and  manage your client work confidently.

 1.Set up your clients:
Setup all your clients in XPM, thereby having one place where all Client contact details are available. You can send emails from within Practice Manager with a click of a button.

2. Set up all the tasks:
Set up all the tasks relevant to your bookkeeping and compliance jobs. Practice Manager bills your clients based on the rates you apply for specific tasks. Adding the  base rate as well as the billable rate helps you track  staff rate against the billing rate applied to clients.

3. Create Job Templates:
Jobs  are a compilation of tasks, milestones and costs. If you have a Job which is similar for various clients then Job Templates can be created and if you have a job that is repetitive then Recurring Jobs for each and every client can be created.

4. Organize your tracking:

Improve your Practice Workflow this New FY

A great way to begin the new financial year is by reviewing and overhauling your current workflow and tune it for greater productivity and scale.

Here are five steps you can take to transform your practice:
 Step 1: Get your Task list right
 At the core of your workflow is your comprehensive Task list. It ought to be a finite and mutually exclusive list not exceeding 20 well crafted tasks. I can safely bet that most practices have this all muddled up. Get this one right and the rest will fall in place.Evaluate by asking these questions:

What inefficiencies can you spot in the way you are set up now? What  needs to be changed?
What are the reports that you are missing? Are you monitoring the health of your practice the way you should?
Do your Invoices and Quotes need to look different? Are you wasting too much time fiddling around but getting nowhere?

Get your task list right and you are well on your way.

Step 2: If it is important, it needs to be measured

So make sure you are capturing all relevant data  accurately and in a timely manner. The most important data element for your practice is time. Measure it to impact your practice productivity and eventually release time for yourself – to work on your practice and grow it.

Step 3: Know the functional features available to you 
Have a look at all the features which is provided by WorkflowMax and think how it helps your business. For instance, 9 out of 10 of WorkflowMax users DO NOT use Custom Fields. Using this helps you record useful client information – anything from your client’s key business metrics to how many [...]

Improving your Practice Efficiency

The harnessing of technology, how you position your services and the new expectations from staffing – are each instrumental in developing your Digital Practice. Yes, it is all about improving the efficiency of your firm. Efficiency has everything to do with what your current workflows reveal and how you are able to harness the technology that is already available to automate, free up time and boost the value of your offerings to clients, resulting in profitable growth.

Three Simple Action Points for upgrading efficiency in your Firm
1. Workflow Management
Panalitix ran a survey and found out that accountants over the year’s do the same 5 tasks every month. On an average it takes them 30 hours to do those tasks. To reduce time for those tasks you will need a workflow management tool like WorkflowMax. Which will help you get the following in place:

All information in one system (no need to switch between emails, files and documents)
Ease of Scheduling so your staff know what to do when and can focus on the job at hand
Clarity and Transparency of Deliverables and Deadlines in one system
A systematic management approach enabled by insightful reports from a well designed Job-task structure in WorkflowMax.

2. Talent Spectrum
An average accountant spends a considerable amount of time on administrative work that they should not be doing. They should rather be focusing their time and effort on core accounting tasks. A task like this should be addressed by a client administrator. He\She will be responsible for scheduling tasks, managing workflow, client information and admin tasks.
 Talent like that will need enough tech savvy to manage workflow management tools. Rather than go after fresh talent and [...]