Accounting Firms Can Save As Much As R5000 Per Employee Per Month
By Using Greatsoft Timesheet software for Accountants, Firms Can Save As Much As R5000 Per Employee Per Month – Lets Unpack And Understand Why We Believe This.
Put another way, this adds R900 000 per year to the bottom line of a 15 staff firm!!
The bottom line is that the success of your accounting practice is about the return you get on your investment.
With GreatSoft an investment of less than R200 can get you a return of R5000.
The info-graphic below breaks down how your accounting firm can save at least R5000 per employee per month.
Still sceptical?- Read the more detailed breakdown and explanation below the info-graphic and feel free to contact us to test these assumptions with regard to your own practice.
If you want to know how easy this is to implement – please complete the contact form on the right, or phone us on 0861 473 281
HERE IS A WORKING EXAMPLE, BASED ON THE REALITY OF A TYPICAL SOUTH AFRICAN PRACTICE:
Lets use a 15 staff practice as a modular example:
- There would normally be one partner charging out at R1000 per hour.
• The partner would have 2 managers charging out at R600 per hour.
• And then between 6 -8 clerks charging out at R350 per hour (let’s call it 8 clerks).
• There would be admin staff (let’s say 3) normally charged out at about R125 per hour.
• And normally an administrator at cost of about R100 per hour.
That’s an average charge out rate of R365 per hour per employee
For this size practice they would generally have over 100 clients but not more than 300.
Time Sheets Savings
If time sheets are kept in an Excel spread sheet or manually captured it means you would need to have it done at least three times with back and forth communication. There is also the question about accuracy of information and the request of information. Manual time sheets needs to be taken to the office or be done in the office (travel time). Gathering timesheets from an administrator’s point of view could become a nightmare.
Electronic time sheets captured from anywhere and electronically submitted could save you conservatively forty minutes per employee per week. Just on the travel time it could be more but let’s keep in conservative. 40 minutes per week = 160 minutes =2.6 Hours per month per employee / 2.6 x R365 average charge out rate = R949 x15 employees = R14 235 savings for the firm
For the administrator gathering this information will take at least 2 days of his or her time, doing it electronically should not take longer than 2 hours. Meaning the administrator will safe 14 hours per month that is = R1400 saving per month at the administrators salary of R100 per hour.
So in total Electronic time sheets save the firm R15 635 per month
Using GreatSoft CRM Savings
Alerts that comes to you instead of looking for information is almost invaluable if you think about penalties on client information that has not been submitted or overtime that was captured on a client. To put a number on this is almost impossible but must be mentioned
Finding client information if it is still in a fault or paper based is a daily occurrence unless that information is shared electronically. From the clerks to senior Partners continually need to know who the Directors of a company is or what the contact details are for a company. If this access is given to information and is electronically available from anywhere you should be able to save 2 hours per employee per week that = 8 hours a month x 15 employees = 120 hours @ R365 per hour = R43 800 savings for the firm
If you could easily budget or capture a budget next to a client and when you reached 50% or whatever percentage you require and the system mails you when you reached a certain mile stone could be invaluable for a partner trying to manage his firm. And to put a conservative figure next to this saving let’s call it R8000 per month for an early detection not to go over budget will be a small justification, but this figure could be 10s of thousands.
Fees and the approval of fees – could see the administrator deal with this almost most of the month, but GreatSoft want the Manager that has done the work to be responsible to collect the cash. So a system where you can raise a pro-forma invoice and be approved by an approver could mean a huge saving of time for any partner and the administrator. Then having the ability to send the invoice and or statement electronically could mean a huge saving getting your money in the door quicker and no more reliance on the post office service not to talk about the stamp fees.
We can safe 10 minutes per client doing this process electronically for a hundred clients which is once again a very conservative number you should be saving 16.6 hours per month on billings and sending out statements and invoices. This equals R6 059 saving per month.
Having the ability to create a workflow for clients and assigning tasks to employees electronically has always been a manual exercise and one that could keep the administrator or managers busy for at least 2 days a month to do the assignment’s and track the changes. Doing this electronically and being notified electronically when changes happen could easily save a manager 8 hours a month, for two managers saving 8 hours at a charge out rate of R600 an hour could see a firm save R9600 a month.
CRM total savings in a month is
Finding information R43 800
Using Billings and sending out statements and invoices R6 059
Creating workflows and measuring staff R9 600
Total CRM savings R59 459
If you take the electronic timesheet saving with the implementation of CRM correctly implemented and applied should save a standard 15 staff practice R75 094 conservatively per month
This equates to more than R5000 per person per month
Put another way, it adds R900 000 per year to the bottom line of a 15 staff firm