Is it time to say goodbye to 9-5? Technology shows the way... Automation promised to bring us shorter work days and more time to do what we love. Now, that is finally starting to look like a reality. Technology is changing the face of productivity for good. W
hat a way to make a living!
The classic ‘nine to five’ dates back to the nineteenth century, designed to regulate working conditions during the Industrial Revolution. Ever since, it has been a blueprint for businesses of all sizes and sectors. But, that’s now set to change. In 2016, companies across Sweden trialled the impact of a shorter working day on productivity and happiness. A study among 70 Swedish nurses in a retirement home found that nurses felt happier and more energised, plus took less sick leave. Despite the impressive results, the shorter working day failed to stick. They had to hire more nurses to provide round-theclock care, and the move proved too expensive. However, small Swedish tech companies saw greater success. A Stockholm-based gaming company, Filimundus, reported a happier workplace with less conflict and more focus. What is more, their sick leave dropped by a quarter. So, how does this relate to the accounting and bookkeeping industry? Unlike nursing, where being present 10 / Issue 18
is part of the service they provide, accounting and bookkeeping practices focus on delivering value to clients. If you can shift your focus from input and timesheets to output and deliverables, you can transform the way you approach the workday. The price of efficiency You have likely already come across the concept of matching output with pricing. Instead of billing by the hour, watching the clock and completing timesheets, valuebased pricing emphasises the value you give to your end client rather than the hours you put in. Particularly with time-saving technologies like Receipt Bank, you can raise your efficiency and provide the same value, in less time. Finding the commercial value To make six hour working days work, you need to work smarter. Traditionally, an accountant or bookkeeper’s workload would include hours of data entry, sorting through emails to locate invoices and managing paperwork. With Receipt Bank, accountants and bookkeepers can cut the time spent
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Damien Greathead, President of Business Development for North America, Receipt Bank Damien is responsible for building Receipt Bank’s accounting channel in the United States and Canada. Damien works with accounting firms of all sizes who want to leverage cloud technology to grow their firm. Prior to Receipt Bank, Damien was a Director at 2020 Group USA, which was acquired by Panalitix in 2016. Damien speaks to state and national accounting associations around the world on topics including change management, marketing and technology.
on data by 50 - 70%. There is a whole ecosystem of Cloud accounting software waiting at your feet, making everything from cash flow forecasting to payroll more efficient. These give you the chance to provide additional value-adding services, improve your profit margin and your end experience. Setting internal KPIs Moving to an output-focused working model requires you to set internal key performance indicators (KPIs) to effectively measure the what your team are producing, even if they are working remotely. Here are some KPIs you can track to measure your efficiency: 1. Processing Times: How long does it take to process the data and publish to the general ledger? This is key to making sure your clients’ information is up to date and useful. 2. Bookkeeper to Client Ratio: How many clients can your bookkeepers or accountants look after? The more efficiently they work, the more clients they can manage. 3. Response time: How long to clients have to wait when they
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