AdvanceTrack has teamed up with business advisory platform Clarity to offer clients a way to understand and improve their business

We have exciting news of a new partnership, bringing together AdvanceTrack’s outsourcing capability with support to build and deliver a top-level advisory service. Clarity has partnered with us to provide an exclusive offer for AdvanceTrack’s clients.

Clarity is a business advisory platform harnessing AI, machine learning and blockchain, which uses the right combination of people, process and tech to transform the business advisory services of accounting firms worldwide.

Clarity’s offering helps practices support clients in understanding their numbers – and how to improve them. Accountants can help them create a step-by-step plan to build a better business and, through a structured online data room, help access the cash and investment to grow or exit. The Clarity platform empowers 100% of accounting teams to help 100% of their small business clients with business advisory.

Its founder and CEO is Aynsley Damery – a qualified accountant and former CEO of a multi-award winning niche advisory accounting firm for entrepreneurs in the UK.

 

“Our world is now so connected – both people and devices, and the ability to reach customers is no longer restricted by borders,” said Aynsley. “The move to the cloud and the ability to analyse big data opens up incredible opportunities for many accounting firms. Harnessing the power of technology effectively has become critical to gain competitive advantage.”

 

 

 

 

AdvanceTrack founder and MD Vipul Sheth said that, by outsourcing, accountants should be freed to drive client value. “We want practices to break free from spending all their time on compliance work that can be managed and processed in a better way,” he said.

“And by freeing them from these bonds, they can make much better use of their time understanding and advising their clients on growth, or their longer-term aims.”

Get in touch with #TeamClarity on info@clarity-hq.com to find out how you can benefit from our partner programme, plus an advanced implementation plan to get your firm on track.

Growing practices need support to drive efficiencies, improve processes and create value. AdvanceTrack has been integral in helping firms achieve their goals for nearly 20 years. Here’s our story, and where we (and you) are heading.

 

While technology is integral to what we do, outsourcing on behalf of accounting practices requires so much more than that. It requires a commitment to collaborative working, absolute prudence and rigour in terms of IT security, and a focus on client service. These criteria are borne of a mindset that comes from our own experiences working as part of – and with – the accounting profession.

 

MD Vipul Sheth: About myself, AdvanceTrack and Inside Outsourcing

AdvanceTrack provides critical outsourced accounting and bookkeeping services to many UK accounting practices. Working with the accounting technology you know so well, we offer the best combination of IT and qualified people to free practices up to provide a better and more valuable service to clients.

As for me? Well, I trained with a great firm as an auditor and business adviser, and understand the challenges and rewards of being an accountant.

I eventually ended up in what is now EY. I remember thinking that, with my smaller firm training, it would be difficult to cope in a ‘big firm’ environment. However, I quickly discovered that my work to date prepared me better than I could imagine. I already knew how to deal with everything from a technical perspective, but now I focused on the value-added service of tax.

 

Understanding the ‘process deficiency’ in accounting practices

Going back to practices and workflow. My biggest lesson was realising that EY didn’t have 400 ways to produce a file (I’m guessing the numbers of partners in the firm then), but just one way.

This was the lightbulb moment in understanding what differentiated the firm I trained with and the Big Four firm where I now sat. And when I left, I then realised that a client is transitioned very quickly from yourself to another very capable colleague with almost no difference in client service.

A few years later I put this learning into what we all now know as AdvanceTrack.

Finally, Inside Outsourcing is AdvanceTrack’s monthly publication where we share insights on practice management, usually with a tech focus, and highlight the work we’re undertaking. A print version is available or you can view it online at www.AdvanceTrack.com.

 

AdvanceTrack and founder Vipul Sheth – the journey so far

2002 I left practice with the ambition to start up an outsourcing business. I spent several weeks in India meeting people and concluded that it could be done, and successfully. Having met people in the accounting industry, I knew the technical capability was there – but I wondered if the technology was as well.

 

2003 Formally set the company up and sought to build an online platform immediately. Being someone who used IT rather than creating it taught me many lessons. Most importantly, it taught me that staff need careful management, and I needed to build the technology to run the business.

 

2005/2006 I found some developers who demonstrated incredible focus and enthusiasm for the project. I told them what I wanted was to build something accessible on the internet (they hadn’t called it ‘cloud’ at that point).

 

2013 Security and quality accreditations were achieved. This was without making any material change to any of our processes. The security accreditation just demonstrated how the whole process was designed to deliver higher quality in a secure way.

 

2016/2017 Despite many improvements over the years, we ripped up the platform we had spent over a decade building and refining. It’s hard to do, to take something that has helped deliver great service and growth for the business and consign it to history. We bit the bullet and put a team together to deliver a brand new platform for the business.

 

2018 There were good reasons to rebuild the platform, particularly the need to comply with new and exacting data protection legislation (GDPR) that was brought in across Europe. Our early planning helped ensure that with plenty of time to spare, the platform was ready for GDPR and the challenges that would be undoubtedly coming, particularly as technology in the industry was changing so quickly. We can be sure that we’ll need to continue making changes.

 

2020 While other outsourcers are beginning their cloud journey, we’re proud that we started our journey more than 15 years ago. We’ve reimagined it time and again but sticking to our core values. With the pace of change increasing in the sector, we know we have to constantly re-invent ourselves to keep relevant to the customers we work with.

 

Beyond 2020 We won’t be making big announcements until they have happened. We don’t make our commercial strategy a public manifesto. It’s fair to say though that we’ll drive technological advancements faster and more thoughtfully than ever. Our clients expect us to help them lead the change.

 

What can I outsource in my firm?

 

Outsourcing is no longer out of the ordinary. The outsourcing journey begins with accepting that.

We all know that the accounting profession has seen some big changes in the last decade – out with the old and in with the new, the more efficient and the most profitable. 

Some small firms with a handful of tax-only clients may be able to coast along for a while doing things the way they always have. But for those looking to grow and thrive, it’s a case of adapt or be replaced. 

That being said, it seems there’s still some lingering misunderstanding about outsourcing, what can be outsourced, and how it can contribute powerfully to the growth of your firm.

As far as we’re concerned, outsourcing isn’t about just getting some help with compliance.

It’s a tool to help you transform the nature of your interactions with your clients. 

 

Are you stuck hoping the dam won’t crumble?

 

When clients come to us, they’re usually overwhelmed in one way or another.

Remember the story about the little Dutch boy and the dam? 

In the popular fable, a little boy notices a crack in a dam. Since much of the Netherlands is below sea level, a leak in the dam could be a fatal disaster. So the little boy plugs the crack in the dam with his finger. The leaking stops. The little boy knows that if he moves, the hole will get bigger and bigger and the town will flood. 

When he is finally found, the boy is hailed the hero of holland! It’s a tale of bravery. The only problem? He is still the only solution for an imminent flood. 

We find many firms in the same position, stuck recruiting anyone and everyone to plug the holes in their own businesses before an imminent flood. Often we find the business owner is doing their own part to plug the dam. At this stage, we find the same issues stopping you from taking your firm to the next level:

  • You just don’t have enough staff or time to find them
  • Your existing staff are doing work at the wrong level 
  • You’re doing, rather than advising as the Business Owner
  • Your team don’t have the skills required for you to scale up
  • You’re unable to retain staff long term
  • Your top talent are recruited by bigger firms with more to offer

Our solution?

 

Build a damn wall

 

Instead of trying to fill the gaps with anyone who is willing, change the structure of the way you do business. Build a wall so that you’re never fighting floods and you can do the work that is going to be the most profitable for you. 

That being said, you don’t have to be in a tax work crisis for outsourcing to work for you. You can outsource at different levels within your business, to allow you to deliver more than just accounts, or find the skill set to break the barrier into advisory work. 

We created the outsourcing journey, to help you identify where you are right now, but most importantly to show you what’s possible. From all of our experience working globally with firms like yours, we’ve identified that this is the route that leads to scalable growth and profitability.

Start – Everything is being done in-house. You’re maintaining, not growing.

Regular User – We combat capacity by starting with one process and nailing it. By outsourcing accounts and/or bookkeeping, you’re scaling up your team’s hours for higher level work.

Strategic user – Getting to strategic level is exciting, because you’re able to revisit your internal roles and really start to level up your team. At this point, you’re outsourcing reporting and the team are reviewing rather than preparing. Your Account Managers are able to step up and have more conversations with the clients. 

Strategic + – At this point, outsourcing is your default method for accounting, bookkeeping and reporting. You now have the ability to increase your billable rates and your departments capability. At this level, your outsourced team are giving prime delivery, allowing your team even more time for advisory work. 

Growth – You have built the wall. You’re growing at a fast rate, with the right structure for having the very best conversations with clients, and the right team skillset to support your client base.

 

It’s not just about freeing up your time, it’s about what you use your time for

 

Ask yourself why you became an accountant. 

You are the most valuable person to your client, which means that you need to focus on what they value the most in order for your own firm to be more successful. If you’re stuck doing work at the wrong level, you’ll eventually become obsolete in the eyes of your clients.

Whether you need to build a wall to allow you time to find the right staff, or get your existing staff in the right seats for scalable growth, or you just want to do more of what you enjoy – outsourcing to a trusted team can help you accomplish your goals.  

Clear on where you are in the journey? Tell us what you need