FAQ: What are the traits of a ‘typical practice’ working with Advancetrack?

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Our latest FAQ looks at the typical qualities and attitudes that pervade the firms we typically work with at Advancetrack.

Technology and culture

We see that firms are proficient with technology. More importantly, there is usually a culture that is open to change – to adopt new processes and workflow – and by definition, this means the embedding of new technology. When a practice begins working with us then there are inevitably some changes in how the work is undertaken and tracked – but the vast majority of practices are open and proactive and looking to make the venture succeed.

Investment

Making any change, particularly in an accounting firm, is viewed as a risk: ‘We could perhaps be more efficient and improve profits and service, but why ruffle feathers when we do OK?’ But there are firms that do try different things, and crucially, understand that these won’t always work. These firms will try something and, if it fails, then they learn to fail ‘quickly’. 

This requires an investment of time and money. But, with a risk-based approach, driving change can bring about huge benefits – certainly in a climate where many practices have an opportunity to improve. Which leads to…

ROI

Practices that can deliver change, make improvements, are usually good at project management. And a key aspect of the out-turn of a project is using metrics that allow you to track the impact of the changes made. For firms that work with us, they will eventually look at the impact on their bottom line. But, beforehand, we see them use client service measures, including job turnaround. And, if we can help client work be undertaken quicker and more efficiently, then cashflow and lock-up improves. Firms that work with us certainly measure – and see – improvement in the revenue per head.

Ambition

Finally, the firms we work with usually have leaders with a clear ambition – and these revolve around practical targets such as gross margins. But that is normally tied into running the firm better, offering clients more, upskilling team members – which all creates a more saleable asset. They see that improving the firm’s value is the ultimate goal.

FAQs for you

We’ve produced a number of FAQs – and here they are. Just click on them to view:

If you’d like to speak to us about how we could help your practice, please get in touch by clicking here.

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