Receipt Bank’s Effortless Bookkeeping Challenge continues to grow. The current competition includes firms from all over the world, vying to make their bookkeeping process as effortless as possible.
Last Friday saw the end of our first Sprint week – where partners focused on a particular metric to win some extra points – and we have a winner.
Where it all begins
Improving efficiency requires careful measurement. Each of the seven metrics, on which the Challenge is judged, focuses on one of the essential elements of an efficient bookkeeping process.
- Submission method
- Mobile app usage
- Client Delay
- Partner Login
- Supplier Rules
- Auto-Publishing
- Inbox Age
Last week, our competitors were acing their Partner Login metric. To get a high score, Partners needed to their users log in at least once per day. While it may sound like a simple thing to do, regular logins are the foundation of a reliable bookkeeping service.
“Eighty percent of success is showing up”
Clients rely on accountants and bookkeepers to know what is going on in their business. The more up to date their information is, the more they can use it to make key decisions.
Logging in regularly is essential for keeping your clients' books are up to date, processing any items waiting in the Receipt Bank inbox and catching any issues before they become problems.
The importance of being present
All the participants in the Effortless Bookkeeping Challenge are anonymised, since part of the aim of the Challenge is to benchmark your firm against your peers.
Thus I have the surreal pleasure of announcing that the winner of our first Sprint was The Mole.
We checked in with this practice once the results came in to find out how focusing on this metric helped.
As we expected, the firm found it easier to monitor their bookkeeping processes, which helped them be sure they were offering a reliable, consistent level of service for their clients.
It also made them think about how many users in the practice were actually logging in. This allowed them to tighten up their security by locating old, unused or inactive users, such as from staff who had left the firm, and suspending those accounts. Now only the people they want to log in are able to.
Logging in is the first step in keeping on top of your clients' books. Literally. So don't neglect it.
Our 2nd sprint is currently underway, as our Partners get to grips with Auto-Publish. We’ll be letting you know which has come out on top next week.
Want to brush up on your metrics?
There are six essential KPIs that are required for efficient cloud bookkeeping. Learn the difference they can make for your bookkeeping in our handy cheatsheet “The Power of KPIs”.
Download the factsheet to find out:
- The data you need to track for your bookkeeping efficiency
- Process warning signs to watch out for
- Why KPIs can be molded to your business goals
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