From XU Magazine, 
Issue 36

5 ideas for making more money with your available time

Alex Troy takes a look at some ideas you can use to spend your available time wisely, and increase your income.
This article originated from the Xero blog. The XU Hub is an independent news and media platform - for Xero users, by Xero users. Any content, imagery and associated links below are directly from Xero and not produced by the XU Hub.
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Accountancy is a notoriously demanding profession, and no matter the time of the year, most accountants will probably say that they’re flat-out busy. But, with the right technology, accountants can now automate processes that once ate into their day, and you may find yourself with some valuable time.

So, what can accountants do with this newfound time, and how can they make the most of it? From the simple to the creative, here are some ideas to boost your profits:

1. Court reviews and referrals

You’ve worked hard for your clients throughout the years, so now’s the time to ask them for reviews and referrals. Ask your team to identify clients who’ve given them great feedback and send a link to your Trustpilot, Google Business Profile (or wherever else you’d like them to leave a review!).

Ask them to consider specific and open-ended questions when leaving a review, such as:

  • What was the biggest challenge you asked us to help you with, and how did we help?
  • What’s been the biggest benefit of working with us?
  • If your friend was looking for an accountant, why would you recommend us?

2. Networking events

Don’t miss out on the benefits of networking! If you’d usually give conferences or other accounting events a miss, why not give them a chance? They can be a great opportunity to build relationships with others in the profession, make quality connections, and ultimately raise your profile to grow your business.

3. Offer low-cost management reporting for smaller clients

This could be an option for your smaller business clients, who may want an overview of their business’ health at the end of each quarter. Create a template report, then use data from their bookkeeping software to add in the relevant charts and information for your client. Whether you illustrate their year-on-year progress, or provide an update on their debts, the key is to make this an affordable add-on to your services. By using a template that suits as many clients as possible that’s easy to update and send, you’ll be able to offer this service at an attractive price for a reasonable amount of extra work.

4. Get social!

People buy from people they trust, so show off your company culture and knowledge by using social media. You can use it to post deadline updates, case studies, share what your teams are working on and more. By being visible online, you make it much easier for prospective clients to understand why they should trust you (and pay for your services!).

5. Share your knowledge

This may not be an instant money-spinner, but if you’ve always fancied sharing your wisdom with the wider world then use your time to get started! For the very ambitious, you might want to start that book you’ve been planning for years. Or, take a simpler route and start writing articles, white papers, or anything else that could boost your profile to a wider prospect pool.

Why leave it there?

To learn how you can save time in your practice with Bright

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