Ever wonder why someone who’s doing the same type of accounting work with a similar number of clients as you just seems to be working “less” or earning more? It can be slightly frustrating, but the reality of it is that they’ve likely optimized their workflow and business processes. On that note, here are three reasons why some accountants make more than others:
You love numbers—but, if you ran your numbers, how much of your time would add up to being spent on things like manual data entry? Spending time on inefficient processes is going to cost you. Accountants that make top dollar for their time have worked out the kinks in their workflow to avoid time draining repeatable processes. Instead, they streamline their recurring tasks like payroll and bookkeeping with automation—and so should you.
The thing about admin work is that it doesn’t generate revenue—which is why the smartest (and highest earning) accountants don’t spend time on it. Accountants who earn more than most are likely using a smart technology platform that automatically logs their billable hours (for easy tracking) and converts that info into invoices that are then sent to clients, automatically.
When emails, client work, financial information, and all the other parts that make up your accounting practice are scattered between different tools that don’t talk to each other, a plethora of inefficiencies begin to surface that end up hurting your bottom line. That’s why accountants that earn more are likely utilizing smart tools that integrate their staff, clients, work and billing into one central system. That way, everyone on their team has real-time access to client information so that they can work (and get paid) better.
Have you noticed any inefficient processes at your accounting practice? What’s your experience been trying to tackle them? We’d love to hear your thoughts in the comments. Also, if you found this helpful, share it with your colleagues!