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Hoping to Improve Your Accountancy Practice? Here Are Some Tips

Finance

Running any kind of business is not easy, there are so many things to manage at once. For those who are in the finance industry and are running an accountancy practice, things can get a bit tricky. Sure, you can have a long list of clients with retainers that help bring in money each month – but could you be doing better?


Here, we are going to offer up some tips to help you improve your accountancy practice. Use these tips in 2020 to really make a difference in how your business works.

Offer Some New Services

Most accountants in the UK offer similar kinds of services as these are what are typically required of them. However, this doesn't mean that you can't change what you offer and start adding some new services to your list in order to get some more clients through the door. A good place to start is having a look at your competitors and doing some competitive analysis. Once you know what they are offering, you can get a better idea of what you could be also.

Hire New Staff

Are you currently running your business with just you and another member of the team? Hiring new team members can be expensive and difficult but often, they will help to bring in more money along the way. With more accountants on board, you will be able to handle more clients and build your business over time. If you are planning on hiring some new staff, make sure that they are qualified and have plenty of accounting experience. You can find plenty of tips online that will help you find the right staff for the job. Consider things such as the salary you'll offer and the clients that you will be willing to give them.

Upgrade Your Software

Did you know that there is software for accountants that can help you to improve your business in 2020? You are probably already using some packages to manage things, but you could be using improved software to run things even more efficiently. It is important that you do plenty of research on the software that is available and only upgrade if you think it will be beneficial. Check the features and you might be able to offer some new services to your clients with improved software.

Get Additional Training

The final tip that we have for those who want to improve their accountancy practices is to get some additional training. When was the last time you learned about new financial updates and laws regarding taxes? Reading the Financial Times doesn't count – you need to make sure that you are up to date on legislation that affects your role. On top of this, additional training can help you to start to offer new services which can bring in more cash. Make sure to get the entire team involved when training so that you can make some real improvements.

Final Verdict

If you are running a business in the financial industry such as an accountancy practice, then you should really be making plenty of money. If you aren't, it might be time to make some improvements around the office in order to change how things are operating. Think about investing in new software that will upgrade the services that you offer and how things work. You should also consider doing some additional training in order to impress your clients.

Follow all of our tips and your accountancy practice will be improved in no time at all.

How to Learn Much More From the Books You Read

It is one thing to read and another thing to understand what you are reading. Not only do you want to understand, but also remember what you've read. Otherwise, we can safely say that if we're not gaining anything from what we read, then it's a big waste of time.

Whatever you read, there are ways to do so in a more effective manner to help you understand better. Whether you are reading by choice, for an upcoming test, or work-related material, here are a few ways to help you improve your reading skills and retain that information.

Read with a Purpose

Never has there been a shortage of great books. So, someone recommended a great cookbook for you. You start going through it, but your mind is wandering. This doesn't mean the cookbook was an awful recommendation, but it does mean it doesn't suit nor fulfill your current needs or curiosity.

Maybe your purpose is more about launching a business. Maybe you're a busy mom and can't keep office hours, but there's something you can do from home to help bring in more money, so you want information about that. At that point, you won't benefit from a cookbook, but you could gain a lot of insight and find details here on how-to books about working from home. During this unprecedented year, millions have had to make the transition to work from home, and millions more are deciding to do that. Either way, it's not a transition that comes automatically or easily, but reading about it will inform you about what working from home entails.

Pre-Read

When you pre-read it primes your brain when it's time to go over the full text. We pre-read by going over the subheadings, for instance, the table of contents, and skimming through some pages. This is especially useful when you have formal types of academic books. Pre-reading is a sort of warm-up exercise for your brain. It prepares your brain for the rest of the information that will come about and allows your brain to be better able to pick the most essential pieces of information you need from your chosen text.

Highlight

Highlighting essential sentences or paragraphs is extremely helpful for retaining information. The problem, however, with highlighting is that we wind up highlighting way too much. This happens because we tend to highlight before we begin to understand. Before your pages become a neon of colored highlights, make sure that you only highlight what is essential to improve your understanding and not highlight the whole page.

Speed Read

You might think there have been no new ways to read, but even the ancient skill of reading comes up with innovative ways; enter speed reading. The standard slow process shouldn't affect your understanding, but it does kill your enthusiasm. The average adult goes through around 200 to 250 words per minute. A college student can read around 450 words, while a professor averages about 650 words per minute, to mention a few examples. The average speed reader can manage 1,500 words; quite a difference! Of course, the argument arises between quality and quantity. For avid readers, they want both quantity and quality, which leads us to the next point.

Quality Reading

Life is too short to expect to gain knowledge from just one type of genre. Some basic outcomes of reading are to expand your mind, perceive situations and events differently, expose yourself to other viewpoints, and more. If you only stick to one author and one type of material, you are missing out on a great opportunity to learn new things.

Having said that, if there's a book you are simply not enjoying, remember that life is also too short to continue reading it. Simply, close it, put it away and maybe give it another go later on, or give it away. There is no shame or guilt in not liking a book; even if it's from a favorite author. It's pretty much clear that you won't gain anything from a book that you don't even enjoy, let alone expect to learn something from it.

Summarize

If you're able to summarize what you have read, then you have understood. When you summarize, you are bringing up all the major points that enhance your understanding. You can easily do so chapter by chapter.

Take a good look at your life and what's going on in it. Accordingly, you'll choose the material that is much more suitable for your situation and circumstances. When you read a piece of information that you find beneficial, look for a way to apply it to your life. Knowledge for the sake of knowledge isn't all that beneficial. But the application of knowledge from a helpful book is what will help you and make your life more interesting and more meaningful.