Clarity Street
  • Home
    • About Us
    • About Our Clients
  • Work with Us
    • Our App Stack
    • Project95
    • Done With You
    • Clarity Campus
  • Book A Meeting
    • Get in touch
  • Partners
    • Business Improvement / Coaching
    • IT
    • Outsourcing
    • Xero Specialists
  • Resources
    • Guides & Tools
    • Blog
    • Webinars
    • Speed Dating with Clarity
    • FOMO Friday
  • Login
    • Clarity Campus

Looking ahead, but blindfolded - and you don't even know it!

4/10/2021

 
You know your CRM should be your single source of truth. But is it? Really? How do you know? Have you ever checked it against ASIC or the ATO? Recently?
Picture
With a significant number of accounting firms based around Xero Practice Manager (XPM), the importance of getting it right in set-up and content cannot be underestimated. With firms plugging into XPM the likes of FYI, Suitefiles, Practice Ignition, Xero, Link Reporting, Etani and so on, the importance of correct data is, quite simply, the backbone of your firm.

Most firms believe that their client list is correct, but have never conducted a reconciliation between XPM and ATO, or XPM and ASIC.  In our experience there is an industry reconciliation error between XPM and the ATO that starts at around 15% up to 40%, meaning between 15% and 40% of your client list you think your need to work on - is wrong. You, and everyone, will immediately react and think, mine’s fine, I don’t have to worry about it as the admin team has it covered - and they might. But do they know that you can upload the ATO report direct into XPM to update all the ATO details and dates? Do they do this on a regular basis? Have their completed a recent reconciliation between the two to see what doesn’t match? Have they done the same with your companies in XPM versus ASIC?

Accountants get caught out because they were unaware that their client’s tax return due date had been brought forward, lodge it late and subsequently effect’s their lodgement percentage. We know numerous firms get caught out trying to lodge returns for clients that have been removed from their portal. All of these types of issues cost money.

Having worked with a lot of accounting firms, our experience has taught us, that data integrity is currently an issue, and it’s costing each accounting firm a lot of money. How much money?

For Example:

Total Client Count: 1000
Data Integrity issue per client: 5 minutes (per year)
Total Hours of Data Integrity issues: 83 hours*200
Hourly Rate: $200 ph
Total Cost of data integrity p/a: $16,666.67


This figure doesn’t speak to inefficiencies in processes or systems, this is only a very basic starting point of “the data is wrong”, not what you’re even doing with the data. To that end, Clarity Street has developed an XPM integrity check tool that provides a starting point to give you a snapshot of what the current situation is with your XPM.

At Clarity Street, we look at the major components of your XPM for it's data integrity including, missing Account Managers, Tax Agents, Group Codes, Due Dates, Date of Birth, Active ATO, Prepare Tax Returns, Prepare Activity Statements, Client Codes, and so on. It’s designed to start the journey and conversation on what needs to be done with your specific XPM.

If you have the extra $15K to $20K to throw away on bad data, our tool is probably not for you. If you'd prefer to save those dollars, it’s probably time to have a look into the accuracy of your data.

More details on how this service could help your accounting firm here.

Comments are closed.

    Author

    Clarity Street was conceived from years of engaging with Accounting firms on a daily basis and a constant desire to make Accounting firms & SME’s more efficient and profitable. 

    The observations and opinions in the articles written here, aim to challenge, inspire and provoke change into making your business better!  

    Archives

    May 2025
    April 2025
    January 2025
    December 2024
    November 2024
    October 2024
    September 2024
    July 2024
    May 2024
    April 2024
    March 2024
    November 2023
    October 2023
    September 2023
    August 2023
    July 2023
    June 2023
    May 2023
    April 2023
    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    November 2019
    September 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    January 2018


    RSS Feed

Picture
Subscribe to our newsletter here
                                                                   Book a time with us
privacy policy

Website by addonsite
  • Home
    • About Us
    • About Our Clients
  • Work with Us
    • Our App Stack
    • Project95
    • Done With You
    • Clarity Campus
  • Book A Meeting
    • Get in touch
  • Partners
    • Business Improvement / Coaching
    • IT
    • Outsourcing
    • Xero Specialists
  • Resources
    • Guides & Tools
    • Blog
    • Webinars
    • Speed Dating with Clarity
    • FOMO Friday
  • Login
    • Clarity Campus