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Delivering poor quality advice? You need better information

on 15 May 2024

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Posted by Wayne Pope
Delivering poor quality advice You need better information

As you read this article, ask yourself a question:

“How can I expect to provide good quality tax advice if I don’t have all the information I need?”

It’s a simple one, but this question usually raises some eyebrows amongst accountants, many of whom think that generic tax advice will suffice.

But, as we all know, the economy isn’t exactly conducive to ‘generic’ – businesses need the specifics.

They need to know exactly how to amend their practices to support their finances, how to mitigate their taxes to boost their profits and how to report correctly to avoid penalties.

The only way you can provide this to them is if you know the ins and outs of their business – which is almost impossible if you don’t have up-to-date information to hand.

Is your expertise getting wasted?

You are likely an expert in your specific field of accounting, business, or tax – it's what you trained for, studied, and the field you’ve worked in for years.

You can usually answer any questions posed by your clients.

However, the challenge often lies in obtaining specific information about your clients' businesses, which you may lack for various reasons.

As previously mentioned, gathering complete and accurate information is crucial, especially in today's tough economic climate.

Failing to do so not only impacts your ability to serve your clients effectively but also affects client satisfaction and trust.

Obviously, this is essential for retaining business and fostering growth.

Many accountancy firms still rely on traditional and often outdated methods of document management and information collection.

Without the right technology, your firm may struggle with workflow visibility and efficiency, leaving significant gaps in the information you have on hand.

This makes it difficult to offer proactive and personalised tax advice.

Moreover, your clients may not always recognise the value of your tax strategies and advice, particularly if they cannot see how it relates to their situations due to your inability to provide concrete examples.

This often results in a failure to see the immediate benefits of the advice you provide.

In short, incomplete data hinders your ability to align strategies with their business objectives, making them hesitant to act on your recommendations.

In this way, your role as an adviser is compromised.

The reverse situation

In contrast, imagine a scenario where your firm has access to cutting-edge technology designed specifically for accountancy practices – digital information-gathering tools that streamline the process, bypassing outdated methods like email, which can often lead to data being overlooked or siloed.

In this situation, your firm’s information is centralised and accessible, enabling you to maintain a complete overview of all client data.

The technology not only improves the accuracy of your information but also enhances workflow efficiency.

By integrating these tools, you can ensure that your team has real-time access to all necessary data, which is crucial for providing timely and relevant advice.

This kind of responsiveness is exactly what your clients are looking for.

How to implement the change

Ask youself that question we mentioned at the beginning of the article again.

“How can I expect to provide good quality tax advice if I don’t have all the information I need?”

Does your answer leave a lot to be desired?

Do you wish you weren’t missing out on key info?

If you don’t like your answer to the question, it’s probably time for a change.

But embracing new technology in your accountancy practice doesn’t need to feel like stepping into the unknown.

Yes, the initial transition may appear daunting, but when approached with a sense of purpose and a clear vision, it can be remarkably smooth and profoundly transformative.

Aligning the capabilities of new technology with the needs of your firm ensures that you're not just adopting new tools but empowering your practice to operate more effectively.

Of course, effective training of your staff and an ongoing dialogue about the benefits of these tools are key to their successful adoption.

It’s not enough to simply introduce new technology – your team needs to understand how to leverage it for maximum benefit.

This understanding should extend to your clients as well – educate them on how this shift enhances data sharing and enriches the information at your disposal.

Explain that by using information-gathering tools like Glasscubes, you can improve the quality of advice you give them.

Describe how it will help you develop a more detailed picture of their business’s financial standing and, as a result, they’ll get better financial advice.

More than just adopting a tool, you need to see this as cultivating an ethos of transparency and proactive communication within your firm.

Encourage your clients to participate actively in this new way of working.

Make it clear how their cooperation directly enhances the relevance and precision of the tax advice you provide.

When clients see this value in action, their trust and engagement are bound to increase.

Hopefully, you can now see that by leveraging cutting-edge solutions like those from Glasscubes, you can position your firm not just to compete but to lead in today’s digital landscape.

View our free demo of Glasscubes and see how information-gathering tools could streamline your personal tax processes.


About this author: Wayne Pope

Technical Director at Glasscubes. With over 30 years experience in the online software industry, Wayne brings an in depth technical expertise in collaborative tools, technology, and best practices.
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