That term is DDIY™, or Don’t-Do-it-Yourself. It creates a paradigm shift that is going to change the landscape of client accounting, and put accountants back in control of accounting.
So-called DIY (“Do-It-Yourself”) accounting programs that were sold directly to clients dominated the desktop era. Despite their marketing hype, the reality is that these programs rarely saved clients money, but they did cause unnecessary headaches for both accountants and their clients.
With DIY accounting programs, you had little control over what clients did, and your firm had to spend unnecessary, unproductive hours fixing the bookkeeping messes clients made. Because clients believe they’ve done most of the work, DIY accounting programs have also negatively impacted the perceived value of your services in clients’ minds. Obviously, your needs took a back seat in DIY systems - after all they weren’t created for accountants!
Ask your clients if they like to do the accounting-related work they are doing. Most would be glad to offload that work to you. The problem is that with desktop solutions, offering complete accounting services is not efficient enough or profitable enough to make it worth your while.
The cloud has created a better model for client accounting—the Accountant-Centric model that puts accountants back in the driver’s seat. This innovation has enabled an important paradigm shift from DIY to DDIY
Unfortunately most cloud solutions are based on the current DIY model and they are sold directly to small businesses. Only the new breed of Accountant-Centric accounting systems, such as Accounting Power from AccountantsWorld, use the DDIY model.
With an Accountant-Centric cloud solution, without leaving your office, your staff can do what your clients’ staff does, only better, faster, and more accurately. That’s how you can offer your clients complete accounting services efficiently, at competitive prices, while earning higher profit margins.
Your firm can perform transaction entries, pay bills, perform general ledger and trial balance work, prepare fully customizable financial statements, manage cash flow, prepare budgets, and offer CFO services. With automated bank and credit card feeds, you eliminate a significant amount of data entry, as well.
This new DDIY model eliminates all of the challenges you and your clients face with the DIY model, and offers tremendous benefits to both you and your clients. It creates billions of dollars worth of new revenue streams for accountants, and raises your relevance, better serves your clients’ needs, and allows you to offer valuable services you could not offer in the past.
Clients will benefit as you eliminate unnecessary hassles so they can focus on doing what they do best, as well as from the additional advisory services you can offer them to help them grow their businesses.
What Makes It Possible?
The cloud makes it possible to offer a unified accounting system that includes everything you need for complete client accounting including - bookkeeping, write-up, trial balance, and customizable financial statements. Additional capabilities make it easier than you ever thought possible to monitor the fiscal health of all your clients. You are alerted if the system detects potential issues such as cash flow problems or mounting accounts receivables, and you can choose to have those alerts sent to your client’s smart phone, as well.
Unlike DIY solutions, Accountant-Centric systems are sold exclusively to accountants like you, and you decide how to use it for each client, giving you that much needed control over your accounting practice.
Imagine…you can now manage clients with different needs differently, tailoring the functions available to each client based on their abilities. For those clients who want to do some of the work themselves, you can give them access to the functions they can perform. For some, that access may be limited to writing checks and entering cash receipts, while for others, it may include accounts receivable, accounts payable, and even bank reconciliation. Once clients have completed their entries, your staff can log in and finish the work. It’s an ideal environment for collaboration with your clients – and the best part is that you remain in total control.
The DDIY paradigm shift is an important development in client accounting that raises your relevance and your bottom line while offering better client service and eliminating the hassle clients face.
It’s a win-win for both you and your clients.
AccountantsWorld is offering accountants a variety of webinars to show how you can benefit from DDIY paradigm shift. Click below to attend one of the webinars.
DDIY—the key to a thriving accounting practice.