In numbers: the benefits of digitalisation

We all know that the right technology can supercharge a practice’s efficiency and fuel its growth. But quantifying the benefits of the perfect software partnership can be challenging. We looked at some key performance indicators of a FreeAgent practice over the first six months of 2024 to see how digitalisation has impacted its goals. 

With a focus on providing small business clients with exceptional service and personalised advice, the practice needed a simple yet effective technology partner to support these priorities. Here, we dive into the data to see how it achieved remarkable scalability, collaboration and efficiency with FreeAgent.

Scalability

For many service-led businesses, expanding their client base and service offerings often means increasing resources and budget. But there’s a game-changer: digitalisation.

Leveraging FreeAgent’s technology, this practice manages 1,453 clients with just six full-time and three part-time employees. That’s an impressive average of 160 clients per staff member, with potential for even more growth.

By encouraging clients to embrace technology, its accountants maximise FreeAgent’s features - automating time-consuming bookkeeping tasks and ensuring client data is always up to date. This has allowed the practice to scale its client base without expanding the headcount, enabling staff to manage more clients and offer a broader range of services without compromising quality.

Efficiency

When a business is more efficient, it can spend less time on mundane tasks and more on activities that boost profitability. We analysed the distribution of admin tasks (such as bank feed reconciliation and explaining transactions) completed in FreeAgent over a six-month period. We found that only 13% required direct intervention from the practice, and the client could manage the rest. FreeAgent’s intuitive features and AI-assisted technology automate these tasks and empower clients to manage their own bookkeeping.

This efficiency has freed up the practice to take on a more strategic role, offering personalised advisory services that significantly impact the bottom line.

Collaboration

First impressions matter, and the same applies to technology. If it’s confusing or doesn’t meet clients’ needs, engagement will plummet, making efficient collaboration nearly impossible in the long run.

FreeAgent’s user-friendly features have helped this practice’s clients form good habits from the start. Strong engagement with the software has resulted in higher-quality client data and lower client turnover. Impressively, 85% of clients log in to FreeAgent at least once a month, 75% have a connected bank feed, and only one client deactivated their account in a six-month period.

All these factors contribute to more effective collaboration, stronger client relationships and better retention. 

FreeAgent isn’t just accounting software; it’s a catalyst for growth, efficiency, and enduring partnerships. Speak to your Account Manager about how you can progress on your path to digitalisation.