Changing the game for practices, and profits

Posted on 05 June 2023

Changing the game for practices and profits

In the past few years, has business seemed busier than ever?

It’s true that practices are still feeling the effects of a passing pandemic – as clients lean more heavily on their advisors for additional services, and firms pay the price to combat an ongoing skills shortage. With more time and more money being spent to manage the repercussions, the impact is naturally felt on the bottom line.

It’s a situation we set out to change with FYI’s cloud-based software. And it’s been a game-changer for ROI.


The time-savings add up, and up

FYI has a simple mission: to liberate accountants by halving the time they spend on compliance and admin. And the result is compelling. By automating processes, our solution has proven itself to save firms hours on routine work and make the entire team more productive.

We know that time is money, so we save you on both.

Within three months of implementing FYI, firms that rely on manual processes can expect time-savings of up to 20% simply by using our core feature set. And that’s just the beginning – the more processes you automate, the faster the efficiencies add up.

FYI’s core feature set delivers productivity gains of up to 20% in the first 3 months

2+ hours saved on every compliance job

  • Save 20+ mins gathering, filing & sharing data
  • Save 30+ mins auto-creating emails & documents
  • Save 30+ mins on tracking progress & document approvals
  • Save 10+ mins delegating tasks & sharing documents
  • Save 15+ mins completion & lodgement
  • Save 30+ mins on timesheets & exports to Xero Practice Manager

Two hours saved on every job is hundreds of hours saved each year – freeing up your staff to deliver higher value work, and greater profits

But there’s more… 

Over and above the 2 hours+ effciency from Core Features, this is supercharged when firms start to use the FYI Automation Engine. This unlocks limitless potential for 1% process improvements by automating any reptitive task or process.

Think of client onboarding, which traditionally involved filling out paper with checkboxes. With FYI Automation Engine, streamline tasks such as email engagement letter, updating SMSF/Financial Planners, updating ASIC/ATP records, adding clients to the newsletter list, and hey wouldnt it be great if the partner rang the client in 4 weeks and checked in with the client?

Then think of offboarding clients whether it involves selling a business, handling BAS processes, or managing job processes, any repetitive task can be automated with FYI.

Check it out for yourself with our automation library, but don’t just take our word for it read how Wallace Diack used FYI automations to boast efficiency.

A small investment for big returns

But what’s the outlay needed for improved ROI?

FYI offers three plans to match your practice and your needs. Even our top-tier Pro Plan costs less than $1.75 per user per day. Compare that to your standard hourly charge-out rates.

FYI Pro-Plan costs just $1.75 or less per user per day

As Aly Garrett, Founder at All In Advisory says, “Return on investment isn’t just the amount you pay. It’s about resolving pain points. It’s about creating efficiencies. It’s about feeling confident in the product you’re using and that you have peace of mind. I definitely have (and) my return on investment has far exceeded what I expected.”

That’s Aly’s story. But before spending a cent on adopting FYI, you can calculate the onboarding investment required for your practice.


Adopting new efficiencies

When it comes to creating efficiencies, practices today are relying more on technology to streamline processes – and the investment is paying off. Firms using apps and digital tools are more likely to have higher revenues.

47% of practices with revenue over $500k use a document management app like FYI*

Says Mark Ashfield, Managing Director at HB&O, “The efficiencies gained from integrating FYI and XPM are countless”. But firms are improving more than just their day-to-day tasks.

Using FYI, Cutcher & Neale transformed their entire operations. As Partner Jarrod Bramble states, “Putting an ROI on a whole new way of working doesn’t do it justice – it’s like a new company”.


Same team, more business

Still, a whole new company shouldn’t need whole new people.

As practices prioritise staff training to deal with a talent scarcity, firms are sharing the workload between existing team members now more than ever. This doesn’t leave much room to take on new business.

24% of all practices are turning away new clients to minimise workloads*

With FYI, automations are enabling employees to do more in less time. By moving to more digital and adaptable ways of working, accountancies have an opportunity to grow without hiring more staff.


Proven through experience

With over 1000+ practices onboarded and 350 million documents migrated, we know the impact FYI has had on firms of all sizes. That’s why we can call it ‘proven return on investment’.

With easy onboarding, FYI is set up so you can hit the ground running and see fast pay-back.

Like Abby Acutt did, the Client Services Manager at GJ Walsh & Co, “The whole process took about half an hour… and we’ll be reaping the rewards from making the move for many years to come”.

Start your journey to the rewards of process automation. Try FYI in your practice with a platform demo or 30-day free trial today.

*Xero State Of The Industry Report 2023