Cloud accounting innovator, Bridge3, has launched its new Full Practice Dashboards, designed to give accountancy firms all the information they need to run their practice more efficiently, in one place.
Bridge3 has helped dozens of firms migrate to the cloud, starting with its sister practice Thorne Widgery.
Taking lessons from implementing cloud software systems at these firms, Bridge3 has developed an understanding of what information is important and how it can be measured and interpreted.
Displaying live up to date information, the dashboards utilise data taken from Xero and Xero Practice Manager (XPM) to measure three key performance indicators – staff efficiency, recoveries and workflow.
The software allows a practice to carefully filter and interrogate data to create easy to interpret graphs and infographics.
The Full Practice Dashboards have been trialled and refined in practice at Thorne Widgery so that it offers a ‘tried and tested’ solution from day one.
Sam King, Head of Xero and XPM, said: “This software has been years in the making and is built upon what we have learned working with firms of various sizes across the UK.
“The Dashboards allow firms to really drill into their data and interpret it easily so that they can see how the decisions they are making are affecting the performance of their practice in real time.”
Sam said the fact that so many practices were effectively working from home only further highlighted the strength of cloud accounting and software, such as XPM and the importance of being able to keep a handle on data through the dashboards.
“The work anywhere ability of the cloud and, in particular, this software means that partners and directors of firms can continue to function and monitor the health of their practice without having to step foot in the office,” Sam explained.
“I believe that many firms will take key lessons on remote working from this period and apply them to their practice long term. Our tried and tested dashboards are another essential tool in their toolbox.”
Reflecting on the experience of using the system in a real-world practice setting, Daniel Crowther, CEO of Thorne Widgery, said: “ The Full Practice Dashboards have had a fundamental impact on how we run our firm and monitor our performance.
“We can quickly spot overdue work, plan upcoming jobs into our workflow and establish chargeable versus non-chargeable time by week, individual or manager.
“We have worked closely with Bridge3 to create a software package which we think solves many real issues. Ultimately, it is software built and developed by accountants for accountants, which is why it works so well.”
To find out more about Bridge3 and Full Practice Dashboards, please visit www.bridge3.co.uk