The Revolution of Accountancy: Sydney Accountants

The Revolution of Accountancy: Sydney Accountants Save 20% More Time with myprosperity

Key Data for Sydney Accountants

• Time Saved: myprosperity has allowed them to complete 20% more tax returns during busy periods.
• 1300+ Clients: The platform supports over 1300 of Sydney Accountant’s clients.
• $200 Million: Client data explaining over $200 million of asset information can be stored and tracked securely.
• 28,000+ Docs Uploaded: Over 28,000 documents have been uploaded.
• 3,000+ Docs Signed: More than 3,000 documents have been signed.

                                  “With all the scams around, we know that emails are completely insecure. Still, many accountants do it because it has been an accepted way of doing business for a long time, but it’s unsecured.”          

The Problem:

• Guy Pounder, Sydney Accountants CEO, initially hesitated to fully embrace myprosperity due to time constraints.
• Legacy systems like HandiSoft created data retrieval bottlenecks.
• Email-based data sharing posed security risks.

The Solution:

• Transitioning to myprosperity as a central hub for streamlined operations.
• Encouraging clients to upload documents into the myprosperity database before meetings.
• Providing a digital checklist for clients to follow for document uploads.
• Leveraging myprosperity for cost management and improved service delivery.
• Implementing a private client portal for secure document sharing and signing.

The Results:

• Over 1300 clients adopted myprosperity.
• Approximately $200 million worth of assets are tracked using myprosperity.
• Improved efficiency revolutionised the business model.
• Enhanced credibility and security.
• Expedited tax return signing process.

Challenges

Guy Pounder recalls the challenges his firm faced before the myprosperity software. He notes that hesitation to fully embrace new technologies because of time constraints and change management made it difficult to progress. The prompt to change was because legacy systems like Handisoft acted as a bottleneck, severely decreasing productivity.

“We had a problem with the old portal. We had been using HandiSoft for years, and it felt like having a blocked pipe. We couldn’t pull the information out from the blocked pipe.”

These outdated systems, though familiar, often resulted in inefficiencies in data retrieval and management, wasting valuable time and resources. Under Guy’s leadership, Sydney Accountants acknowledged these challenges and made decisive action to adopt myprosperity software. Guy remembers, 

“When I learned about the myprosperity portal, we made the switch, and it turned out to be a significant success.”

This proactive approach marked a pivotal turning point in their journey towards operational efficiency. It demonstrated Sydney Accountants’ unwavering commitment to addressing these challenges head-on, aligning their operations with the evolving needs of their clients.

Furthermore, the resounding success of the use of myprosperity became evident through the number of clients they now serve. Guy proudly shares, 

“We have about 1300 clients on it now. They love the portal.”

The rapid adoption of myprosperity’s platform by such a substantial client base stands as a testament to its effectiveness in mitigating the challenges faced by Sydney Accountants. Beyond operational efficiency, it has significantly enhanced the overall client experience, establishing it as the preferred choice for both businesses and their valued clients.

Solution: A Collaborative Tool with Instant Access to Metrics

This transformative solution in myprosperity revolutionised how Sydney Accountants’ team and clients managed their financial information. Guy emphasises, 

“We can all have that information we can use safely and securely without exposing their records to anyone else. The privacy side of things is invaluable.”

myprosperity seamlessly integrates multiple ways of communicating with clients to facilitate improved relationships. Guy elaborates, 

“We’ll say, ‘We have a private client portal,’ and they’ll appreciate that. When they start using it and liking it, it’s perfect.”

The impact of this solution was immediate and profound. Guy speaks to the ease of the client onboarding process, saying,

“One of the first things we do is to send the link to the portal. Now they upload their documents, and we give them a digital checklist of the things we need, and they follow that checklist and upload those documents.”

As a result, through the ease of use of the myprosperity features, Sydney Accountants achieved a substantial reduction in the time required to complete quality assessments, access financial information, and communicate with their clients. He speaks to the tax return process, saying,

 “We can do 20% more tax returns during busy times, because we have a quick and efficient system.”

myprosperity’s time-saving features have proved invaluable, enabling team leaders like Guy to assess client performance more efficiently and retrieve data automatically, effectively reducing manual workloads. Calibrating these features and automatic workload allocation helps streamline task management, empowering management to focus on qualitative conversations with clients. Guy discusses the importance of this aspect for their client relationship, stating that,

“They have confidence in us through this process.”

Sydney Accountants’ transformation from a traditional financial management approach to a collaborative partner mirrors the broader industry trend, where technology and innovation are reshaping traditional practices. Myprosperity has emerged as a transformative tool, equipping professionals and clients with the information they need to navigate the evolving data and financial management landscape confidently and efficiently.

Results: myprosperity Changing the Game

One of the standout achievements has been the rapid adoption of myprosperity, with approximately 1,300 of Sydney Accountant’s clients finding the portal easy to use. This high adoption rate underscores the platform’s user-friendly design and seamless integration into daily routines.

However, the true testament to myprosperity’s capabilities lies in its data management prowess. With Sydney Accountants having 28,000 documents uploaded to the platform, it’s evident that myprosperity excels at handling substantial amounts of financial data securely and efficiently. Perhaps the most transformative aspect of myprosperity’s implementation is the efficiency it brought to the signing of financial documents. 

“It’s very helpful for the signing of the tax returns. We upload it in the private client portal. You get the signature, and away you go.”

This streamlined process drastically reduced the time previously spent on manual document handling and ensured that the process adhered to the highest security standards. 

Over 3,000 documents for Sydney Accountants were signed digitally on the platform. This achievement is a testament to the platform’s reliability and the trust clients place in it to handle their financial information securely.

myprosperity’s collaborative tool has delivered outstanding results for Sydney Accountants. The platform’s impressive adoption rates, robust and secure data management capabilities, and streamlined digital signature process have redefined how financial information is managed and exchanged.

myprosperity is a game-changer in the data and financial management landscape, empowering both professionals and clients to navigate their financial journeys with greater efficiency and security.