A new business is hard to manage, from looking for the best tools to managing your staff and finding the best strategy that will work for your business. Managing all the aspects of your business is important if you want your business to succeed.  

Below are 4 important tools you should have when practicing and their benefits:  

Best IT systems  

  • QuickBooks online β€“ you can manage workflow, tracking and staying connected to multiple clients at once. With features like Invoicing, Payroll, time tracking, Mobile apps, Payments, and accounting software.  
  • Draftworx β€“ you can work paperless, prepare financial statements, issue compilation, agreed-upon procedures, reviews, and audit reports. It’s easier to use than Excel and automatically updates to the latest IFRS standards.  
  • Practice Ignition – Create professional proposals and compliant engagement letters and send them to any device for their client to review and sign. You can also manage cash flow.  
  • SmartPractice β€“ allows you to create a client, create the required services (tax and CIPC returns, monthly accounts, financial statements, and secretarial services), request outstanding information, provide client access to work in progress and complete work, and monitor staff processes. 

How to employ and retain staff  

  • The first step in having staff is recruitment. Identify talented employees that you will bring into working with you. 
  • Identify potential, every employee has potential in different departments. Identifying and placing your staff in the right departments will allow them to perform well and excel in their duties, bringing you money.  
  • Communicate. You need to know how to talk to your employees, be a good listener, find out their struggles and ways to help them. Effective communicating is the first step to establishing a good working relationship with your staff. 
  • Invest in training. Upskilling your staff goes a long way when it comes to building your business. When you have identified potential and the willingness to learn, you can be sure that investing in them will be to your business.  
  • Appreciate and compensate. When you recognise the hard work, your staff becomes aware of your appreciation and pushes them to do more. Well paid staff is happy staff.  
  • Upgrade equipment. Adopting new ways of working and tools will help your staff simplify their duties and have better ways to do tasks  

How to set your own strategy 

  1. Develop a true vision. 
  1. Define competitive advantage. 
  1. Define your targets. 
  1. Focus on systematic growth. 
  1. Make fact-based decisions. 
  1. Think long term. 
  1. Be inclusive. 

 IFAC Guide to Practice Management for Small- and Medium-Sized Practices

The Guide provides comprehensive guidance to help small- and medium-sized practices operate more efficiently in the increasingly complex and competitive global marketplace for professional services. Covering topics such as strategic planning, managing staff, client relationship management, practice expansion and more. SAIBA refers its members to these guides for the successful running and management of their practice

These tools will help your business grow and ensure that you focus on the things that matter. Practice management is essential for developing and successfully running your business. You can find more practice management tools on the SAIBA Academy platform, click here for more.