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Selling your bookkeeping business: do you have the right systems in place?

by XBert Team ~ 3 min read

If your goal is to sell your bookkeeping business,  implementing technology can help ensure a smooth transition when the time arrives.

When you’re talking about using technology in your bookkeeping business, there’s often a focus on scaling up and how to service and grow your client base sustainably. But what if you’re at the other end of the business cycle?

If your long (or short term) goal is to sell your bookkeeping business – or even to retire completely - it’s important to consider now, how technology will make that entire process easier.

Here are some things to think about if you’re pondering scaling down for retirement, or selling your business:

• What are my workflow processes like?

If you’re still working on spreadsheets and desktop checklists for your bookkeeping processes (you get minus points if they’re in your head) – red flag. Change management is difficult enough without having to manually train and coach your systems out to a new owner. Or worse: scare buyers off because the thought of having to overhaul your entire practice workflow seems like too much work.

Having an automated, online process workflow in place allows doesn’t just allow you to find efficiencies in the way you work right now, it also helps a smooth transition to new management. And that’s always appealing for a new owner walking into a business.

When it comes to XBert, you can automate and streamline all your workflow processes in the one system. Templates and Client scheduling allow you to automate task creation and have complete visibility across your workflow at any given time.

• How many non-billable hours do I have?

Non-billable time doesn’t add any value to your business – in fact, it can be the opposite. It’s important to take stock on how much time you’re spending chasing information from clients, on rework and manual checks like for ABN and GST anomalies. These are all issues that can be decreased and even eliminated with the right technology solution.

Implementing an AI-Audit system can dramatically decrease your non-billable time (and help you increase your billable time) which looks great on the books when your potential buyers are checking them over.

XBert’s AI Audit trawls your Xero and MYOB files multiple times a day, checking for issues, inconsistencies and errors across all transactions including Sales, Invoicing, Payroll and more. It’s so smart it can also detect behavioural patterns in the data and will flag if something is amiss – like bills taking longer than usual to be paid. With more than 50 risk alerts that are live right now, and more in development, this comprehensive AI-Audit tool is like having a part time employee doing all the manual checks and audits you don’t want to. It will save you hours and eliminate rework, all while giving you complete confidence in the data. What bookkeeper wouldn’t want that?


• How will I manage client handover?

Client retention is a huge factor in ensuring a smooth transition in your business – both for the quality of the services they receive and the profitability of the business for your successor. A smooth, simple and (hopefully enjoyable) handover will ensure your clients feel looked after. Having a tech solution in place to help manage your communications with them – notes on their files and schedules of their services is imperative.

XBert’s client collaboration tools and email integration allow you to effectively communicate with your client, while having a neat trail of correspondence should you need it for audit. Our browser extension allows you to create tasks for your client while you’re working in your accounting software, so you can ask why something was done, or instruct how something should be done, while you work.

Making the transition as simple and stress-free as possible

The trick is to start now with streamlining your app stack and ensuring you are using the right tools, to avoid any last-minute headaches. If your goal is to sell, having the most efficient and streamlined practice workflow is always going to work in your favour. Similarly, upon retirement, knowing exactly what work needs to be done where, can help you effectively scale down over time and gives you the ability to easily handover clients to other professionals as needed.

Working with the correct tools in your business is key. It doesn’t matter what niche market you’re in or what the scale of your business is – if you’re an accountant or bookkeeper, XBert has been developed specifically to help you.

With our AI auditing, task and process automation and analytics, XBert has been developed as a tool for bookkeepers, combining all the necessary functions for a smarter, streamlined practice workflow.

Why would you use just a task tool when you can have AI-audit, analytics and BI reporting built-in? Find out how XBert can be ready to sell or retire by having the right systems in place – start your free trial with XBert today. Work Board