5 warning
signs that you
need IFM

There are plenty of ways to lose money in an accounting firm. Which of these sounds familiar?

Feelings rule your firm, not data – Are you managing resources with the help of gut instinct, not numbers? This happens when you can’t see:

- Who is doing what.
- How stretched staff are.
- If your top accountants are doing tasks
below their pay grade.

What little data you do have suggests time leakage – Write-offs add up. Take a 75-person firm where around 80% are fee earners billing at £120 an hour. If each of those 60 people loses just one hour a week to admin that never makes it onto an invoice, that is 60 hours a week across the firm, or 2,760 hours a year. At £120 an hour, that is £331,200 in lost fees annually. And that is the conservative view. Most firms cannot say for certain where the time goes, which is the real problem: you cannot recover what you cannot see. IRIS Firm Management brings that hidden leakage into view, so the hours your fee earners spend on unbilled admin become visible, measurable and, crucially, reversible.

Work disappears into black holes – As we saw earlier, it’s alarmingly common for work to get stuck between stages. Why? Often because nobody can see where the bottleneck is or what’s causing it. Is it overwhelmed staff, slow approvals or something else?

You’re dependent on spreadsheets – If you use spreadsheets for month-end reports, they’re out of date before they’re finished. 5You can’t see which are the most profitable clients – When that happens, your clients decide who gets the most attention. IFM helps you focus on the clients who bring you the best value.

You can’t see which are the most profitable clients – When that happens, your clients decide who gets the most attention. IFM helps you focus on the clients who bring you the best value.