All Aussie Accounting Adventures - Tech Edition
All Aussie Accounting Adventures - Tech Edition
Managing Tech Challenges for Merging Firms
Is merging firms a marriage made in heaven or a one-way ticket to chaos? Join Amy and AJack
as they navigate the wild ride of firm mergers in our latest episode. We're diving deep into the nitty-gritty of aligning goals, cultures, and technologies before saying "I do" to a merger. Think of it as the ultimate business prenup!
Discover why thorough due diligence is your best mate, how understanding personality traits can save your sanity, and why keeping operations siloed post-merger is a rookie move. We’re here to show you the magic of genuine integration for max synergy.
Tech transitions got you sweating? We've got your back! From data migration to software integration, we'll walk you through the tech hurdles of merging firms. Learn why choosing a single platform for practice and document management is a game-changer.
Packed with brilliant insights and cheeky banter, this episode is a must-listen for anyone braving the complexities of business mergers. So, buckle up, tune in, and let's get tech-savvy with All Aussie Accounting Adventures!
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MUSIC
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PRODUCTION
David Easton (@davidjeasty) | Insta...
Hey Jack.
Speaker 2:Hey Amy.
Speaker 1:How are you doing? I'm well.
Speaker 2:I'm well, how are you?
Speaker 1:I'm feeling a bit loved up. I hear wedding bells.
Speaker 2:Please go on. This is great.
Speaker 1:Where is this going? Okay, today we're talking about managing the tech challenges that come with merging firms.
Speaker 2:Oh, very romantic, I know.
Speaker 1:It's so romantic, but it is quite a topic of discussion because there are a lot of firms out there that are merging, demerging, but mostly merging.
Speaker 2:And it's like a marriage absolutely.
Speaker 1:It is 100% like a marriage and I think some of the last episodes that we've been doing is about growth and growing businesses from that 500 to a mil and then a mil to three mil. One of the ways that you can grow is to merge with another firm a bit of a hack.
Speaker 2:We should have mentioned that if you want to go from one to three mil, just buy a firm that's doing two mil and then you're done and we're there.
Speaker 1:It's not that easy. Don't just think that that's the end of the episode. I promise you it's not. But I guess I think the first thing I'd like to kind of unpack this is so you've decided to get married in a business sense. I'd just like to remind everybody that the divorce rate is still quite high. So in normal marriages, similar to that of business marriages, so before you get into this marriage in a business sense, really, really, really understand if this is the right move for you, because whilst there's no intimacy in a business marriage, Maybe, maybe.
Speaker 2:There is Up to you.
Speaker 1:Fine, maybe there is, but typically speaking there tends not to be. It definitely comes with its same challenges. There's lots of give and take. There is, you know, you have to concede, at times there's egos that are going to get bruised. At times there's still probably a lot of happy times, a lot of fun times, which is the whole point of, you know, joining forces with the business. But it doesn't come without its challenges. So I feel like, as a minimum, try and date for at least I would say kind of two years nice, nice yeah yeah, we haven't had an episode on dating business partners, but we can maybe, and Andrew can cover that.
Speaker 2:I don't know.
Speaker 1:Yeah, maybe we can, but yeah, I'd say at least two years, typically the same amount of time that you would probably have dated to actually marry a person if you were going to marry one.
Speaker 2:I hope no one thinks that I was suggesting Andrew and Al are dating. I just thought in the back of my mind. I was like, did that come out that way? That Did that come out that?
Speaker 1:way. That's not what I meant. That's funny Anyway. So let's just cover that one off to begin with, which is please make sure that you've done so much due diligence that it's actually almost painful Like you need to be able to get along, like in the right same mindset. You need to have discussed things like your children, how many you've got, how many you want to have, how many you want to keep or grow I mean your employees. By that stage you need to consider you know where you want to live, which offices, how many offices, how you're going to split this. You need to consider what tech you're going to use, especially if you're joining forces when it comes to the tech side of things and we will obviously get into this one and unpack it a bit more but before you do decide to actually sign on the dotted line and join forces with your business partner, make sure that you have covered off a lot of these things in discussion I've seen it.
Speaker 2:I mean, if you're an accountant, you work with business owners who are in partnership probably fairly regularly so you should hopefully have seen this and be very aware of everything amy's saying, which is a lot of the time these don't work out. I know I had one that sticks in my mind. You know these business partners were great people, both tackling or trying to tackle the same problem, and so they came into business together, but then, within you know a few months, realized, oh, you want to create a 20 million dollar business and I want to create a lifestyle business where I can spend more time with the kids, and, and it just was like this could have been resolved, this could have been sorted out like day one. It just those discussions just never happened.
Speaker 1:Yep, Personality traits. This is another one Like I know. Sorry not to harp on this one, but personality traits is a huge one Like really work out the type of personality that you actually have and what strengths and weaknesses that you bring to the table.
Speaker 2:Revenue splits things like that actually have.
Speaker 1:I would say that you need a prenup, a business prenup. Oh, absolutely, like it just kind of makes sense. Okay, so the big day arrives, that's amazing Sorry, no, I love it. That's good, good girl, we're now getting married.
Speaker 2:We are now married.
Speaker 1:We are joining forces. So, all right. So what are some of the core challenges that we need to actually consider when it comes down to this?
Speaker 2:Well, there's the kind of the strange situation where people in business get married but they don't really get married.
Speaker 1:Yes.
Speaker 2:We're merging, but we're keeping everything siloed and separate, which I think would be a very short episode from challenges of managing that yeah, but that also really happens.
Speaker 1:So I'm just going to pose a question If that is you, why? What are you doing? If you just decided to get married in a business sense, but you still kept everything separate, why did you do it?
Speaker 2:Yeah, it doesn't seem like there's a lot to gain, but hey, who knows, who knows? Everyone's got their own if we're talking relationships.
Speaker 1:Sometimes it's a resource share situation which. I appreciate. But anyway, if you did do that, it's probably not much point in listening to the rest of our episode, and if that was just our episode then that would be done.
Speaker 2:But it's not Quick sponsors and done.
Speaker 1:Quick sponsors and done Quick sponsors and done.
Speaker 2:But I mean so okay, cool, so you are merging, we've decided for the episode the sake of it. You've decided right. We're going to bring these two businesses together. You know, maybe there's a discussion around rebranding. Are we taking? You know? I think there's that absorption question. Is one absorbing the other? And basically you're just coming into my business. All the team will work under this brand. Now We'll use our processes, our systems.
Speaker 1:Or is there a completely new business?
Speaker 2:being born here where effectively we're saying look new overall brand and we're going to really get to work on figuring out who's got the best x, y and z and we'll use whatever's better, which is a massive challenge but ultimately might get you a better outcome.
Speaker 1:And and yeah, I think they're the two main they're the main things, but actually the other thing that you really need to consider is what structure you have, what business structure you will have and there are obviously you're all accountants listening to this, so you all know the options out there, which is there's lots or there's some more there's. I'm not going to go into the intricacies of this. I am not giving out financial advice here, disclaimer just saying. However, from a business structure perspective, when it comes to the way that you want to structure things, I would strongly recommend that you are using the business structure, which is just one, just one, just one.
Speaker 2:I love that. I'm just imagining the whiteboard in the accounting firm when the business owners go and say what's the business structure? One, One business structure.
Speaker 1:No, and this is what I mean by that is sorry, just one. Are you having multiple entities? Essentially and there are sometimes reasons like that. For example, you might be in accounting practice and you've merged with a bookkeeping business and you might want to keep the bookkeeping separate, for example. But you've just got to understand what those challenges are when it comes to segregating out the different entities and structures when it comes to your tech. So, is it separate or under one roof? That's the first question that you need to ask.
Speaker 1:If you have it as separate entities, all I'm going to say is it's going to be ali and andrew get to swear on their podcast. Am I allowed to swear? Yeah, do it, it's a head fuck. Don't do it, sorry, anyway. Um, don't do it, sorry, anyway, don't do it. It is much more challenging if you decide to keep it separate. So let's pretend that there's two businesses that are, you know they're using Zero Practice Manager, for example, both of them using XPM, that kind of thing. But you might only have, you might want to go to one XPM, but you might have two zero files because they're two separate entities and therefore you might want to have an ignition, for example. So you might want to engage your clients and one of those businesses is already using ignition, but the other one might also want to use ignition. But if you've got two separate entities, that's going to be painful. It's not going to work because of the way that the relationship works between the tech. So it's a one-to-one relationship between XPM Ignition and a zero blue file.
Speaker 2:I mean, I think it's important to understand these complexities.
Speaker 1:Yes.
Speaker 2:As I would say for someone getting tax advice don't make a business decision for tax. Once you've made the decision, then optimize it. But similarly, I mean mean I get it, you work in tech and you do these implementations, and I'm sure it's like, if we can avoid this scenario, avoid it, yes, but obviously if there's some valid reason why you would be making your firm a few entities, then be aware of the tech challenges and as long as you consider the ROI on that, it's like, look, we're going to have pain, we're going to have more time-consuming processes.
Speaker 2:We're going to be double entering things.
Speaker 1:We're going to need more team members. We're going to have to pay more team members for this Exactly.
Speaker 2:So that's why it is important to factor it in, because it may actually lean you to say, actually I don't think it's going to be worth that minor tax benefit or something that we're getting from the second or third or fourth entity.
Speaker 1:Correct, that's exactly it. Like there are other considerations around it, obviously, and I'm just talking about one instance here. But you know there are other applications out there that do handle multi-entity or multi-disciplinary firms. So if that's what you eventually want to be, then look at those alternative apps. But if you're in the, you know two kind of small-ish or small to medium-sized accounting practices that want to merge together, and we're both kind of using XPM and we just want to use roughly the same tech stack. Join them together, don't split them, don't keep it separate.
Speaker 1:There are things that you can do. Simplico don't split them, don't keep it separate. There are things that you can do. Um simplico is one app that can work when you've got multiple zero blue files. It it's you've got to decide as a firm, though is it worth it? Because they're still, to a degree, a bit of a manual, you know, manual kind of um mash over with that one to sort of make it work, basically. So then there are, if you do go down, a proper multi-entity. There are things like fyi elite, which is one I know that cloud connect cloud with a k is moving into that path as well. I know that there are options out there in the marketplace. Obviously, um great soft slash. My or practice manager, I think they've renamed themselves to these days is another one. So if you want to stay true multi-entity, there are options, but if you are wanting to down the XPM path, join forces and do it. Just do one.
Speaker 2:I mean, if you want to be multi-entity and you want to use Mayday or something like that as well.
Speaker 1:Oh yeah, of course. Sorry, yes, of course.
Speaker 2:But Mayday isn't for firm-specific stuff, it but Mayday isn't for firm-specific stuff, it's just for connecting multiple zero files that don't speak to each other. So, hey, whether or not it's you, or whether or not it's, your clients hey, okay, cool plug over. So I mean you're right, I think your message has come across nice and clear.
Speaker 1:So just on that topic, though, one final thing, and if you do keep them separate, the separate element is not just the tech not talking, it's the knock-on effect of the tech not talking. It's the fact that every time you do, if you want to have one ignition but two different XPMs, for example, or one XPM, one ignition but two separate zero files, every time you create a proposal in ignition for clients, for clients in entity one, you have to think about that and then you need you might need to flip over the branding and the engagement terms. That's just painful every single time. It's just just. It's just so messy, it is so fraught with human error and I don't feel like any admin team member should have to deal with that level of responsibility to remember the intricacies of which entity they are currently billing and how they're doing it and which branding platform.
Speaker 2:Yeah, yeah, it just feels unnecessary. It's just unnecessary.
Speaker 1:So that's what I mean by there's a knock on effect and that's why it's a head to firms basically. So, yeah, it's not just the tech not talking, it's also the knock-on effect to the admin team and the team in general.
Speaker 2:Essentially, so I think deciding structure number one is big 100 and number two which we'll get to after the break.
Speaker 1:I love our sponsors. Oh how good are they? Thank?
Speaker 3:you for that. Sponsors.
Speaker 2:And, as I was saying, we've touched on number one, which is the structure that you end up deciding to move forward with, but number two is the migration process. This has been a part of our lives, I'm sure for a long time, for yourself and myself, in various roles, working with firms who are moving systems, upgrading, implementing new things, moving from one to another and, obviously, when it comes time to merge, there's a data migration process most of the time, unless you're keeping it all separate. Yep, so I mentioned earlier, a decision has to be made around who is absorbing the other, or are we starting a new brand new?
Speaker 2:business or a brand new, you know, for the sake of data perspective, brand new business. So, number one think of that first. Number two is how do you actually go about doing this? Like, obviously, we don't expect you guys listening to be able to migrate all of your data from all of your platforms to another one. But this isn't, you're not, the first person who's going through this. So there's experts as Amy, people like you, but there's also others who are very specific. You know, around accounting software, xero can help you convert ledgers. So you know, a classic case is a Xero firm merging with a MyOp firm and hey, we want one accounting software as our core. So we're migrating a whole bunch of probably myops to zero. And so who's going to do that? Zero can help, uh, bean counters. Uh, no, tyler, there, really well entry counts, which is donny buchanan?
Speaker 2:yep so there's some really good people out there. There's a whole zero partner network which, if you're listening to this, you're probably on it anyway.
Speaker 1:Uh, so you know about it you can also do it one by one, just saying you don't actually have to do a. You know um alleged migration, um zero. Might not be very happy with me saying that, but you can do it one by one if you wanted to slowly integrate them.
Speaker 1:I mean it's not as efficient, truthfully, like it's going to be more efficient to get them all done in bulk and get the shell set up um, but you're still going to have to obviously go and, you know, do converting data and that kind of stuff every time you touch a client, so that's another way of doing it. But yeah, there definitely are, like definitely are, from the accounting software perspective. Something else to consider, though, is if you're merging, say, one practice management so even if it is mild for example, into XPM, and you're going into the XPM world, or vice versa typically not to the XPM world or vice versa Typically not, but you might be If I told you, Ali, that I was a massive fan of incorrect information.
Speaker 1:You're a liar. That is exactly the response that I think.
Speaker 3:It frustrates me, end to end when things are done and you find just really silly little mistakes. That just shouldn't happen, right it just shouldn't happen.
Speaker 4:It just shouldn't happen. It craps me to tears, I have to tell you.
Speaker 3:Well, there's bloody good news for you, ali. There is a tool out there that helps to solve all of those problems, and it is known as Xbert. That is X-B-E-R-T. It is an AI tool built for accountants and for bookkeepers.
Speaker 4:And I also know, Andrew, it scans all of your client files multiple times per day. It can even fix for 76 common bookkeeping accounting and tax errors 76? I know.
Speaker 3:I only thought there was like three or four errors. I don't think we make that many mistakes in a day, but clearly we do Not at Illuminate. No Well, I mean, it's like having another member of your team, really, isn't it? If it's looking for those things. It's kind of dealing with a whole bunch of the time that you'd spend on the crappy stuff and allowing you to have more time to spend on better quality accounting, advisory and management work when you're dealing with your clients, right 100.
Speaker 4:It can also manage prevention of fraud. Like that's a biggie oh, that is huge yeah, it gives you the real big picture on every client file before you've even started the work, right?
Speaker 3:And I've heard of some very savvy accountants that are using it to help price their fixed fee arrangements, because they're effectively scanning their file, checking data quality, so they can scope it before they price it. So they're not finding themselves in a shit ton of trouble because they've got the wrong data.
Speaker 4:Oh, for sure, for sure. So sign up for a free trial of Expert today and let their AI do the heavy lifting on all your client files.
Speaker 3:Hell. You know, I'm a massive, massive fan of creating great experiences for people, whether that's my team, whether that's my clients or whether that is the accounting community and one thing that historically has been really, really bad experiences for people is when you're asking for stuff from them. You know, is it a phone call? Is it an email? Have you sent them a letter? Did you get text messages? They want it sent via. Like that whole experience is often inconsistent, confusing and, for a lot of clients, can actually be quite scary and unknown, and that's why I'm a huge fan of seeing the work that Content Snare out there is doing in streamlining the process of gathering information and giving clients a bloody good experience, whilst it happens, absolutely.
Speaker 4:I'm so sick and tired of chasing clients to get the right info. This is where Content Snare just makes it dead simple to collect it. You can use it for onboarding, interview, tax, any type of form that you send out to clients, and there's a lot, isn't there?
Speaker 3:Anything that you need an answer from?
Speaker 4:Yeah, and there's so much of that in our practices, so, seriously, get onto this one. With all client files in one place, your team can actually work on accounting instead of spending all of their time and email looking for documents. Get on it.
Speaker 3:Bloody love that Get amongst it, friends. Content snare is where it is at.
Speaker 4:Are you spending days engaging clients, chasing late payments, dealing with scope creep, all at the expense of running a more efficient and profitable firm? I completely get it, but I know firsthand that it doesn't have to be this way. Ignition brings together and automates proposals, billing and payment collection into a single platform, saving you time, earning you more revenue and eliminating debtors. This is exactly what I was able to achieve at All In Advisory. Using Ignition, we now engage every client with a clear scope of work from day one, with a professional proposal that takes minutes to send. We collect clients' payments details up front and then automatically invoice and collect the payment when it's due. We charge and get paid for all the work we do, rather than letting scope creep slip through the cracks. Thousands of firms, including mine, are using Ignition to transform how they engage clients, bill and get paid, so why not start a free trial today by visiting ignitionappcom? By visiting ignitionappcom.
Speaker 1:Data cleanup, like that's another thing, sorry. And if you are a MyOB firm or a Handy firm or an APS, a non-zero firm, and you are merging into a zero ecosystem firm, you actually should do your ledgers first and you should do them in bulk, and you should do them probably with the likes of zero or with who we just said there and entry counts being counters um, mainly because it does form part of the um, the single client record perspective. But once all of your clients are in there, that is a time where you need to do a cleanup of all the data. Get somebody like a clarity street or the like to actually get in there and do a really good data integrity. Spruce up of all of the clients, the contact information, make sure that everything's nice and squeaky clean from the word go If not now, when Correct?
Speaker 2:Now's the time. It's not like. Of course, you're going to be flat out Yep, you've decided to merge your accounting firm with another one, so please, hopefully, I'm stating the obvious that you're going to be busy during this period, um, and there's going to be a lot of work to do. But, uh, you know, there's probably a really good reason why you're doing it.
Speaker 1:So you know, get to work yeah, and you're already going to be like your team, are already going to be agitated with the changes, right? So there's processes and procedural changes as well, um, especially if you are coming from a sort of a myob to a zero. But even if you are a zero to a zero firm, there's still going to be frustrations that are felt within the team. And having little things like data that's not correct, that's just one of those things. Or tech that's not 100% correct, that's just one of those frustrations that could have been ironed out early. That doesn't need to actually be a frustration.
Speaker 1:So making sure that you've kind of got that all cleaned up is really relevant. But your PMs, your DMs and your tax so your practice management, your document management and your tax Tax should have already been covered off when you did your zero migration, typically speaking, or your tax migration, so that should have already been covered off. Practice management and document management or practice management have just sort of covered off in relation to what you should be using One platform. Should I say it again one platform.
Speaker 2:Um, I'm really that's fine, I'm happy you just keep banging that, you keep going.
Speaker 1:Yeah, that's right, um, but uh, your document management system as well. That's another one that typically so. For example, if you are um, a lot of firms will be coming usually from a server situation, and or they might have been using sharepoint, for example. Like one might have been using sharepoint, one might have been using a document management solution, or there might be a split between you know they. One might have been on suite files, one might have been on fyi. Whatever it is, pick the one that you want to use, moving forward, and some sort of a migration is going to have to happen whether you do that. So let's pretend that you're moving into the world of fyi fyi. You can engage them directly to actually do the data migration. They will actually move all of your documents from the old system into the new one.
Speaker 2:Essentially, I've been there, I did it and they're pretty good at it, because I think the reality is that, uh, you know, when you're a brand new document management system which they were when I was there is we've got to get people off of other document management systems. So if we don't have a good way of doing that, we're not going to win any new business. So from day one there was a big focus around making sure that was a really easy migration method.
Speaker 2:That's about getting documents from A to B, but of course there's other processes that you know you might want to consider at this moment in time. So a vendor is going to primarily focus on how quickly can I get you onto my system without you know they're not trying to screw you or anything, but they might not take the time and effort, the bespoke care to say well, actually, I can see you've been managing things this way, understanding where you want to go with your business. Perhaps there's a better way, and so you know. I appreciate that there are third party people who will cost more, probably because they're not making money off of the software fees that the document management system would be long term.
Speaker 2:And so it's not a loss leader. For them, it's a fee making business, but you might get a better outcome.
Speaker 1:Yeah, shane, let's plug Clarity Street, of course.
Speaker 2:I think we've got to put a limit on these terms, both of us.
Speaker 1:That's fair, actually that's fair. All right, done Over. But yes, we do help with this sort of stuff. I do agree with that. But the other thing actually that I mentioned when it comes to tax, yes, your tax should have been migrated across, but actually then there's your actual ATO, the portal. So, putting in the request to obviously migrate all the clients into the one ATO portal, that's another one. You need to do that. Sorry, that's something you have to do manually because it's the ATO. If you're Australian-based, asic is another one that you need to do migration there. And you also need to decide if you know either firm was using CADs, for example.
Speaker 1:Now, infinity, pick one. Don't have two, just pick one. Somebody's going to lose. One of the firms is going to lose out, like I. It just is what it is. That's the same for self-managed super funds, simple fund or class. Again, pick one. Migrate your clients, spend the time, take the effort and actually migrate your clients across so that everybody's using the same platform. That's the same for signing solutions. That's the same for work papers. Work papers is going to be the one area where all of the accountants are all going to get in the room and they're all going to sit there and think that their way is the best way and ultimately, it doesn't matter.
Speaker 2:You just need to pick a firm way, and this is like the number of things you've just rattled off or that we've been talking about. So at a base level, there's accounting software, pms, dms, tax, asic, smsf, signing work papers and there's probably more Like. There's definitely more tech that we're not talking about because everyone's going to have different onboarding processes and systems. Everyone's going to have different marketing systems. So don't get like what we're talking about is the core yes and there's still a lot there.
Speaker 2:So it will. It will be a big project, but this is why having having help with this is like, absolutely like you would not do this. You would not try and undertake this process by yourself. I don't think, I don't imagine why you would. Um, and I think you know, when you're merging with a firm, there's an investment of time, resources and money it's going to go into making this seamless, and even then it's going to be hard to make it seamless.
Speaker 2:Um, so you know, it's not like all of these transitions are going to happen on the same day. There's going to be some that are going to be prioritized, there's going to be some that can wait three months or six months or 12 months, and there's some that will roll out slowly. There's some that will be an over the weekend rip the bandaid off type thing, yep, and figuring out what's going to work for you. What appetite does your firm have? What's the team? How does the team feel about it?
Speaker 2:Like so many times I saw like the firm owner be like oh yeah, but the last time they did any of the work was like 10 years ago, and so the team would just left in absolute disarray the next week, and so you know, sure, it's still. It's still an approach. Some firms did that knowing and were happy with it, like, yeah, it's going to be painful anyway, we'd rather just do it, but the team were on board, versus the situation where it's like, oh, the captain's cool, I'm ripping it off, and then the team are just like shattered and that leads into your process migration as well, right?
Speaker 1:So I just mentioned work papers, which is one of those really subjective things, like every accounting practice has, and every accountant within that practice, I feel, has their own specific, personalized way of doing work papers. Processes in a general sense, though, across the board, really need to be thought out, and everybody's got egos and everybody's going to have an opinion about the best way to do things because they have been managing it that way for however long, for whatever particular reason. I think when you go into a business marriage and a merger, this is not tech related, but one of the key points that I reckon is everybody needs to learn to park their egos at the door. You can't come into it thinking that your way is better. You can have an opinion and you can put your case forward, but ultimately, when businesses merge, you have to be able to concede and just go. Okay, sure, even if you know you're right, concede, because at some point they'll undo themselves and they'll work out that your way was potentially right, moving forward or not, whichever the case may be, but ultimately park your egos at the door.
Speaker 1:The business owners have decided to actually merge. Therefore, the team also have to consider those mergers as well. The business owners have to consider what team they are bringing with, which children get to stay, which ones might get let go, which ones might not make it on the bus because they just don't like. They actually don't like the change and things like that. Like, there are lots of things to factor in and consider when you're obviously merging a business, but the processes when, whilst we've discussed tech, processes and procedures, that's going to be the hardest one to obviously coagulate and actually, you know, to bring some sort of cohesion together within the, within the team.
Speaker 2:And I don't. I don't expect it to be easy by any means, but I think and some of it will take time because it just will but for some tech-related systems and processes you will have to have an agreed way, like the way that you structure your document management system can only be one way. Like you'll, say this is our structure, that we're going to use. So if that's different for one firm, it doesn't matter. You can't be like oh, for six months we'll run different no, you can't same the way you manage your workflow.
Speaker 2:It's like, oh no, we'll do it this way for six months. You'll do it that way no not from the same system.
Speaker 2:The system's not designed for different people to run different things through the same system. So manual processes or things that sure you could have for six months someone's calling clients on a weekly basis and someone's doing it on a monthly basis and the way they talk to clients is completely different, and whatever else. But when it comes to certain things, especially your tech, there will be you kind of be your hand, will be forced to come to an agreement which might actually help because you'll get something.
Speaker 1:You'll get something decided yeah, great um client communication. This is another one that I cannot stress this enough, please make sure you do do it.
Speaker 2:Yeah, I think that's just a no brainer, Like no.
Speaker 1:I get that. It's a no brainer but, I feel like.
Speaker 2:I need to call it out.
Speaker 1:That's what I'm. That's why I'm saying is because you, I mean, if nothing else, you should be letting them know because, from from a legality perspective, like you, actually should be letting them know from a compliance perspective, but also communicate it.
Speaker 1:Be excited about the change and your clients will be excited about the change. If you're nervy about the change and nervy about oh gosh, what are the clients going to think, then there's going to be that, you know, knock on effect. So be excited about the change. Like you know, you're joining forces with the business. This is the additional value and this is the additional services that we can offer and throw a party about the whole thing and make them understand this isn't going to be hard for them.
Speaker 2:Yes, that if there is any change on their side, you're going to make it easy, because you should be trying to do that. You don't really want to be like oh also, I'm going to need you to because I've lost all the documents, so I'm going to need you to send those over from the last seven years. Um and thanks, you know, for being a loyal customer. It's like no, no, I'm doing everything I can.
Speaker 2:I'll make sure that the documents we have yeah, I migrated safely, you know, kept in the portal, whatever, wherever you do so yeah, yeah that is absolutely 100. Yeah, communicate it um. And yeah, I mean, I guess, as can you cut the cord, though?
Speaker 1:here's a question before okay yeah, can you just cut the cord, though here's a question before Can you just cut the cord? Okay? So let's pretend. What if you decided just to store everything historically in archive and start fresh?
Speaker 2:I've seen it done. Have you? I've seen it done yeah. I mean, I'm not saying it was everybody, but when I was at FYI there were a few people who were like look, this firm's 30 years old.
Speaker 1:Yep.
Speaker 2:You know, 10 years ago we scanned all our documents in and they weren't filed properly. They're just scanned in because at that point in that moment we were like there's no way we can scan in all these documents and do it in a system.
Speaker 2:So they just scanned them all in for the sake of record keeping, yep.
Speaker 2:And so now that 20 years of documents are just in a big batch maybe under a client, if they're lucky the last 10 years have been filed okay, but in a file explorer situation where anyone can do anything and they're looking at FYI and it's really structured database system going I love this and it be absolutely riddled with unstructured documents that are just stuff from the last 30 years no, not really. So they kind of said we are, we are not. Some have said we're not going to move our historic stuff and we're just going to start fresh and that way when I log into FYI or wherever you are logging into, it's just all good stuff moving forward. And yes, every now and again I'm going to have to go back for the first six months. There's a bit of pain in that because you're going back fairly regularly for the first 6-12 months to look at last year. But once that process is through, 95-98% of documents you're looking at are in the last 12 months yeah there's not that much historical.
Speaker 2:So for all the effort and pain of bringing it in and basically ruining your system, your brand new system, you're just basically like making it look like garbage. Maybe just don't worry about it, but I wouldn't say you can apply that to this whole process of saying like I'm going to leave the two firms exactly as they were and we're just going to start from scratch again, like I imagine, there would just be so many headaches doing that.
Speaker 1:Yeah, I'd agree with that. One Final one who to help you with migrations? We've kind of already covered this off, but you know, either get the relevant app to help you migrate, and they will migrate each element, and or get a third party to help you, like a cloud integrator. You know, I guess the cloud integrators are probably going to look at things more holistically and help you work through some of the challenges that we've discussed today in terms of processes and procedures and all of the apps, rather than just app by app.
Speaker 2:Yeah, I genuinely think, out of all the areas like we've had other episodes on growing, we've had, you know, some and we've spoken about potentially like this is one where I'm just like, why would you want to do this without help? Correct, you probably can't like literally you probably certain systems won't migrate data unless there's somebody there to help. So because they know that it'll just go wrong and it'll look bad for them. So, yeah, yeah, get, get some help with this one get some help with this one, I would agree cool great chat jack loved.
Speaker 2:It all right, see you, amy see ya, hey team.
Speaker 4:It's ellie and andrew from all aussie accounting adventures here. I hope you really enjoyed this episode with amy. And what did you think, andrew?
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