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Running an accounting firm today requires delivering quality service and staying competitive by finding new ways to improve and grow.

But in order to do that, it’s essential to understand how your firm is performing—and how it stacks up against others in the industry.

The Dashboard Insights FY24 Benchmarking Report provides a detailed comparison across firms of all sizes, highlighting real numbers from over 170 Australian Accounting Firms to provide valuable insights into the firms’ performance, strategies, and goals.

By understanding your firm’s position in the market, you can guide your strategic decisions, from improving efficiency to exploring new service lines.

See how your firm stacks up against others:

The Dashboard Insights Benchmarking Report is designed to help you understand your firm’s performance and uncover new growth opportunities. Here’s how you can leverage these insights for growth:

Identify Areas for Improvement

To enhance all areas of your firm, it’s essential to optimise internal operations. By focusing on managing and improving key metrics such as WIP, Productivity, and Recoverability, you can unlock efficiencies that will positively impact every aspect of your business.

Improving operations lays the groundwork for better client service, streamlined workflows, and consistent revenue growth. When your firm runs more smoothly, the benefits extend across the board—from staff productivity to client satisfaction.

Maximise Profitability Through Strategic Adjustments

WIP management can be a bottleneck for many firms. Longer WIP days mean delayed cash flow and reduced efficiency. By streamlining processes and adopting better job and billing management practices, you can turn things around. 

Strategising to shorten WIP days not only accelerates cash flow but also improves your firm's operations and efficiency.

Refine Your Pricing Strategy

The industry is staying competitive, and if you haven’t reviewed your pricing and fee structures recently, now is the time. 

Firms that diversify their service offerings and adopt flexible billing models, such as retainers, often achieve greater revenue stability. By aligning your pricing strategy with current industry trends and maximising the visibility of key metrics for service offerings and pricing, you can enhance your firm's adaptability and better position it for long-term success.

Make Data-Driven Staffing Decisions

The Australian accounting industry faces ongoing challenges with talent shortages and recruitment. Insights from the Benchmarking Report reveal minimal headcount growth across firms.

While some firms excel in productivity, they can be hit with limitations in scaling, and firms with larger teams may struggle to maintain efficiency with complex team structures. Having visibility and control over data highlights the importance of making informed team management decisions—whether through targeted hiring, team development, or admin process automation—to drive sustainable growth and maintain competitiveness in the current market.

Plan for Sustainable Growth

The report points out key growth drivers for the coming year, such as client acquisition, service expansion, strategic pricing, and technology adoption. Align your firm's goals with these trends to stay ahead of the curve. 

Whether you're looking to grow your client base or introduce new services, having a data-driven strategy will help ensure long-term success.

Conclusion: Tailored Strategies for Every Firm Size

The Dashboard Insights FY24 Benchmarking Report highlights the challenges and opportunities for Australian accounting firms, segmented by firm size. By leveraging the data and insights in the report, your firm can identify areas for improvement, measure performance against industry peers, and uncover opportunities for growth. This report not only provides a roadmap for refining your firm’s strategies but also helps you make more confident, informed decisions to stay competitive in the market. We’re confident it is a valuable tool for any firm looking to align its operations with industry best practices and drive long-term success.

Ready to see how your firm stacks up against the competition?

What is Dashboard Insights?
Dashboard Insights offers data analytics solutions designed to help the accounting and professional services industry streamline operations, track key metrics, and uncover growth opportunities. Our tailored dashboards are designed to empower teams and drive business success by delivering the right information, to the right people, at the right time.

Curious to see how it works?

Book a demo today and discover how Dashboard Insights can help your firm stay ahead of the competition.