If you’re thinking about automation and technology as expenses then you’re doing it wrong.
When done properly, automation and technology should be managed like investments that pay dividends to your firm for YEARS to come.
Here’s how you can adjust your mindset.
Stop thinking about what these strategies and resources cost and start thinking about them in terms of how much your firm has received from investing in them.
For example, if your firm offers bookkeeping services and closing the books currently takes 40 hours per week, but CAN take 30 hours (with upgrades) then your firm would be saving 10 hours per week.
Now if we assume that your all-in cost for paying your team to do this work is around $100/hr (salary, benefits, PTO, etc.). Then an investment capable of making this improvement will provide your firm with an ROI (return on investment) of 10 hours x $100/hr or $1,000 each week or over $50K per year PLUS more than 500 hours of saved time each year to reinvest elsewhere.
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This won’t benefit your firm in just the first week OR the first year. This will pay your firm back each week, month and year for years to come – perhaps indefinitely.
Now, compare that to what the investment is going to cost and you can now have a better understanding as to whether or not this “investment” is worthwhile.
How much would you pay to save over $50K AND 500 hours per year?