As we reflect on 2024, it's clear that this year has been a rollercoaster of challenges and triumphs. From navigating rising costs to celebrating significant wins, here are our six big takeaways that shaped our journey.
- The AP Processor Predicament
- The Challenge: AP processors like Melio and Bill have become more expensive, and their quality has declined. This has been a significant pain point for us and many of our clients.
- The Takeaway: It's crucial to continuously evaluate and renegotiate with service providers. Exploring alternative solutions and staying agile can help mitigate these challenges.
- BOI's Indecision
- The Challenge: The Beneficial Ownership Information (BOI) was intended to be required by the end of 2024.
- The Takeaway: through lawsuits and other actions this has been delayed, and it is on again and due by the 13th of January. Check out our blog post here BOI Filing.
- Rising Client Expenses
- The Challenge: Many clients faced increasing expenses, adding pressure to their financial stability.
- The Takeaway: Offering comprehensive financial planning and cost-saving strategies can provide much-needed relief and support to clients during tough times.
- The Accountant Dilemma
- The Challenge: Finding an accountant who excels in tax planning and provides exceptional service has been incredibly difficult.
- The Takeaway: Networking, referrals, and investing in professional development can help bridge this gap and ensure clients receive top-notch service.
- Thriving at BudgetEase
- The Success: Our monthly rhythm of work and client meetings has been a game-changer. Many clients are thriving as a result.
- The Takeaway: Consistency and structure in client interactions foster trust and success. Maintaining a steady rhythm can lead to remarkable outcomes.
- Employee and Operational Wins
- The Success: We've made significant strides in employee onboarding, leveraging AI for marketing, and enhancing employee benefits. Our efforts have led to increased client revenue, reduced AR collection time, and a 25% reduction in expenses.
- The Takeaway: Investing in employees and operational efficiencies pays off. Improved onboarding, strategic use of technology, and better benefits create a positive work environment and drive business growth. Check out this blog post The Power of One for more information on how we did this.
Looking Ahead
As we move forward, these takeaways will guide our strategies and decisions. By learning from our challenges and building on our successes, we're poised for an even more transformative 2025. Let's continue to innovate, adapt, and thrive together!
