Clockworx, a forward-thinking bookkeeping firm in New Zealand, prides itself on staying ahead of the curve in adopting new technologies. With a team of 38 professionals, including 32 offshore members, the firm manages over 70 clients, offering comprehensive bookkeeping services that ensure accurate and timely financial information.
Clockworx’s commitment to innovation led them to integrate XBert, an AI-powered platform designed to optimise workflows and enhance the precision of their operations.
In this study we sat down with Ange Fisher CA and Mylene Lazaro of Clockworx who are hands on and using XBert daily in their organisation.
Before integrating XBert, Clockworx faced significant challenges in their client pricing and onboarding processes:
Annual Pricing Model
The firm’s traditional approach to pricing relied on an annual review, which often involved arbitrary estimates. This method sometimes resulted in undercharging or overcharging clients, leading to potential revenue loss or difficult conversations about fee adjustments.
Manual Onboarding
The onboarding process required substantial manual effort to assess each client’s needs and determine appropriate pricing. This labour-intensive process was not only time-consuming but also introduced a level of uncertainty and risk in setting accurate fees.
In early 2024, Clockworx implemented XBert to overcome these challenges. The platform’s AI-driven features offered transformative benefits:
Quarterly Pricing Cycle
With XBert’s real-time health check reports and activity tracking, Clockworx transitioned from an annual to a quarterly pricing model. This change enabled the firm to make timely and accurate adjustments to client fees, reflecting actual transaction volumes and services provided.
Streamlined Onboarding and Pricing with Analytics
XBert’s client comparison analytics allowed Clockworx to accurately assess a new client’s volume and align their pricing accordingly. This data-driven approach removed much of the uncertainty in setting fees, ensuring that prices were both fair and reflective of the actual workload.
The adoption of XBert brought about significant improvements in Clockworx’s operations:
Transparent Pricing
XBert empowered Clockworx to present clear, data-backed justifications for pricing adjustments. “With XBert, we’ve been able to take the guesswork out of pricing,” said Ange Fisher, Founder of Clockworx.
Risk Reduction and Error Minimisation
XBert’s AI features conducted daily self-reviews for bookkeepers, identifying and addressing issues like discrepancies in bank account details and GST compliance. “Some of my favourite checks are around bank account details and GST,” noted Mylene, a key team member at Clockworx. “XBert catches issues like an employee’s bank account being the same as a supplier’s, or a cancelled business still being active in the system.” This proactive approach not only saved time but also significantly reduced errors.
Improved Efficiency and Margins
The shift to a quarterly pricing cycle led to better alignment between service costs and client fees, resulting in enhanced profit margins. Clockworx also saw a reduction in revenue leakage, as XBert’s precise metrics helped prevent undercharging. Mylene highlighted.
“The transparency provided by the real-time data has been a game-changer for us and our clients.”
Ange highlighted the transformative impact of XBert on their pricing strategy
“XBert has fundamentally changed how we approach pricing. The ability to rely on real-time data has not only made our pricing more accurate but also more transparent. It has eliminated much of the risk we previously faced when setting fees, which has been a huge relief for our team.”
Clockworx is looking forward to further leveraging XBert’s capabilities, particularly in capacity reporting, which will be introduced in September. “I am about to start our quarterly pricing review, and I look forward to seeing our efficiency gains in the coming days,” Mylene added. With XBert’s ongoing developments, the firm is well-positioned to maintain its competitive edge, offering clients cutting-edge services that are both efficient and transparently priced.
XBert has been a vital tool in transforming Clockworx’s approach to client pricing and onboarding. By eliminating guesswork and reducing risk, XBert has enabled Clockworx to enhance operational efficiency, build stronger client relationships, and drive profitability in a competitive industry.
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