When choosing software for your advisory firm, it can be tempting to pick the solution with the lowest monthly fee. On the surface, it looks like a smart choice as we all like to save money, right?

So many accountants overlook the time cost as well as hidden (or indirect) costs involved in switching or adopting a new system. Lost time can quickly turn into days or even weeks, and hidden costs can leave you wishing that you had a transparent, all-inclusive option. All of this affects you, the effectiveness of your team, and ultimately your clients too.

Total Cost of Ownership (TCO) is a concept that helps you see the full picture. It takes into account all the hours your team will spend learning, implementing, and maintaining a new software system before it actually starts helping your clients. It also speaks to the hidden or indirect costs that a new, cheap vendor isn’t up front about.

The Hidden Time Cost Trap

Even small changes can have a big impact on your team’s workload and throughput. When evaluating or adopting any new software for your advisory clients, keep these important considerations in mind:

• Implementation and setup – migrating client data, integrating with your accounting platform, and configuring templates can take weeks, depending on the number of clients.
• Training and onboarding – getting your team up to speed will typically require several hours per person for learning a new software product, if not more.
• Troubleshooting and support – fixing workflow issues and following up on support tickets might take hours, but when issues drag on, it can stretch into weeks of back-and-forth for each individual. Especially if ‘cheap’ comes with limited human support and follow-through.

Every hour spent on training or troubleshooting is lost revenue and time not spent preparing reports and forecasts, analysing data, or advising clients. That “cheap” software can end up costing far more than a slightly more expensive solution if you add up the lost time and hourly rate of each FTE involved in using the software for your firm!

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Other Hidden Pain Points

When evaluating software, consider both price and hours. A solution that costs a bit more per month may save significant time on implementation, support, and day-to-day use, meaning you get the ROI back quickly on monthly cost. With that in mind, make sure your TCO assessment includes:

• Upfront costs – software licence or subscription fees.
• Total hours required to implement – including data migration and setup.
• Total training hours – internal and external.
• Support and troubleshooting turnaround times – how often your team will need help.
• Break-even point – the time it takes before adoption is complete and the software starts saving time.

Given that advisory software should primarily be about monetisation leverage (i.e. the amount of new client fees you can generate from optimal use), lost time and indirect ongoing costs from ‘extras’, product gaps, or price hikes on any related software will ultimately hurt your firm's top and bottom line. Tread with caution and go in with eyes wide open.

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Ask How Your Clients Will Benefit

Time lost during switching or adopting new software does not just affect your team – it affects your clients. Delays in reporting, slow response times, and inefficient workflows reduce the quality of advisory you can provide. By considering TCO, you can choose software that allows your team to deliver insights faster and more reliably, improving client experience and satisfaction.

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Make ‘Time’ Part of Your Decision

Before switching or adopting new software, ask yourself:

• How many hours will my team spend learning and implementing this software?
• Could those hours be better spent advising clients?
• Will the “cheaper” option actually delay client work and reduce productivity?

Choosing software based on TCO means looking beyond the monthly cost and focusing on hours saved, workflows simplified, and client impact maximised.

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Final Thoughts

At Spotlight Reporting, we help accountants and advisors streamline reporting and forecasting with tools that are quick to adopt and easy to use. Our goal is simple: reduce the hours you spend wrangling your software, so you can focus on helping your clients grow.

When selecting tools for your advisory firm, remember that time is your most valuable resource. A software solution that is slightly more expensive but easier to adopt can save weeks of lost hours, allowing your team to focus on delivering better client outcomes.

We are proud of our transparency on the investment you are making in our platform and the investment we make in product and people to help you succeed. No exclusions, lots of humans to help you on the journey – and nothing hidden!

Investing in the right technology is not just about cost – it is about freeing your team to spend more time where it matters most: helping your clients grow and succeed.