Everything You Need to Supercharge Your Firm’s Accounting Workflow

Your practice has a workflow, which is how you get work done. It’s the sequence of steps you follow to turn a pile of receipts, invoices, and bank statements into financial statements or turn financial statements into a tax return.

But is your workflow as efficient and effective as it could be?

If not, you may be wasting time and feeling stressed out, and—yikes!—even losing money.

Why Your Accounting Firm Needs Airtight Workflows
Accountants and bookkeepers tend to be smart, process-oriented people, so we’re going to assume you understand that systems and processes are a good thing.

But here are some of the many benefits you can reap when you’ve done your homework and built detailed workflows:

  • Client experience improves: The client onboarding process is more efficient (and effective), client communication is more responsive, and clients have a better understanding of what services you offer versus their responsibilities
  • You save time: Compliance work, especially, gets done faster so you can focus more on advisory services.
  • The work is more consistent, period.
  • Team communication improves: Everyone knows which parts of the process they “own”
  • It becomes easier to delegate tasks to junior employees as your practice grows. Sounds pretty appealing, right?

Well, before you dive into looking for ways to improve your workflow, it’s critical to get clarity around how you work now. After all, you can’t improve on a system you haven’t documented.

Getting your workflow down on paper (or a spreadsheet or workflow software) is essential if you want to identify bottlenecks or breakdowns that are costing you time and money.

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Understand Which Workflows You Need
Wouldn’t it be great if upgrading your workflow was as easy as buying a new laptop? But processes and workflows are different for every firm and every individual practice, depending on your niche and your service options.

Besides workflows for the services you offer (bookkeeping, tax planning and preparation, advisory services, etc.), you might need workflows for:

  • Prospecting and qualifying leads
  • Client proposals
  • Onboarding new clients and employees
  • Billing

You might divide your workflows for service delivery into “standard accounting or bookkeeping” vs “advisory accounting services.” Or, you might dive deeper and develop individual workflows for each of your services—one for tax services, for example, and another for cash flow forecasting. – Read more

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