[author: Mark Ferris]
Key to success in any Accounting business is effectively managing workflow. That means processing the (financial) data (or traffic) that enters your business so that:
1. Work is turned around quickly
2. ‘Job pick-up and put-down’ can be minimized
3. There is high quality control
4. The number of ‘open’ jobs at any time is minimized
5. Time can be dedicated to finding opportunities for the next project
6. Clients are delighted by your work
7. The team is aware of, and accountable for, the time taken
8. High margins can be achieved for work completed
Workflow should be treated like a manufacturing line, but sometimes there are bottlenecks. Unfortunately, this leads to Accountants preferring NOT to take on additional work. Effectively, they are trying to reduce the INPUTS in their workflow process.
A better approach is to FIX THE PROCESSES so they can scale efficiently.
Different firms require different workflow processes depending on size, their technology stack, team skills and other factors. We have found that the most efficient workflow processes can be resolved into these fours stages:
Selling: Properly scoping the job and getting a Client’s consent to proceed
Set up: Gathering the data and delegating the work to team members with a defined time ‘budget’
Doing: Performing and reviewing the work, with an eye on opportunities to improve the Client’s situation
Looking Ahead: Concluding the assignment with your Client, and establishing the foundations for additional work
