3 Simple Ways to Enhance Your Accounting Workflow in Your Firm
Author: Financial Cents
Today’s highly digitized business landscape puts efficiency at the forefront, making it one of the most influential cornerstones of successful organizations. Aspiring progressive accounting firms striving to scale up and set themselves apart in the marketplace need an efficient system to bolster growth, but it all starts with improving your current accounting workflow.
Setting things straight is trickier more than ever as accounting firms now branch out from the usual tax services as more cater to advisory, bookkeeping, auditing, and more. With more workload on the staff’s plate, it has become a juggling act that puts the firm at risk of missing deadlines and making more errors, thereby disrupting your accounting workflow management.
With that in mind, the tips below should help give you a metric you can implement to boost your workflow. When done right, it can catapult your firm ahead in the accounting industry.
3 Easy Ways to Enhance Your Accounting Workflow
Tip #1: Go Digital and Paperless
Accounting involves processing a massive amount of data for hours on-end, which means processing documents can be painstakingly time-consuming.
The worst part about paper accounting is that you also run the risk of losing important files, but switching to digital accounting solutions can take the drudgery of paperwork by an exponential margin. According to Elite Business Magazine, business owners lose 120 hours a year (or 3 working weeks) to manual data entry.
By going digital, you can streamline your dataflow and make it accessible to all departments in just click of a button. It also speeds up your rhetorical processes, invoice processing, and reduces supply and storage costs.
Tip #2: Leverage Trending Technologies
Going digital can do wonders in streamlining your bookkeeping and cutting resources, but adding new technologies, such as an accounting workflow software to the system can make for a more exceptional accounting experience.
New tools like Optical Character Recognition (OCR), aka receipt scanning, can reduce manual data entry work, speed up data sharing, provide better financial forecasting, and help the firm achieve an efficient workflow.
Tip #3: Set Metrics
What you can’t measure, you can’t manage, so it helps to create metrics that can help you analyze your current process and see areas that need improvement. Some metrics that can help you create a more efficient system includes measuring the time it takes to complete an end-to-end project, the cost of completing the process, staff availability, and more.
The Bottom Line: Improving Your Accounting Firm’s Workflow To Boost Efficiency And Bolster Growth
Staying on top of your accounting firm’s productivity can be tricky, but it’s a crucial step you need to take if you want to be in a better position to expand your business. Getting a handle on your team’s workflow can ensure you’re crunching numbers and hitting the deadlines, allowing you to build a more profitable organization in more ways than ever before.
With the right system in place, the boost in efficiency can literally add thousands of dollars to your firm as your admin and staff can streamline their work. We can help you set a solid foundation in place with our accounting practice management software.
Our all-in-one, cloud-based accounting practice management solution can help boost your scalability and manage your staff. Try it for free and see what we can do for your business!
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