Create Standardized Processes with Workflow Accounting Software
Every accounting firm has a unique definition of business success. Whether your firm focuses on quantity by building up a big client base you can churn through quickly or you opt to serve a smaller niche of complex clients with specialized legal and regulatory requirements, if you want to be consistently profitable and successful, you need consistent, repeatable processes. Processes that work and that everyone can easily follow are made possible by accounting workflow software that standardizes each step.
Without an optimized workflow, employees are left wandering from task to task and end results could come out different every time.
In our eBook, "5 Ways Workflow Automation Supports Firm Goals," we talk about how to support your firm's business goals using consistent repeatable processes enabled by workflow accounting software.
Disadvantages of Ad-Hoc Processes
As long as the work gets done, why does it matter how it gets done? Processes that are developed on the fly are seldom the most efficient use of resources, but rather an employee's attempt to determine the quickest way to accomplish the goal. These by-necessity decisions often result in everyone performing the same task in a slightly different matter resulting in:
- Bottlenecks and inefficiencies that restrict capacity.
- Varying results depending on who completes the project—and how.
- Time-intensive training of new employees because there is no single answer to "how do I do this?"
- Loss of knowledge when key staff members leave the organization
That chaos can be compounded in firms with multiple partners or multiple locations—or during a pandemic, for example—when there's no face-to-face communication to ensure everyone is on the same page or following the same steps. That's why developing consistent and standardized work processes for all staff is imperative.
Leverage Accounting Workflow Software to Create Consistent, Repeatable Processes
Consistent processes provide a plan for everyone to follow to complete any kind of project the firm might tackle. Eliminating the guesswork not only saves time and reduces errors, it allows staff to work independently, without constant questions and the need for continuous input from managers. As a result, the time savings compound and your managers are freed up to work on higher-level consulting with clients. Talk about a win-win.
Other benefits of standardized processes that can be accessed across multiple departments, offices, and regions include:
- The end product is organized in the same manner each time, so clients know what to expect.
- Training new employees is easier because it's based on documented processes that are consistent and make sense.
- It's possible to proactively identify potential bottlenecks and inefficiencies.
- No knowledge is lost if key staff leaves the firm.
Consistent Processes Lead to Consistent Success
Ad-hoc or "accidental" processes might have worked when your firm was just starting out. But if you're ready to streamline and build your bottom line, it's time to hold your firm to a higher standard. That starts with standardizing your processes to boost efficiency, improve accuracy, and ensure a quality end result for every engagement.
Accounting workflow software from Wolters Kluwer's can help you optimize your workflow by creating consistent, repeatable processes that are easy to follow.