Rebuilding your processes for growth

The accounting profession has gone through a huge transformation over the last decade. Technology advancements, cloud computing, a globalized economy, increased automation of compliance, the introduction of a unique generation to the workforce, and new expectations from clients have reshaped accounting, completely changing the way you work.

So why are you trying to run a successful accounting practice using a business model designed before this evolution?

Dozens of processes are carried out in your firm each day. Your team goes through similar steps to prepare a statement, onboard a new client or complete a tax return. These steps determine how the information flows and who handles what.

If your firm were a machine, it would be your processes that determine how the cogs and gears interact, how quickly parts get put together, how much is spent, and whether there will be a defect in the product at the end of the conveyor belt.

Thanks to technology, few products get manufactured today in the same way as ten years ago, and accounting technology has been just as revolutionary. So have you assessed the way you manufacture your firm’s products?

⬆️ Tweet this ⬆️

It’s easy to take for granted that some tasks you can now perform in minutes once took hours or days to complete. Because these ongoing improvements have happened, processes in most firms have adjusted organically over time. The steps, speed, and staff involved have all been altered, but often without much deliberate consideration or planning.

When looking at the journey to the cloud of accounting firms, one of the most incredible findings is that practices are implementing software-as-a-service systems without rethinking the processes that these systems are part of. Therefore, not only are they not maximizing the gains of the cloud, but likely causing tension in areas that should be running smoothly.

Analyze & refine

Think about the core processes that need to be improved—whether it’s to perform them more quickly, execute several at once, or to improve their quality—and ask what core changes need to happen if you’re seriously going to double your profit. As a Partner, you may be removed from some processes. If any have been delegated to other team members, involve them in this step, or better still, empower them to lead it. Your goal is to make sure each aspect of every operation is well-planned and performing as well as it could.