By Analytix Editorial Team
Every business needs to embrace change to stay afloat in a competitive market. Adopting new strategies and improving the existing process enables a business to provide better services and attract new customers. This is especially true for businesses in the accounting industry. Accountants have to ensure they use the latest accounting tactics to reduce taxable income and identify financial risks. Additionally, CPA firms should optimize their processes to remain ahead of the competition and provide comprehensive services.
There are multiple ways for accounting or CPA firms to improve their business processes. This can include helping to complete back-office tasks such as accounting and bookkeeping faster, bringing accuracy, providing in-depth advisory, and improving client-centric services.
To get started, continually monitor your existing processes, strategies, and client satisfaction. Examine these process improvement considerations for CPA firms given the five key business functions and characteristics below:
1. Consistency: Consistency enables you to focus on improving the turnaround time of high-priority tasks. It makes the process linear, allows for more productivity, saves money, and maintains quality work. Work on your schedules and assign quicker tasks to experienced resources to bring stability. This is crucial for accuracy and for preventing unnecessary problems.
2. Automation: Nowadays, businesses rely on technology to automate business functions and improve operations to increase the chances of your business succeeding in a competitive market. Implementing and integrating the latest accounting technology can help reduce human error and automate tasks like data gathering, transaction recording, bank reconciliation, and payroll processing. In addition, the utilization of accounting software reduces the overall workload and allows teams to focus on strategic solutions.
3. Client-Centric Approach: Staying well connected with clients is always the most important priority for any business. To be successful, you need to ensure that your services are satisfactory and meet client requirements. Take a new approach towards improving client services and win their trust with assurance. Use modern technology to share project progress and other details to allow your clients to stay up-to-date on deliverables. Understanding their experience will help you improve your services and provide more solutions. It is an excellent way to increase revenue while removing barriers.
4. Resource Management: Poor team management and improper allocation of resources can constrict the existing process. It could dampen the productivity of the entire team. Moving strategically is very important to unlock the full potential. Consider effective collaboration between clients and resources, scheduling audit and project deadlines, and project management tools for tracking tasks. This can allow your team to stay prepared, and it provides everyone enough time to review. In addition, better engagement allows clients to stay prepared with necessary details and documents during audit and tax filing.
5. Monitoring: Again, monitoring your existing process will help you identify gaps, restructure, and improve broken processes. To stay focused on core competencies, it is advisable to monitor the existing process and always strive for improvement. Return to square one and follow the cycle again.
If you struggle with balancing productivity with an increasing workload, one solution is to outsource your accounting functions like payroll processing, accounting, bookkeeping, forecasting, and part-time CFO services to a trusted partner. They can contribute skilled and dedicated resources to expand your team.