The harnessing of technology, how you position your services and the new expectations from staffing – are each instrumental in developing your Digital Practice. Yes, it is all about improving the efficiency of your firm. Efficiency has everything to do with what your current workflows reveal and how you are able to harness the technology that is already available to automate, free up time and boost the value of your offerings to clients, resulting in profitable growth.

Three Simple Action Points for upgrading efficiency in your Firm 

1. Workflow Management

Panalitix ran a survey and found out that accountants over the year’s do the same 5 tasks every month. On an average it takes them 30 hours to do those tasks. To reduce time for those tasks you will need a workflow management tool like WorkflowMax. Which will help you get the following in place:

  • All information in one system (no need to switch between emails, files and documents)
  • Ease of Scheduling so your staff know what to do when and can focus on the job at hand
  • Clarity and Transparency of Deliverables and Deadlines in one system
  • A systematic management approach enabled by insightful reports from a well designed Job-task structure in WorkflowMax.

2. Talent Spectrum

An average accountant spends a considerable amount of time on administrative work that they should not be doing. They should rather be focusing their time and effort on core accounting tasks. A task like this should be addressed by a client administrator. He\She will be responsible for scheduling tasks, managing workflow, client information and admin tasks.

 Talent like that will need enough tech savvy to manage workflow management tools. Rather than go after fresh talent and train them, you can hire WorkflowMax advisors to do the job for you.

3. Cloud Accounting 

 This one is pretty obvious. The more clients you have moving to a cloud accounting systems the more efficient your firm will be. Data is more easily accessible and checking becomes much more simpler because of multi-device engagement. Data is in real time. Overall, it’s a more efficient system. Converting your clients to a cloud accounting software can reduce up to 60% of an your workload. With these 3 initiatives in place you will be able to drive efficiency within your firm. Which in turn brings in the profits for you and your partners. But remember, while technology is already available, you still need the right talent and teamwork, a correct assessment of workflow and a clear plan of action to achieve the efficiency gains we just discussed.