Why You Should Be Using Accounting Workflows

What are Workflows?

A workflow is a series of planned and repeatable tasks that you follow to complete a project. Essentially, it’s your process to get work done.

For many accounting firms, work gets done, but not always in the most efficient and organized way. Processes may have been created over the years, but only when the need arose and not necessarily with efficiency and productivity in mind.

Through workflow management, you can organize how your processes are:

• Set up
• Carried out
• Managed
• Tracked

Organizing and managing your workflows allows you to predictably grow and scale your firm, as they allow you to create standardized processes to complete tasks at the same level of quality and consistency. Having these processes laid out in a step-by-step fashion ensures everyone is on the same page and understands what to do next when completing key tasks.

The Importance of Workflow Management

Why is workflow so important? Do you really need it? Yes! Workflows allow you to do several things:

Delegate Work

When you create workflows, you create a list of tasks or steps that must be completed to finish a project. Well-organized workflows make it easy for team members to get work done.

They also make it easier for you to delegate tasks. Without proper workflows in place, team members may miss deadlines or important steps when completing the work.

When you can confidently delegate tasks, you can spend more time on important tasks that help grow your firm.

A few times when workflows really shine are:

• Adding new team members
• Retiring from the business
• Selling your business

Oftentimes, owners and partners become such an integral part of the business that they handle tasks that no one else in the firm knows how to manage. When this happens, it puts your business at risk because it’s too reliant on one individual.

Workflows help break through this reliance and allow you to streamline processes that are often time-consuming.

Improve Firm Productivity

Because workflows clearly outline the steps to completing a job, creating and managing them can help improve firm productivity. Team members won’t get hung up on what step to take next because it’s all outlined for them.

When your team knows what’s expected of them and how to complete tasks, they spend less time asking questions or problem-solving.

Improved productivity means that your firm gets more done faster and with less stress on your team.

Smoother Transitions and Training

When hiring new staff, workflows can make the transition and training much easier and streamlined. New staff members can walk through each process to understand how the work is completed.

Creating workflow templates along with your processes is key. Well-organized workflows and templates can help ensure that all tasks are completed to your standards and produce the same level of quality every time – regardless of your turnover rate. They also ensure that new staff members can confidently complete tasks because they understand how things are done.

Enhance the Client Experience

Workflows can also improve the client experience because:

●       Clients consistently receive the same level of quality

●       Clients know what to expect

●       Work is delivered on time

Happy clients stick around, and workflows can help improve client satisfaction.

How to Use Workflow Templates

Templates outline the step-by-step process of completing a task or job. They help to ensure that any staff member can get the work done properly and on time.

Workflow templates can be created and used for many purposes, some of which include:

• Tax returns
• Payroll
• Bokkeeping
• Lead tracking
• Year-end reviews
• Invoicing
• Onboarding
• Other recurring processes
• Year-end and quarterly reviews
• Engagement letters

When creating your templates, remember that they’ll like be custom to you and your firm. I recommend sitting down, analyzing your workflow and processes, and creating templates to outline these workflows step-by-step.

Be derailed when creating these templates so that if you’re not present, someone else can follow the template with no business interruptions.

Additionally, templates reduce the risk of human error and add consistency for clients, which improves satisfaction, too. If you use templates properly, they’ll become an integral part of your workflow.

Final Thoughts

Workflows can benefit your firm in many ways. Along with improving efficiency, they can help ensure that all work is completed to your standards. Workflows also help improve the transition and training process for new staff.

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John Graziano, CPA, PFS, CFP®  is president of FFP Wealth Management,servicing the financial planning needs of his growing list of clients. He is actively mentoring and offering advice to over 80 CPA’s firms around the country, who wish to transition their business to include Financial Services for their clients. He has written several articles and held seminars on the subject.

Graziano has appeared on Fox Business and was mentioned in Business Week, Investment News, Newsweek, Senior Market Advisor and other local publications.