Regardless of the scale of your accounting firm, there’s no denying the benefits that efficient time management can bring. It can make employees happier and boost productivity for the entire company—both of which are crucial to the long-term success of your firm. Not only that, but your clients will have much to gain as well, as being able to manage your time effectively means that you’ll be able to serve them better.
With these in mind, you might be wondering how exactly you can start experiencing the same benefits in your firm. In this article, we’ll show you how. Below, we’ll talk about three, effective time management tactics that you can implement in your accounting firm.
1. Streamline your workflow
Accounting firms are subject to peak seasons in the year during which workloads are extremely heavy. In order to cope and keep your employees and clients happy, you need to ensure that inefficiencies within your workflow are minimized.
This can be achieved in a variety of different ways. On the executive level, you can stay on top of your workload by delegating tasks to your employees and keeping track of their individual progress. Ideally, you would have a way to sort through this information in one easy location; as this will let you easily spot bottlenecks in your operation that need addressing.
In any case, the idea is to observe how tasks are routed and completed within your firm and then keeping an eye on where progress appears to be hindered. In doing so, you’ll be able to make the necessary changes in order to eliminate the problem.
2. Store client information on a centralized system
Some of the biggest accounting firms work with hundreds, if not thousands, of clients simultaneously. Each one of these clients will have their own specific set of needs, and you will need a way to effectively store all that data somewhere. In terms of time management, you have to ensure that everyone who needs access to this data is able to quickly retrieve it.
You can do this by storing and organizing all the pertinent client information in one main system. An electronic one would be the best option since these can typically be accessed remotely and at any time of the day. This way, anytime a manager or an individual CPA needs information on a client to do their job, they can simply log into the system and get what they need.
3. Relegate administrative work to computers when applicable
Obviously, most of the work that will be performed in your firm will involve accounting, but remember that other functions like time-keeping and invoicing are also required. These administrative jobs, while critical to your firm, take up valuable time and resources to complete; but did you know that you can assign these tasks to automated systems?
Doing so will allow you to allocate your manpower more effectively, and you probably won’t have to rely on temporary or outsourced employees to cover these jobs even during peak seasons. Also, by assigning this type of work to computers, you can ensure that the work is done faster and with fewer errors.
If you think about it, effective time management is essentially maximizing the work output of your people. While the idea is rather straightforward, executing it in your accounting firm might take some trial and error on your part.
Firm 360 is a workflow management system that’s specifically designed for CPAs and accounting firms. Our software features powerful tools to help you manage your employees’ time better and serve your clients more effectively. If you want to take advantage of these benefits, visit our site to get started.