From slowdowns in turnaround times to difficulties in keeping track of critical documents, there are many hurdles that severely impact a firm’s ability to perform and deliver top-notch services for clients. Amid all the different problem points that your practice faces over time, the main cause for concern worth watching out for the most is the array of time traps that your firm can end up falling into.

Various time traps to watch out for

In today’s ever-growing accounting industry, the concept of “time traps” is something that is constantly mentioned and discussed because of how it brings various hindrances to any firm’s growth.

Although today’s workplaces and firms have evolving methodologies and updated technologies at their disposal, the fact is that many practices aren’t spending their time correctly. It may not seem like much, but this wasted time accumulates to hundreds or even thousands of wasted hours that could be directed towards productivity and company growth.

Considering that wasted time causes bog-down processes and stretches any array of staff thin, it’s important to circumvent the various time-consuming tasks that your firm still struggles with to ensure that it functions optimally. If you want to ensure that the hours you dedicate each day to running your practice are used in the best possible way, here are the common time traps that you need to avoid:

Time trap #1: Not tracking your time with a time-tracking software

Did you know that you’re wasting a lot of time by not tracking it at all? This is especially true when you rely on the “power” of memory recall or outdated spreadsheets.

It may not seem like much now, but failing to track your accounting firm’s time with the right measures can set you up for longer periods of wasted time because of the sheer propensity of outdated methods for causing errors. Fortunately, this problem can be avoided and solved using a well-equipped, modern software like Firm 360 that makes it easier to track time and remain productive while staying on top of daily tasks!

Time trap #2: Exchanging information in outdated ways

This might be a bit shocking to hear, but communicating with your clients like you usually would is another possible reason you’re eating up more time than you should be.

Often, accounting firms find themselves in a time pinch with their allotted hours because of how much time they spend on waiting for clients to mail their documents, scan their papers, or fax their forms. Conversely, outdated methods for exchanging methods with clients also prove themselves to be a severe time trap because they pose a high risk of document loss, damage, or misplacement—all of which eat up more hours!

Time trap #3: Doing things manually that could be automated

In today’s world, there are a lot of tasks that can be automated.  If you can identify a clearly defined task that someone has to do multiple times per week, then you have found a great candidate for automation.  There are a lot of tools out there that can help you with the mundane tasks that used to take up your time.  Finding the right software to automate these tasks is a great way to claw back some of your precious time.

Conclusion

Out of all the different factors that you’ll need to consider when working towards the overall improvement of your accounting firm, nothing calls for immediate action more than the task of avoiding common time traps. By watching out for the three common time-eating mistakes mentioned above, you’ll be able to help your firm get a leg up on the competition by enforcing efficiency in the most effective ways!

For the best accounting practice management software in the US, Firm 360 is the solution you need. Our software is made by accountants for accountants—get in touch with us today to see how we can help!

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