From unprecedented new tax laws to regulatory scrutiny on audit processes, accounting firms will experience a great deal of change in 2019. So, now is a great time to make a plan for improving your firm management processes as well. Many partners take functions like time capture, billing procedures and reporting for granted. However, these functions may be hiding a goldmine of opportunities for improving efficiency. A few simple changes can set your firm up for greater profitability and put you on a path for success well into the future.
Resolutions for better firm management
- Enter time immediately after work is complete. Your staff’s time keeping is always going to be more accurate when they enter your time promptly. The best way to do this is to automatically capture time through timers in your tax software.
- Take better client notes. Keeping detailed notes will help make sure that billing decisions are fair and accurate. And having a complete picture of past interactions will impress your clients as well.
- Send invoices sooner. The sooner you send the invoice, the faster your clients will pay you. Consider sending invoices as soon as the work is complete instead of waiting until month-end.
- Get reports done faster. Compiling information from multiple sources takes a long time. Consolidate your data wherever possible and look for a business intelligence solution that will pull in multiple data sources at once.
- Spend more time on forward-looking analysis rather than past results. The data in static reports are out of date soon after they are created. Interactive dashboards that use real-time or near-real-time data to create data visualizations can help you analyze data more proactively.
Make 2019 the year of better firm management
Firm operations and administration can make a big difference in the success of an accounting firm. Our ebook, 3 Points to Fine Tune for Peak Firm Performance can help you create a plan for improvement. Learn how to achieve better firm management. Request your copy.