Episode 18: Creating efficiencies in processing end of year work (Renovate Part 2)
Sam continues the series based around the BlueprintHQ Renovate Program, which is all about helping create space in our firms and getting a super efficient at what we do every day. These sessions are all around the job processes for End of Year tax work, which still takes up about 85% of our work, so it's this area that accountants need to get super focused on. If you haven’t yet listened to Episode 16, about the overall workflow, and Episode 17 about the first stage, then do so before you listen to this episode.
In this episode, Sam covers the second stage of the work flow. This is around processing jobs and making sure you are establishing the mindset and the systems to create more efficiencies in this stage. Sam explains the steps in processing a job, the power of the finishing mindset and the importance of getting accountants doing accounting work and having other staff do the rest. She also discusses the difference between redoing and reviewing, the blocks and inefficiencies that can happen in this stage, and why you should write down processes even if you don’t have staff.
Listen to a snippet
What we cover in this episode
The power of the processing stage
Establishing the finishing mindset as the key to turning jobs around faster
The steps in processing a job: job preparation, cleaning up the data, peer review, compliance magic, income tax/financial statement work, verification review, tax optimisation
The importance of getting accountants doing accounting and training staff or outsourcing other work
Rethinking the production of financial statements and the stages to get them ready
The different stages of reviewing and teaching the next generation how to do it
Redoing versus reviewing
The blocks and inefficiencies that happen in the processing stage
The importance of empowering trustworthy staff and techniques to do that
Why you should write down your processes even if you don’t have staff
Quotes
“We want to start rethinking financial statements and what we actually use them for. If you're constantly having to clean up data for businesses that may or should rely on their financial statements daily, it's at this point you could say, Well, how could I help them going forward?”
“We know that in most firms that we work with…there is a labor shortage around accountants, particularly high level accountants. We want to make sure that accountants are doing accounting. We’re breaking down the stages, and we can get other people in [to do the other stages of work].”
“There’s no processes around reviewing. We’re taught it through when we get to a certain experience, somebody says ‘you can start reviewing’. So then we have a bit of trial and error.”
“Do live reviews with your staff. You don't have to do it on every job, but sit down with them and actually talk them through it. Get them to document what you're doing, so then you can be very clear on that, and they can actually learn from it.”
“Even if you don't have staff or you’re a solo senior accountant, do it anyhow, because writing down your process actually makes you more efficient.”
Links
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