At this point of year you may be thinking, why have I not looked at these accounts earlier or do I not have a right staff or shall I give up this client to some other accountant… These are really some of the Goosebumps you get facing filing deadlines. Once you are under the stress of completing the work on time you may often skip quality parameters and completely forget providing the value added services which you thought of at the start of the year.
Based on our experience of working with successful practices, we believe the best way to complete the records in real time is:
- Step 1- Segregate your accounts between Complex, Medium Complex and Simple Accounts. This can be done on the basis of volume of transactions, quality of book keeping , etc
- Step 2- Divide your team or time into these categories. This will ensure the team is completely focused on the task.
- Step 3- We can learn a lot from the Automobile Industry where the assembly line concept is followed. Divide your team or the work between data entry, schedule preparation, reviews, etc
- Step 4- As soon as the client financial year end is over, proactively chase for the records from the clients. Clients will appreciate you being genuinely interested in their business
- Step 5- Depending on the team allocations- Complex, Medium Complex and Simple, set out the target for each team. Your targets can be higher for simple and Medium Complex but a bit lower for Complex accounts. You will be able to complete Simple and Medium Complex accounts in record time. This will help reduce stress and allow you or your team more time to focus on completing accounts which are more complex and give the value added services your clients deserve.
In a nutshell, you will reduce pressure and stress in the office for yourself and your staff. Your clients will be happier because their work is completed on time and they will be grateful for the advice and feedback you have been able to give to improve their business.
About the Author
Sachin Lohade is a Chartered Accountant and works with Accounting Firms to improve practice and reduce costs. He can be reached out at email@example.com or you can visit www.corientbs.com for further information.