Even the best accounting firms are only as good as their workflow system—without the right tools, organizations can be set up to fail.
1 min read
Lauren Miller is a content writer for Canopy.
Is your accounting firm intentional about process and workflow? If the answer is no, it’s only a matter of time until processes start breaking down. Without a well-defined workflow management system and the appropriate processes in place, it doesn’t take much for things to fall apart—it could be a seasoned employee leaving and taking legacy knowledge with them, or restructuring your file organization system. Any change could disrupt an undefined workflow system. If this sounds like you, it’s time you implement a workflow solution. Here are three things accounting firms should keep in mind when looking to adopt the best workflow management system.
At any accounting firm, there are repeatable processes that are necessary and important but can end up being extremely time consuming. Don’t waste your staff’s talents on tasks that can easily be automated—let technology do that work for you. This will not only free up your employee’s time for more important jobs, it will also help eliminate task switching and decrease human error. Instead of relying on an employee’s memory to manually assign each next step in the process, let accounting workflow management software remember for them.
Across the globe, the average office worker spends 69 days per year on administrative tasks which can cost companies up to $5 trillion annually, research by Unit4 found.
That’s a lot of time spent doing manual tasks. Think of the increase in productivity your firm could experience if those 69 days were spent working on projects and getting the important work done. That’s what automation can do for you. Additionally, it’s crucial to avoid burnout and loss of motivation among staff (both of which lead to lost productivity) and giving your employees the right tech and setting them up for success can help combat burnout and leave employees feeling supported and motivated.
In the same Unit4 study, 67% of respondents said implementing digital or software solutions was important to remain competitive in their respective markets.
Internal and external communication can make or break a business. Forgotten emails, not following up with a colleague or losing client notes can be a few examples of a degraded communication system at an accounting firm. To avoid these common pitfalls, create established communication processes at your firm. This can be accomplished through accounting workflow software, which allows you to keep track of communication all in one place. As your accounting firm looks to onboard the right workflow tool, keep an eye out for one that offers robust features that give you a firm-wide task view of what everyone is working on which will optimize team transparency and collaboration.
When one thinks of cybersecurity, the first thing that usually comes to mind is an external attack. While protecting information against external attacks is extremely important, having the power to control information internally is just as important. To address the first, choose a safe cloud-based software that is encrypted and can safely store your data. For example, Canopy is SOC-2 compliant and uses 256-bit encryption to secure information.
For internal protection, choose a software solution that gives you the power to limit access to certain employees. Restricting access to authorized users ensures that the people who need the information have it, and those that don’t need it can’t access it. For example, if your accounting firm works with a lot of interns or junior accountants, it’s smart to only give them access to the accounts they are actively working on. Similarly, for your biggest accounts, it’s smart to limit access to those accounts to a select few. This will give you peace of mind and decrease the risk of an error.
Even the best accounting firms out there are only as good as their workflow system—without the right tools and processes in place, organizations can be set up to fail without even realizing it. In today’s day and age, cloud-based tools can greatly help accountants manage workflow at their firms.
Explore more of our recent Articles, User Stories, and Ebooks.
3 min read
3 min read
Lauren Miller is a content writer for Canopy.
Canopy takes the headaches out of client management by offering a way to keep client info organized.
I love how easy it is to setup a new client in this software. Once set up, it's one click to get IRS transcripts downloaded for my review. This saves me at least an hour each week in comparison to the software I used to use.
This makes workflow for tax resolution manageable. This business is a bunch of hurry up and wait. This system helps to refresh my memory while transitioning to different clients.
The ability to securely share documents with clients as well as complete POAs from client contact data already in Canopy. The ability to route workflow between team members with color coded statuses allows us to work efficiently.
Cool features, outstanding customer service, constantly updating to make it better. I love that I can upload files easily to a secure client portal and we don't have to email files anymore. Absolutely can't imagine not having this software.
It's safe and secure. Clients are able to upload documents and the documents are saved their portal which as a result, keeps us better organized. The task feature keeps us organized and we know exactly the status of each client.
Submit this form, and we will be in touch soon to give you a custom demo.
Set a time for one of our product specialists to give you a guided tour practice.