Workflows are a vital part of every business. Without them, teams would struggle to get things done on time and consistently. When properly organized and managed, workflows help your team complete tasks and projects more efficiently.
But what are workflows? Why are they important? And how can you use them?
A workflow is a series of planned and repeatable tasks that you follow to complete a project. Essentially, it’s your process to get work done.
For many accounting firms, work gets done, but not always in the most efficient and organized way. Processes may have been created over the years, but only when the need arose and not necessarily with efficiency and productivity in mind.
Through workflow management, you can organize how your processes are:
- Set up
- Carried out
- Managed
- Tracked
Organizing and managing your workflows allows you to predictably grow and scale your firm, as they allow you to create standardized processes to complete tasks at the same level of quality and consistency. Having these processes laid out in a step-by-step fashion ensures everyone is on the same page and understands what to do next when completing key tasks.
The Importance of Workflow Management
Why is workflow so important? Do you really need it? Yes. Workflows allow you to do several things:
Delegate Work
When you create workflows, you create a list of tasks or steps that must be completed to finish a project. Well-organized workflows make it easy for team members to get work done.
They also make it easier for you to delegate tasks. Without proper workflows in place, team members may miss deadlines or important steps when completing the work.
When you can confidently delegate tasks, you can spend more time on important tasks that help grow your firm.
A few times when workflows really shine are:
- Adding new team members
- Retiring from the business
- Selling your business
Oftentimes, owners and partners become such an integral part of the business that they handle tasks that no one else in the firm knows how to manage. When this happens, it puts your business at risk because it is too reliant on one individual.
Workflows help break through this reliance and allow you to streamline processes that often are time-consuming.
Improve Firm Productivity
Because workflows clearly outline the steps to completing a job, creating and managing them can help improve firm productivity. Team members will not get hung up on what step to take next because it’s all outlined for them.
When your team knows what is expected of them and how to complete tasks, they spend less time asking questions or problem-solving.
Improved productivity means that your firm gets more done faster and with less stress on your team.
Organizing and managing your workflows allows you to predictably grow and scale your firm, as they allow you to create standardized processes to complete tasks at the same level of quality and consistency.
Smoother Transitions and Training
When hiring new staff, workflows can make the transition and training much easier and streamlined. New staff members can walk through each process to understand how the work is completed.
Creating workflow templates along with your processes is key. Well-organized workflows and templates can help ensure that all tasks are completed to your standards and produce the same level of quality every time—regardless of your turnover rate.
They also ensure that new staff members can confidently complete tasks because they understand how things are done.
Enhance the Client Experience
Workflows can also improve the client experience because:
Clients consistently receive the same level of quality
- Clients know what to expect
- Work is delivered on time
Happy clients stick around, and workflows can help improve client satisfaction.
How to Use Workflow Templates
Templates outline the step-by-step process of completing a task or job. They help to ensure that any staff member can get the work done properly and on time.
Workflow templates can be created and used for many purposes, some of which include:
- Tax returns
- Payroll
- Bookkeeping
- Lead tracking
- Year-end reviews
- Invoicing
- Onboarding
- Other recurring processes
- Year-end and quarterly reviews
- Engagement letters
When creating your templates, remember that they likely will be custom to you and your firm. I recommend sitting down, analyzing your workflow and processes, and creating templates to outline these workflows step-by-step.
Be derailed when creating these templates so that if you’re not present, someone else can follow the template with no business interruptions.
Additionally, templates reduce the risk of human error and add consistency for clients, which improves satisfaction, too. If you use templates properly, they will become an integral part of your workflow.
Workflows can benefit your firm in many ways. Along with improving efficiency, they can help ensure that all work is completed to your standards. Workflows also help improve the transition and training process for new staff.
If you are not using workflows already, the guide above is an excellent place to start.
John Graziano, CPA, PFS, CFP®, and FFP Wealth Management are not only servicing the financial planning needs of his growing list of clients, but he is actively mentoring and offering advice to over 80 CPA’s firms around the country, who wish to transition their business to include Financial Services for their clients. He has written several articles and held seminars on the subject. John has appeared on Fox Business and was mentioned in Business Week, Investment News, Newsweek, Senior Market Advisor and other local publications. If you have questions about expanding your accounting firm’s services, you can contact John at: johngraziano@ffpinc.co.
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