Do you know what is taking up your time?

As I am sure all of you are aware, the role of the accountant is slowly but surely changing. Your job now extends beyond number crunching and advising to being regulatory policeman too. Thomson Reuters found this week that iXBRL filing, a compulsory regulatory process, adds an average of seven hours and twelve minutes or more to each set of your accounts, contributing to the many time pressures accountants now face.

If you combine these extra hours with other time intensive tasks demanding your attention such as end of year reporting, it’s easy to see why over servicing clients can easily happen. To make sure this doesn’t, you need to adapt internal reporting practices and measure the time spent on each activity to more effectively forecast and plan resources.

This is not achieved by inputting rough estimates of time spent on activities into a spreadsheet at the end of the week, but by accurate and real time reporting that is aligned across the company within an integrated ERP system. As they say, knowledge is power, and clear insight into exactly where time is being spent and on which client ensures your firm uses its resource in the most effective way. Doing so reduces over service and impacts positively on profit margins in the long term.

 

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As the saying goes, knowledge equals power. But knowledge can also equal profit, as informed decision making and real time business insights give Accounting firm Partners the ability and empowerment to shape their business success. In this blog series Chris Duddridge, Business Director at Deltek, a global software company with a track record of helping Accounting firms improve their bottom line, shares his experiences of guiding clients to improve visibility of their operations, reduce administrative costs and ultimately, run a more profitable business.

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