Stop the siloed approach - firms must act as one company | AccountingWEB

Stop the siloed approach - firms must act as one company

Traditionally, professional services organisations (PSOs) including accounting firms have taken a departmental approach to managing their business – this is often the result of a period of fast growth or acquisition. You’re probably familiar with the term “silo structure”. This tends to create  rigid and isolated silos that lack visibility into key cross-business information for making critical business decisions, and thus hampering growth.

Instead accounting firms need to manage their business with a ‘one-firm’ mentality rather than, for example, managing five separate divisions run by five different Partners. The aim should be to save time and money by integrating a series of individual processes by which companies operate. 

By using scalable enterprise systems that unify key operations of the business it can be managed as one firm – this approach will give partners insight into real time statistics and a view to the financial health of the company as a whole.

Such holistic tools allow you to see the whole picture without losing any of detail which underpins your entire structure. Successful managers need to be able to see the wood for the trees, as well as be able to identify the trees themselves. 

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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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