The big shift to practice efficiency in the 'new normal'
29th Jul 2020
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It is easy to get lost in your day to day work. However, taking some time to step back and analyse the processes and the technology you use to run your practice is essential to improve the efficiency of your firm.
Because of the Covid-19 pandemic, practitioners are now busier than ever dealing with advisory work, tax work arriving earlier in the year and helping clients with their cashflow forecasts and grant and loan applications.
Besides, they have to do this while adapting to new ways of working – mostly working from home and coordinating their teams remotely.
This situation has motivated accountants to look for new automation options and ways to make efficiency gains, as well as cloud software that allows them to continue to work closely with colleagues and clients almost as if they were in the same office.
Practice management tools are also essential during the ‘new normal’, as they make working from home easy – working as a single point of truth for all employees and tasks, allowing everyone to collaborate in all the different projects.
A good practice management system enables you to have full visibility of all your tasks and improve your processes. For instance, you can set up reminders for those tax returns needing filing, or for annual events, improving your productivity and helping you ensure nothing falls through the cracks.
But regardless of the current situation, looking at your working methods and procedures regularly will allow you to discover the systems and software that are no longer useful for you so that you can replace them with new tools. It will also help you identify the areas of your workflows that need to be changed so that you can grow your practice and offer the best possible client service.
The latest guide by Thomson Reuters shows you the new processes you can implement to see real benefits in your practice, including how to work smarter with remote working, digital workflows, improved billing and advisory services.