We’ve witnessed the seemingly relentless challenge of end of year accounts in many accounting firms. The good news is, we’ve got solutions and we’re willing to share them! There are a few simple ways to fix bottlenecking through key workflow changes, that will have huge flow on effects to your business, including employee retention, recruitment and overall profitability.

Here, Wayne Findlay (CEO/Director of The Back Room), explains how these benefits are truly achievable and provides his guide ‘Re-engineer Year End’, so you can make it happen for your business.

Systems + software = success!

Most business successes start with having great systems in place. Sometimes, it’s about re-thinking the process, which is what we did with our end of year accounts. We called our system ‘prepping’. Prepping has changed our business workflow and means we can get ahead of end-of-year accounts well before they become a problem.

It’s made simpler with the use of the Xero software, which works beautifully in conjunction with our prepping process. Due to the dynamic single-ledger, clients and accountants are connected to the same data – real time, anytime.

It leads back to employee satisfaction

Finding and keeping experienced, qualified accountants is single-handedly one of the most challenging parts of running an accountancy firm. It’s difficult to deliver a quality service to your clients when you’re battling the upheaval of staff turnover. Changing your processes around prepping for end of year accounts has massive employee benefits – junior accountants gain better experience and learning opportunities, senior accountants are freed up to spend more time on value added activities, and everyone (including your clients) are happier!

It has a direct impact on your financial bottom line

By implementing ‘prepping’ through Xero, there’s a significant impact on the overall efficiency of processing end of year accounts. You can designate the right tasks to the right people, while increasing opportunities to outsource tasks to junior accountants. Outsourcing is an extremely cost-effective option when it comes to routine accountancy work, such as end-of-year accounts and has played a significant part in our prepping process.

So, what makes the difference?

  • Changing workflow systems to include a ‘prepping’ process
  • Utilising Xero software
  • Seeking offshore assistance to free up senior accountants

Learn more about prepping here

Download your copy of Re-engineer Year End – your ultimate guide to transforming your end-of-year accounts, courtesy of Wayne Findlay.

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