Workflow: A Foundation for Today s Emerging Firms. Cathleen F Foley, CPA, MST Director of Client Development

Transcription

1 Workflow: A Foundation for Today s Emerging Firms Cathleen F Foley, CPA, MST Director of Client Development

2 Presenter Cathy is the Director of Technical Sales for XCM Solutions. She has over 25 years of both national and regional public accounting experience. She started her public accounting career in audit but eventually moved over to tax. At XCM, Cathy has consulted with firms implementing web based workflow technology and now focuses on creating sales strategies for web based workflow technology and outsourcing opportunities. Cathy Foley, CPA, MST Director of Client Development, XCM Solutions

3 Agenda Workflow defined Value of true workflow system How workflow fits into your firm s strategy People, Process and Technology

4 Workflow Defined Workflow in accounting

5

6 Value of True Workflow Automation System Visibility Digital Operations Productivity Standardization Compliance/Control Accountability Client Service Flexibility

7 Evaluating Workflow for Your Firm How do you know your firm is ready to commit to workflow? Do you have more than one location? Do you want to standardize your procedures In the past year, has your firm experienced errors or quality issues, or missed deadlines or internal due dates?

8 Evaluating Workflow for Your Firm What do you want to accomplish? What is the problem you are trying to solve? Workload balance among staff Better coordination within/across departments Improved accountability Real-time visibility into work status, reporting Scheduling Digital work management

9 Major Workflow Misconceptions Workflow is a large firm issue. Truth: Firms of all sizes recognize workflow as a top business and technology issue (as shown above). Emerging firms are more agile and equipped to take advantage of workflow automation more quickly.

10 Major Workflow Misconceptions Good enough tracking tools support proper workflow. Truth: Tracking is a by-product of a full workflow solution, which empowers users to move work digitally through standardized and automated processes.

11 Workflow Component of Technology Strategy When done properly, workflow is a key enabler of positive change in several areas 70% 60% 50% 40% 30% 20% 10% 0% 47% 61% 47% believe generation services is critical to GENERATING REVENUE and 61% believe examining processes and workflow is key in COST CONTROL Growth of Services

12 Workflow Component of Technology Strategy Always regard technology strategy as a COMPETITIVE ADVANTAGE Always work with the BEST software application available for each particular task, function, or process Always allow PLENTY OF TIME for people to implement and learn new technologies Always and usually follow a written, strategic technology PLAN Always and usually continue, year after year to experience measurable increases in PRODUCTIVITY. Use a WORKFLOW solution. SCAN on the front end Receive thorough and continuous TECHNOLOGY TRAINING Always ENCOURAGED TO EXPLORE new technologies and better ways of doing things Always and usually the among the first to adopt NEW TECHNOLOGY

13 Workflow Component of Technology Strategy 2x more likely to affirm We are 100% paperless. 1.5 x more likely to affirm new technology and encouraged to explore new technology and practices. 2x more likely to rate their firm as a world-class competitive leader. 3x more likely to affirm written, strategic, technology plan. 22% more likely to report superior goal achievement performance. 2x more likely affirm the best software application. 2x more likely affirm a technology strategy as a competitive advantage. 2x more likely to understand the opportunity cost and risk in delaying new technology adoption.

14 People Process Technology

15 Human Capital as the Foundation According to the 2015 Private Companies Practice Section (PCPS) CPA Firm Top Issues survey, staffing issues lead the list of concerns for accounting firms of ALL sizes (except sole proprietors)

16 Is it the Process or the Solution 1 st? They Occur Simultaneously

17 1 The Process of the Process Imagine the ideal Identify the Current Process Explore the options Map out the new process Continued Improvement

18 Measure the success of the solution KPIs - Look beyond traditional measurements o Real-time Budget vs. Actual o Cycle Time o Just in Time o Bottlenecks

19 1 Implementing New Technology Identify the Pain Points - Collect Feedback from employees, what would make their work easier and faster Tech solutions must work together - Cloud based applications provide flexibility, but must provide compatibility Communicate and Manage Change Set Benchmarks and matrices to monitor progress - Technology requires constant monitoring for continued enhancements

20 Workflow The glue that pulls people and process together

21 Questions? Cathleen Foley, CPA, MST

22