Managing and creating 1120 US Corporate Tax Return can be challenging, which is why we recommend having a workflow diagram in place.
In this article we’re going to talk about how to put together your workflow foundation, how to define your proper workflow, and implementation steps for your accounting firm or practice.
Step 1: The Foundation
The first step in defining your 1120 workflow diagram is to set up a proper workflow diagram of your existing process. You can do this a variety of ways, whether it’s using a whiteboard, mind mapping software, pen and paper, even post it notes. Just make sure you have an understanding of your baseline workflow diagram and how work is currently moving through your office. During this stage, it is also helpful to include your team in this process, as they could provide valuable insights in the current 1120 or general tax return workflow.
Step 2: Analysis and Creation
Next, you’ll want to take a look at the workflow and ask “Are there extra steps we can remove?”.
As Jeff would say, elimination is the first step in defining or optimizing your workflow!
Then you can begin to analyze whether you want to edit, update, or add additional steps, but we highly recommend you start by seeing if there are complexities you can remove from the 1120 workflow. You’ll want to pay extra attention to areas of the workflow that cause a bottleneck, and determine if there are templates, procedures, or a previous process you can put in place to resolve the issue. For example, delayed client work might be an issue of on boarding. Or perhaps it’s a better of creating better template emails. Either way, it’s critical to identify the bottleneck AND the root of what caused it.
Related Video: 1120 Corporate Tax Return Workflow Diagram
Step 3: Deploying a new 1120 Workflow and Workflow Diagram
Finally, we’re going to roll out the 1120 Corporate Workflow diagram. We recommend walking through a few “sample clients” through the new workflow. And we mean this literally! Create 2-3 fake clients and simulate the process… really try to get into the mind of your client, and determine if there’s an area that you can improve before you deploy it to your existing client base.
As always, building and growing your firm is a consistent habit, not a random action! Implement, review, refine, and implement… the process never ends. We hope this article was useful for you and your firm as you continue to grow.