Workflow Diagram: 1041 Estates & Trusts Process Sheet

Putting together a robust 1041 Tax Return for Estates & Trusts Process Sheet for Accountants & CPA Firms can be challenging, which is why we wanted to go over our recommendation for how to setup a process sheet.

The importance of having a well defined process sheet will help your firm become more productive and profitable. By having a transparent view of your client work, you’ll understand the status of each job, the key metrics behind it, and deliver a service that is highly relevant, valuable, and consistent. With that in mind, we like to breakout the process sheet in three distinct parts: The Foundation, Process and Fulfillment, and Metric Review. Let’s dive into each one.

Bucket 1: The Foundation
In the foundation, we setup key data points as well as key metrics. Most importantly, we recommend tracking turn around time, budgeted hours, as well as price to client. Depending on your firm, you might leave out price to client, but that is entirely up to you.

Bucket 2: Processing & Fulfillment
The next stage is processing and fulfillment of the 1041. This is where the “work” is completed. This is where you can lay out the tasks, due date, triggers, allocated task time. This is also the place where you can setup default statuses and track various milestones.

Bucket 3: Metric Review
Finally, and perhaps are favorite part, would be the metric tracking and review. In this final “bottom” section, we get to review things like our profit margins, budgeted vs actual turn, as well as budgeted vs actual hours. To continue to drive your accounting firm or practice towards profitability (or becoming more profitable), this section is a must!

For more information on the 1041 Tax Return for Estates & Trusts Process Sheet for Accountants, please sure to view the video below.

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