Process Sheets for Accountants & CPA Practices

Building process sheet for each service as an accountant or for your accounting firm can be challenging, which is why we wanted to walk through the foundational best practices for running a highly profitable process sheet. Which is why in this video, we wanted to give an overview of our process sheet recommendation. Screen Shot 2015-07-03 at 8.56.41 AM There are some important points about how the process sheet was put together. First, whether you're tracking tax returns, bookkeeping, general accounts, or payroll inside your accounting firm, it's important to define the metrics that you will optimize for. These metrics are critical for running a successful firm or practice. Metrics We Chose and Why: In the video, we choose to optimize around turnaround time and profitability. As an accountant, these are two critical metrics to keep in mind. Turnaround time helps us determine how well we operate internal, the systems and process we have in place. The profit margins helps us determine if our firm or practice is financially on the right track. There are some firms that also want to add a third metric, which I think can be important. The third metric is around team and/or client satisfaction. I recommend using a variation of the NPS (net promoter score) inside your firm. Every month or quarter (you can also do it twice a year or yearly depending on how many new clients come in), you can send out a quick, 30 second survey on how likely they are to recommend others to your accounting firm or practice. The Foundation When setting up a process sheet, the "Foundation" is an important component for your accounting practice (example of a 1040 process sheet here). You'll notice I highlight the target turn vs actual turn, as well as budget hours. This is extremely helpful when determining staff and team schedules, and when we review the report, will help us understand capacity and profitability better. Whether you're looking to create your first process sheet or improve the one you currently have, building out the systems and process in your accounting firm or practice will help you maintain quality control over your product (service delivery), which drives referrals, word of mouth growth, and profitability.  

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