How accountants can take the smart path to success (infographic included)

When an accounting firm tries to reach new heights, it can be a dangerous business.

The biggest risk is that, as demand for your company increases, you lose sight of what’s important. Staff can become disengaged and leave, and billable time can decrease. Even data, which is the “north direction” for every accountant, is in danger of being lost.

Meanwhile, clients, who are struggling with their own growth and regulations – like MTD – need support. If they don’t get it, they will look elsewhere.

The solution is to review your human resources and digital systems – to implemented a management approach called Operational Excellence.

What is meant by Operational Excellence for you?

Operational Excellence can represent an untapped opportunity for your company. It has been tried and tested in various sectors for half a century.

This approach focuses on continuous improvement, team alignment, and measurable results. It helps turn challenges into opportunities, brings teams together, and makes businesses efficient.

How does it work at an accounting firm?

For accountants, operational excellence means developing and reviewing systems before disaster strikes. If you do, you save time, resources, and stress.

Operational Excellence is basically about:

• Movers continuous improvement with a clear plan
• Focus on customer service
• Defining clear and encouraging roles internal collaboration
• Make change possible on every level

But how are you implementing Operational Excellence?

There are five key areas where operational excellence can transform an accounting firm:

1. Leadership and strategy

Does your company have clear goals and vision? Are goals communicated regularly, and is performance measured against overall company goals? Operational excellence starts with leadership that manages risk and drives continuous improvement across teams. In accounting, this means not just reacting to regulatory changes, but proactively shaping your company’s future.

2. People and culture

A culture of operational excellence encourages staff to suggest improvements, provide regular training, and take appropriate action. Collaboration between departments is very important. When everyone understands the company’s goals and feels empowered to contribute, engagement will increase and performance will improve.

3. Process and workflow

Consistent and documented workflows are the backbone of operational excellence. Can you track work progress, identify bottlenecks, and analyze efficiency? For accountants, this means completing each task, assigning responsibilities, and ensuring compliance steps are completed. Continuous improvements in workflow reduce missed deadlines and improve client service.

4. Technology and data

Are your systems integrated and sharing the same information? Automation should handle repetitive tasks, and your environment should support remote work without sacrificing control. Data security is paramount. Good cloud software creates a “single source of truth,” eliminating rekeying, reducing errors, and ensuring everyone is using the latest information.

5. Client experience

Operational excellence doesn’t stop with internal processes. It is also an integral part of providing consistent, high-quality service to clients. Feedback mechanisms, proactive communication and the ability to articulate your added value are critical. Satisfied clients are loyal clients, and operational excellence ensures their experience is always positive.

Why modern digital system critical to Operational Excellence

Modern, integrated digital solutions are essential for Operational Excellence because they provide:

• Integrated data: A single client database at the heart of operations.
• Control tasks throughout the practice: Dashboard to track progress and spot issues.
• Access to more people power: Integrated outsourcing options that use the latest technology to share information are a safe way to handle work overload.

How are you? measure success with Operational Excellence?

Setting a plan is one thing; it’s another thing to see how well it works. You need to make sure you follow seven important steps.

1. Assess current processes: Identify inefficiencies and bottlenecks.
2. Define clear goals: Align goals with your company strategy.
3. Involve and train employees: Foster a culture of improvement.
4. Applying lean principles: Simplify processes and eliminate waste.
5. Leveraging technology: Automate tasks and increase accuracy.
6. Monitor progress: Use KPIs to track initiatives and adjust strategies.
7. Drive continuous improvement: Seek feedback and make continuous improvements.

A plan to implement Operational Excellence (infographic)

Read our guide to know more about operational and accounting excellence

This blog can only scratch the surface. Where should you go next if you want to know more? Visit our resources section and download our FREE guide.

Track your progress with the quiz, then learn how to:

• Drive continuous improvement
• Simplify workflow
• Use an integrated digital system
• Improve client experience
• Empower your team

Get info from the experts

The experts behind this guide have decades of experience in accounting, marketing, and technology.

Eva Mrazikova is an accountant who, as Senior Director of PMM and broader ACC strategy at IRIS, oversees go-to-market strategy, product positioning and customer engagement.

Jon Cooper is a Senior Product Marketing Partner at IRIS, connecting software and services to the needs of accounting firms. He has led teams of accountants and bookkeepers.

With their help, you’re protected, whatever the challenge. Keep your team aligned and set your sights forward and upward.