Audit And Tax Workflow For First Timers

Many small and mid sized CPA firms are missing a big opportunity to improve their audit and tax processes. Workflow solutions have been around for many years but these firms have not taken advantage of this technology.

Is workflow worth the investment of time and resources to implement? For most firms the answer is likely yes. There are four specific benefits good workflow can deliver to almost any firm:

  1. Increased Visibility: Workflow gives the firm much better insight into where everything stands in a particular process. This is particularly important to managers responsible for several client engagements and team members. They know where everything is.
  2. Consistency in Approval: All approvals processes are not the same. For example, a client who may be high risk (start up, risky industry) would typically require a different approval process than other clients. Workflow ensures the right approval process is executed.
  3. Risk Reduction: Most audit and tax processes are designed to reduce risk and ensure compliance. Workflow plays a critical role in this effort.
  4. Building Your Brand: A technology savvy CPA firm will create a better brand impression to both clients and potential recruits than one who is not.

Workflow offers additional benefits such as streamlining processes and improving accuracy. Given the available solutions on the market, it really is an easy call.