Bang for buck process automation for accounting practices

Sep 28, 2021

Bang for buck process automation for accounting practices: 3 business processes you can automate with little effort and big returns

When was the last time you stepped back and critically reviewed your key business processes? Is your current way of working still the best way for your team and your clients? With client needs, and team capabilities constantly changing, we recommend you pause and reflect on your key business processes at least bi-annually, to see if you can spot opportunities for improving efficiency and reducing waste.

Get your team together in a room (or Zoom!) to brainstorm the processes or work that frustrates them, which tasks are highly repetitive, and what they spend lots of time on that might not excite them. When you have your list, plot the effort involved against the value or benefit you’re likely to gain from or by automation

For quick wins, the key is to look for projects that can be implemented with little effort or with external help, and that will dramatically improve business, client, and team member outcomes.

Not sure where to start? Here, we share 3 business processes you can automate and streamline with little effort for big returns.

1 – ATO document processing – Processing, checking, and distributing ATO documents is a perfect process for automation and there is absolutely no need to be doing this process manually. ATOmate automates the entire process from notice collection (e.g. downloading notices in bulk from the tax office) through to distribution, identifying errors or discrepancies along the way, and then automatically filing all correspondence back into your document management platform or filing system – cutting your ATO document processing time by up to 90%! With inbuilt TFN redaction and direct integration with the ATO and your practice management software, implementing ATOmate is a quick-win digital transformation project that will free your team up for more valuable tasks.

2 – Annual report package compilations – Creating your annual financial statement and report packages can take a significant amount of resource throughout the year. You’re likely producing collations for every family group or SMSF that you act for, so it’s important the process is standardised across the business. FuseDocs is designed to automate the preparation of annual report packages and integrates with your practice and document management platforms to reduce double handling.

3 – Generating client proposals and fee agreements – There’s no denying, editing client fee proposals, engagement templates, and fixed price agreements can be fiddley. However, you will probably find that when you break them down – all of these documents typically include the same mix of information across clients e.g. services, layout, engagement terms. Automating your proposal and engagement documentation is a great way to standardise your communications and ensure the client experience is seamless across your client base, regardless of who may be preparing the documents. There are a number of solutions on the market in this space that can help with the task – check out Fee Synergy or Practice Ignition.

If you feel like you’re too busy to streamline your processes or implement a new automation, it’s a great indicator that now might be the perfect time to do so (with a helping hand!). Book a discovery call today to find out how ATOmate can help you create more time for what matters by automating your ATO document administration.