Improving efficiency with new internal processes
Posted by Northadvisory on June 23, 2022
Here at North Advisory, we are always looking for new ways to enhance our business accounting. We pride ourselves on the level of service we provide and our commitment to our clients. With that in mind, we are excited about the start of the new financial year when we embark on a ground-breaking new system.
From July 2022, we will introduce a range of new internal processes, improving efficiency and streamlining many of our regular compliance tasks. Marius Fourie, Director and Business Advisor, outlines what to expect and how it will help you and your business.
A strange three years
“2020, 2021 and 2022 have been some of the strangest years we’ve experienced in the last two decades when it comes to business. And firstly, we want to thank you for sticking with us through the challenges and navigating the crazy times together.
While there have been many ups and downs, as an organisation, we haven’t been sitting back waiting for life to return to normal. We’ve used this time to analyse how our business functions and we have sought ways to enhance what we do. We have identified areas where we can improve internal efficiencies and we have developed a new way to tackle all our accounting processes.
Now that we are coming out of the pandemic and we are learning to live with the new normal, we want to be prepared for anything that could present itself in the near future. We want to make sure that we are ready to be able to continue supporting your business for years to come.”
New internal processes
As part of our commitment to our clients, we have developed new internal processes that will significantly reshape the way we approach our compliance work. From July 2022, there are considerable changes that will result in:
1. Transparent and more frequent communication to clients
2. A condensed timeline for completing our 2022 compliance work
3. New methods of communication and information sharing with clients.
“Historically, end of financial year compliance work is done on a client by client basis. This is the traditional approach, but we are implementing a new system, whereby all our collective company resources will be focused on completing one task within the normal compliance process for every client simultaneously.
With everyone in the firm working on the same type of task at the same time, we hope to streamline the steps and achieve more efficient results. As an example – the first step is to complete bank reconciliations. This means that once we kick off the process, all our clients’ reconciliations will be finalised within the first few days of the schedule. Then the entire team moves to the next compliance task.
We will be communicating with you every step of the way because there will be things we need from you in order to complete the tasks, but you will have full transparency of our continued progress.
We are hoping this will mean you won’t be wondering where we are up to in completing your financial statements or whether your BAS is complete. By keeping you updated, you will be confident that everything is well in hand.
We anticipate that with this new methodical structure in place, we will reach our goal of completing all 30 June compliance work within the first few months after the financial year end.”
Meeting this goal will depend on how promptly our clients provide us with the information we require. It is possible that if we don’t receive the relevant documents or feedback after our initial request, we may follow up more frequently than in the past, as we will be targeting specific final dates.
New method of sharing information
In conjunction with these innovative internal processes, we are also implementing a new method for sharing information with our clients. While we can always still send documents or files through standard email, we will be introducing a new secure shared folder for each client that will allow for easy access to reports, documents and other files. Marius continues:
“There are two key benefits of maintaining a shared folder. Firstly, it will enable you to quickly access financial statements, tax returns or other reports when you need them. Rather than having to email us and request 20 different documents, you can find them all in the one folder.
And in the reverse, when we request specific information from you… you simply load it straight into the folder – rather than having to compile an email and make sure you have all the correct attachments.
We can certainly still send things via email if that’s your preference, but we believe a shared folder will prove to be a much more streamlined process for everyone. The folders will grow as time goes on and all your business accounting history is maintained in the one place.”
As we roll out our new system, we will be contacting all our clients directly to commence compliance processes. In previous years the accountant who is most experienced with a particular client would complete their work, but part of our advanced efficiencies will be to ensure any one of our professional accounting team will be able to undertake the work and complete it to the same standard. Marius concludes:
“Having everyone work in sync together could mean that you hear from a different member of our team to whom you normally would. But part of this optimisation will be that it frees up more time for me and other senior accountants to focus on critical advisory matters… which in the long term, is much more useful for your business.”
We are confident that by improving efficiency, we will be able to achieve greater outcomes for our clients and within our own organisation. If you have any questions or concerns, please do not hesitate to contact us.
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