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

When an accounting firm strives for new heights, it can be a dangerous business.

The biggest risk is that, as demand for your firm increases, you lose sight of what matters. Staff can become disengaged and drop away, and billable time can fall. Even data, every accountant’s “true north”, is in danger of being lost.

Meanwhile, clients, 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 people and digital systems – to embrace a management approach called Operational Excellence.

What does Operational Excellence mean for you?

Operational Excellence can represent an untapped opportunity for your firm. It has been tried and tested across different sectors for half a century. 

The approach focuses on continuous improvement, team alignment, and measurable results. It helps to turn challenges into opportunities, unite teams, and make businesses efficient.

How does it work in an accounting firm?  

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

Operational Excellence is fundamentally about:

• Driving continuous improvement with a clear plan
• A focus on customer service
• Defining clear roles and encouraging internal collaboration
• Making change possible at every level

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But how do you put Operational Excellence into action?

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

1. Leadership and strategy

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

2. People and culture

A culture of operational excellence encourages staff to suggest improvements, provides regular training, and measures work appropriately. Collaboration across departments is essential. When everyone understands the firm’s aims and feels empowered to contribute, engagement rises and performance improves.

3. Processes and workflows

Consistent, documented workflows are the backbone of operational excellence. Can you track work progress, identify bottlenecks, and analyse efficiencies? For accountants, this means catching every task, assigning responsibility, and ensuring compliance steps are completed. Continuous improvement in workflows reduces missed deadlines and improves client service.

4. Technology and data

Are your systems integrated, sharing the same information? Automation should handle repetitive tasks, and your environment must 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 uses the latest information.

5. Client experience

Operational excellence doesn’t stop at being an internal process. It’s also integral to delivering a consistent, high-quality service to clients. Mechanisms for feedback, proactive communication, and the ability to articulate your value-add are essential. Satisfied clients are loyal clients, and operational excellence ensures their experience is always positive.

Why modern, digital systems are important 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.
• Practice-wide task control: Dashboards to track progress and spot issues.
• Access to more people power: Integrated outsourcing options that use the latest tech to share information are a safe way to handle excess work.

How do you measure success with Operational Excellence?

It’s one thing to set out a plan; it’s another 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 objectives: Align goals with your firm’s strategy.
3. Engage and train employees: Foster a culture of improvement.
4. Implement lean principles: Streamline processes and eliminate waste.
5. Utilise technology: Automate tasks and improve accuracy.
6. Monitor progress: Use KPIs to track initiatives and adjust strategies.
7. Drive continuous improvement: Seek feedback and make ongoing enhancements.

A plan to implement Operational Excellence (infographic)

Read our guide to discover much more about operational excellence and accounting

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

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

• Drive continuous improvement
• Streamline workflows
• Use unified digital systems
• Elevate the client experience
• Empower your team

Get info from the experts

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

Eva Mrazikova is an accountant who, as Senior Director for PMM and wider 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 a team of accountants and bookkeepers.  

With their help, you’re covered, no matter the challenge. Keep your team aligned and set your sights onwards and upwards.