Damien Greathead
Workflow and automation are critical to the growth and success of a firm. Damien Greathead has worked with firms around the globe to help them increase their efficiency by embracing a workflow and automation strategy that works for their firm. I asked Damien to share some of his thoughts on workflow, automation and implementing a system that works for firms in the following Q&A.
IA: As a person considers developing/refining the workflow for their firm, what are the key considerations they need to begin with?
DG: When it comes to workflow automation often the starting point is the most paralysing and the biggest obstacle to overcome. What I've found is once we get the right mindset and an agreed framework the project can move pretty quickly.
So the big question is where to start? Previously I started with a listing activity with the team. We'd build a list of all the functions and processes in your office, but we'd often be immediately paralyzed by the enormity of the project. Recently I have changed tactics when working with firms and have instead focused on the data that flows through the firm to the end deliverable - the tax return, the month-end reports. What are the sources of that data and how does it flow into the firm. Firms will likely find themselves supporting multiple platforms sending information into the firm in multiple formats, including paper.
I’ve found this way of kicking off an automation project to highlight how inefficient a firm can be, and just some app consolidation will improve team morale if nothing else. Ideally you’ll develop a standardized stack which you can roll out to 90% of your client base.
IA: What software solutions work best for this? Free or Paid Version?
DG: I prefer accounting specific workflow tools (versus general task management apps) because typically they come with a bunch of templates that have been created by users just like you, and this really helps you to move quickly.
Go the paid option! And while price is an important part of the decision making process, it shouldn’t be the deciding factor. Often you’re giving something up, which you’ll likely require in the medium term. That change is far more painful down the road, than the additional cost.
IA: Can you recommend the order of approach in which you would implement a solid workflow plan? i.e., step by step of what gets implemented when
DG: Your time sheet is often a good place to start, especially if you have a bunch of admin time. You might also look at your write downs, if you’re writing the fees down, why? Where did it take longer than expected.
This also helps identify areas of biggest frustration. End to end workflow is an ongoing project. You’ll need to break it down into its component parts. Payroll for example, in your firm and if you provide payroll services, I’d probably group that with any time collection requirements, again for you and your clients. Ideally you’ll be using the same tools and processes.
IA: Assuming many firms will keep their employees remote as we come out of the pandemic, how critical is it that firms lock down an end to end solution
DG: To be competitive firms need to nail this. While many folks are looking forward to getting back to the office, having the flexibility will be what differentiates you as an employer and your ability to service your clients.
IA: Any other words of wisdom on the topic?
No more words of wisdom for this interview, but I have recently started a podcast with Penny Breslin named "Strategy and the Virtual Controller" during which we share a wealth of "wisdom" on a variety of topics, including the tech stack, automation, successes and failures, systems, etc. You can find the recent episodes and subscribe on our website https://www.satvc.co/