Why should you be using checklists in your accounting and bookkeeping practice?

The nature of accounting is repetitive. As accountants and bookkeepers, we go through the same processes over and over again, whether it is for the year-end work, preparing management accounts or day-to-day bookkeeping.

Yes, there are differences between each client but the fundamental steps and principles are the same. You always want the accounts to balance, you always want to identify disallowable expenses for tax purposes and so on.

If accounting and bookkeeping is repetitive, why reinvent the wheel each time when you’re approaching task?

As an accounting and bookkeeping practice, we’ve been using checklists since we can remember. And we can definitely see significant benefits of those checklists for accountants and bookkeepers.

Benefits of using checklists

Enhanced workflow efficiency

You don’t need to remember every detail. You don’t have to worry you miss something significant. With checklists for accountants and bookkeepers, your processes are quicker and smoother. You don’t need to recheck anything, you always perform the tasks in the correct order and you don’t duplicate any tastes.

Increased revenue

If your workflow improves with the checklists for accountants and bookkeepers, it means you create extra capacity for taking on new clients. And new clients mean more revenue. The quicker you implement checklists, the quicker you can grow your accounting or bookkeeping practice.

Improved client retention

The checklists for accountants and bookkeepers let you always provide high-quality services. Because they ensure consistency and a significant reduction in errors. And when you clients come for accounting and bookkeeping services, they always have an expectation, these will be provided to a high standard. At the end of the day, they highly rely on those numbers to run and grow their businesses. And a happy client is a client who stays with an accountant or a bookkeeper for many years. You can even achieve a 90% retention rate.

Ensured Compliance

Accounting is governed by many rules and regulations. There are so many dos and don’ts that it’s not always easy to remember everything each time you approach a task/ A checklist for accountants and bookkeepers helps you always remember about steps that could have serious consequences for both you and your clients

Consistency within the team

When you employ people, do you worry they won’t do things the way you do them? Do you fear that this will impact the quality of services you provide to your clients and as a result clients will start leaving? This is and understandable fear and that’s where checklists for accountants and bookkeepers come to help. With the checklists your team always follow the same process. Additionally, when someone is off, it’s much easier for another team member to step in and finish the task without upsetting your clients.

Reduced overwhelm

Dealing with lots of date on a daily basis for various clients can be overwhelming. Who has provided you with what so far, where do you need to resume a task and so on? Checklists for accountants and bookkeepers help you focus without a need of remembering everything and this reducing mental overwhelm on you and your team members.

Continuous Development

Checklists for accountants and bookkeepers always evolve. This can be because of changes in the law, changes in your practice or services you provide. Having checklists helps you learn, identify any gaps and implement fixes without delays.