Accountants spend an average of 1.5 hours per person per day on activities that they should not be doing.
This is according to an article by Rob Nixon on CPATrendlines.com, in which he demonstrates how accountants can create four more billable hours per day.
He says that by implementing just three strategies accounting firms can free up to 4 hours per accountant per day.
These strategies include hiring someone to do administration work that accountants often do which can free up 1.5 hours per accountant per day; making use of cloud accounting (also frees up 1.5 hours per day); and managing workflow better (frees up one hour per accountant per day).
Nixon says it’s a proven fact that the more clients you have on a cloud accounting platform the more efficient you are. The data is more accurate so there is less “checking” needed, there is no “version control” issues and the data is in real time.
He adds that not only do accountants do tasks they shouldn’t be doing, but they are also waste a lot of time doing what they are supposed to do.
For more information on the three strategies, read here.