Report says workflow remains top challenge for accounting firms

A new report revealed that the workflow is still a major challenge for accounting companies, with inefficiency, delaying customer communications, and manual administrative tasks are the largest concern.

The third edition of the financial accounting workflow report provides a detailed analysis of the most important workflow challenges that appeared in 2024.

It draws visions of 816 accountants, holders, and taxes, primarily in North America.

The report revealed that obtaining documents from customers is still the biggest problem in the workflow and that the inefficiency of the workflow is still affecting the balance of the business owners’ work.

According to the survey, 53.8 % of companies spent more than 5 hours a week scheduling and setting work before automation. The transition to automation allowed 75.8 % of companies to reduce this time to 5 hours or less, which greatly enhances efficiency.

59.2 % of companies reported that they succeeded in their initial attempts to solve workflow problems and 66.1 % of companies assess the success of the automation of work flow through the smoothness of their systems and operations.

Many companies still rely on data schedules and recognize the need to automate when starting employees, lost major tasks, or struggling to meet the customer’s increasing requirements.

The Central Park is the most popular workforce feature for 73.9 % of the respondents, followed by customer reminders (69.3 %) and client gate (60.6 %).

The automation of repeated tasks remains a high priority, and some respondents reported that the inefficiency of the workflow led to the loss of customers.

These results shed light on how to enhance the automation of the workflow by providing vision in the actual time in tasks, centralization of communication, and simplifying delivery operations between team members.

“The report says that the workflow remains a major challenge for accounting companies” was originally created by the accountant, a brand owned by Globaldata.

Information on this site was included in good faith for public media purposes only. It is not intended to reach the advice that you should depend on, and we do not provide any representation, guarantee or guarantee, whether it is explicit or implicit in relation to accurately or completing it. You must have a professional or specialized advice before taking any action based on the content on our website.