Time is money: Are you wasting yours?on 4 January 2024
The efficiency of your processes, (or the lack thereof), has a big impact on the profitability of your firm.
This is especially true when it comes to filing personal tax returns for your clients, which require structured and well-managed information-gathering methods.
When information-gathering practices are disjointed, confused or downright chaotic, it has detrimental effects on your firm’s bottom line as well as the morale of your staff.
Inefficiency is a silent thief, lurking in the shadows of your day-to-day operations.
Unfortunately, it often goes unnoticed until the damage is done.
The hidden cost of inefficiency
Information-gathering inefficiency for personal tax returns is a drain on your firm’s most valuable resources:
• Staff morale
Time wasted in cumbersome processes is time stolen from opportunities for growth and innovation.
Plus, client dissatisfaction increases when a firm is seen as sluggish or error-prone – a reputation that spreads fast and is hard to get rid of.
Reduced productivity is the second victim of inefficiency, leading to a demoralised workforce (victim number three), weighed down by redundant tasks and archaic systems.
Even worse, if tax returns are submitted late or with errors, you could start losing valuable clients to your competitors.
The statistics say it all…
Statistical analysis paints a stark picture of the consequences of inefficiency.
90 per cent of all spreadsheet errors are the result of manual (i.e., antiquated, out of touch, outdated, inefficient) data entry.
According to Prof. Raymond R. Panko, when manually inputting a data entry into simple spreadsheets and documents, the probability of a human error was between 18 and 40 per cent.
These are shocking realities that no longer need to be a problem for your firm – if you adopt the right technologies.
How to recognise inefficiency in your firm
Recognition is the first step towards resolution, but it requires a critical eye and an honest assessment of your firm’s processes.
Ask yourself and your team two questions:
- Are there signs of inefficiency in your processes?
- Are employees spending an inordinate amount of time on tasks that seem trivial yet are necessary?
If the answer to either of these questions is “yes”, you need a solution…
The Glasscubes solution
While the focus of this article is to recognise the problem of inefficiency, it is worth noting that solutions do exist.
For more information on Glasscubes and how we can help you personal tax process please click here.