Accounting firms offer various services to their customers, ranging from tax & auditing consulting to investments. The roles and duties depend on a hierarchy based on the firm’s size.
Today, accounting firms in the UK are changing their structure, thanks to technological advances in data analytics, artificial intelligence, and cloud computing. Therefore, accounting professionals need to adjust the firm’s organisational structure to match the new accounting functions and services.
New accounting responsibilities and duties come to life with the latest accounting procedures. Restructuring, especially in the accounting field, is eminent. This article will explain more on how to readjust and optimise the company.
How to Structure an Accounting firm
Recognise new roles and functions
Identify new functions and duties that your current accounting structure doesn’t offer. For example, essential accounting functions such as client onboarding are becoming popular. It gives the company a good brand making your customers enjoy your services.
In this case, you need to hire a specialist with client relationship skills for a seamless onboarding process. Customer loyalty improves, which leads to referrals and business continuity.
The operations processes should allow your team to efficiently handle more clients without changing the technology, method, or system. If they cannot take more customers, you need to redesign your structure or hire more employees to get the job done.
Identify Gaps and Problems
As an accountancy firm, you need to audit your accounting practice regularly. A good cycle should apply at most 5 years. It includes human capital (team members) and the operating system. These two must work seamlessly to get the intended outcome.
Closely monitor these two factors to identify the gaps and problems that your firm might undergo. You need to analyse all functional areas together with their job roles. Hold sessions with team members to understand the issues and their remedies. It gives a better position to provide a lasting solution.
Furthermore, you can look at the current systems and processes and see if they need any change. If they require some adjustments, do so as long as it gives the client better services.
For example, the client relations team used to attend face-to-face meetings or making cold calls to drive customer onboarding. Now, you have to find versatile content creators who will market your business online since most marketing campaigns have moved online.
Customising Your firm’s Organogram
When designing your accounting firm structure, considering your team members, your vision, and client needs. If you correctly understand your team’s facet, you will know the organisational design that meets all your requirements.
The structure can tell you how many associates one manager needs, compared to the workload available. However, this will mainly depend on the clientele, implementation, and management style, whether flat or hierarchical. You need to study each structure and work with the most effective one.
Structure of a Modern Accounting Firm
A modern accounting firm structure comprises the following.
Chief Executive Officer (CEO)
The CEO gives directions and formulates all the strategies for the firm. They develop ways in which the accounting firm executes its plans and attain its goal and vision.
These specialists ensure that clients patronise the business by offering excellent services that keep the customers coming for more. Developing a good relationship with your customers will increase customer’s loyalty and upsell opportunities.
These include chief financial officers, financial controllers, division managers, interns, accountants, and clerks. They all have different responsibilities depending on their expertise and play a vital role in the firm’s success.
Interns help do daily accounting work in the accounting and finance department, while chartered accountants & clerks manage expenses, track income, and administer payroll. The financial controller reports to the CFO with financial advice as to their primary role.
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An accounting firm’s structure is crucial since it helps the firm achieve its goals and vision. Firm restructure depending on their size, the number of employees, and prevailing financial technology.
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