Almost everyone has heard of the LEAN method.
It’s a process used to create more effective businesses by eliminating wasteful practices and improving efficiency. It focuses on delivering what customers want and value and improves overall profitability.
We’ve seen LEAN methods applied across the board and it is used most often in process improvement, development, and in start-up business models.
However, did you know that the LEAN approach can also be applied to your accounting solution?
Well it can.
Accounting departments bloat just like any other department.
I have seen many small to medium sized businesses well resourced with general accountants, analysts, controllers and in some cases even a CFO. Generally speaking, this infrastructure was put in place to support accounting processes and accounting systems that were put in place a decade ago.
But, do they still make sense?
Is there waste in the process?
Are reports being generated that are never being used?
Are you not generating reports that would give you better insight into your operating performance?
Have your accounting processes evolved to take advantage of new accounting technologies?
Are you still keeping a certain cadence for things like forecasting just because you always have vs. doing it only when there are material changes to your business?
Has your firm ever taken a step back, carefully reviewed your finance systems and processes to see if they can be optimized?
These are the types of questions worth asking yourself and ones that will help you identify if your accounting solution could benefit from a LEAN approach.
At FIN/ALLY, we practice LEAN accounting in all that we do. By leveraging cloud technology and AI, we streamline the way documents are shared and entered. We also only provide reports on the metrics that matter most like client performance and drivers of profitability and productivity.
Our approach is tailored to you and your businesses at a fraction of the cost of a fully loaded in house accounting team.