At Clearline Consulting, we see the benefits of monitoring every day.
The firms we work with find countless ways to use their monitoring results to improve their accounting practices.
Here are three of the most common benefits of monitoring we’ve noticed:
Benefit 1: Uncover a Firm’s Strengths and Weaknesses
From process improvements to staff performance, monitoring provides leaders with a closer look at their firm’s operations. This can help the firm’s leadership identify opportunities to streamline processes, provide additional training to staff or implement any other operational improvements.
Benefit 2: Identify and Address Errors
Monitoring helps firms detect and reduce the occurrence of errors and omissions in client correspondence, financial statements and reports. By conducting monitoring and developing a plan of action to execute on the findings, firms can elevate their practice and find ways to improve their offerings and serve their clients.
Benefit 3: Uncover Inefficiencies
Monitoring also helps firms take note of areas within a file where processes were overly intensive or time consuming. This can help improve engagement efficiencies and reduce future work. For example, our team has worked with a number of firms to review their engagement WIP and identify ways to improve processes and reduce redundant steps and unnecessary work.
While common and impactful, these are only three of the many benefits of monitoring. When done right, monitoring is a vital part of a public practice firm’s system of quality control.
Looking for more information on monitoring? Click here to download Clearline Consulting’s Special Report: The 5 W’s of Monitoring.