Kanban and Accounting Firms: What You Need to Know?

No one dares argue about the importance of the financial firms in the current age of strict laws and regulations guiding how businesses are run, at least not the business owners. Nowadays, accounting firms do a lot of rigorous works trying to keep the business owners within the four walls of business zones. In other words, one can say they are one of the strong pillars propping the fence of today’s business owners.

Kanban brings spirit of friendship and community in a group known as comradery

What accounting firms do is that they provide various financial services through their experience working-professionals who have garnered valuable experience working in this sector. Yes, your guess is right that their works go beyond the thinking of it sometimes and could be confusing considering the fact that there tons of clients to offer solutions, and this makes it something to worry about. However, with the application of project management methods such as Kanban, business owners need not worry again, as this method helps in eliminating many organization challenges a company may be facing at any point in time.

Kanban method places more emphasis on on-time delivery. It visualizes the process onboard and, consequently, sets up a few rules of engagement for the team. Unlike the traditional ways with which accountants approach tasks, they service the clients and proffer solutions to their problems but with no special attention placed on the process of getting such issues resolved. This is where Kanban comes in; it keeps track of the process for future prognosis through its board where proper visualizations are being made. The following are some of the things you need to know about the use of Kanban in the financial sector, why not read along?

1. Kanban brings comradery into work-flow: whoever is familiar with the accounting firms will know how they traditionally handle projects. They assign different accountants to different clients. This method ordinarily is logical, but in reality, it is unfair and could result into bad staff management within the organization, some accountants who are fortunate to handle more straightforward projects would have time enjoying themselves while the not-so-fortunate accountants are still out there working their asses out to accomplish the demanding tasks.
With the use of Kanban, this is not the case as all tasks to be completed is always compiled in the backlog on the board. This means that once an accountant is done with an assignment, he goes straight into the board and takes up the next priority task and gets it completed. Here, there is no classification of tasks by the clients or accountants; rather, it is basically on the next prioritized assignments.

2. It tracks the resources spent on each client: with the use of Kanban, accounting companies get a great analytical power they can use to solve issues of resource tracking. Accounting firms are often faced with the problem of knowing the number of resources spent on each client before accomplishing his/her task. However, Kanban has come in as a savior and helps the firms to bill clients adequately based on the resources used in getting their tasks accomplished.

3. Kanban brings clarity to the firm’s operation: the process of getting tasks completed in the financial sector is such a complex one, but with the use of Kanban, a significant degree of clarity has emerged in this process. With Kanban, accountants can now choose the tasks they would like to work on from the board of prioritized tasks themselves.

As complicated as the financial sectors may appear to people because of their complex working process, with the use of Kanban, these processes have been simplified, and enough clarity has also been brought into the system for the betterment of both the clients and the financial institutions.

What’s next?
To learn the Kanban 101 at team-level, enroll in the IBQMI® Approved Kanban Professional.

If you want to apply Kanban to any environment at an advanced coach level, you should enroll in the Certified Kanban Coach®.