Here at Process Street, we’re always talking about the importance of workflows.
Workflows help you define what work you do and the order in which you do it.
According to the Powering Productivity report from Planview, poor processes and workflows are the number 1 cause of inefficiencies in organizations. Plus, the Chaos Theory report from Projectplace revealed project managers lost 2 hours 45 minutes each week due to poor workflows.
It’s one of the simplest ways to improve the performance of your own work, or that of an organization. From basic workflows with only a couple of steps to company wide workflows with multiple stakeholders and variables.
This principle remains true in countless use cases and industries but is most powerful in areas where work benefits from standardized practices.
This brings us to an area of business where standardization is a true sign of quality: accounting.
Effective accounting practices require a strong understanding of how information flows throughout your business.
In this article, we’re going to look at:
- What is the accounting cycle?
- What is a workflow?
- How to construct processes for your accounting activities
- 11 accounting processes you can try today