How Can Accountancy Firms Benefit From Lean Six Sigma?

Every business runs for its customers. It is depending upon the target audience that the business processes are decided so that the resulting products/services are up to the mark for the clients. So, just like great processes bring up great client services that lead to client satisfaction, unpleasant processes also bring up unpleasant client services that lead to displeased clients. And, this is why every business wants to come up with the best business processes so that they can get the best outcomes. This is the reason more and more organizations are adopting the Lean Six Sigma methodology and implementing its principles within their processes to improve their internal practices in a way that both short and long-term benefits can be driven. If you want to adopt these principles too, then you can approach TQMI to provide you with the best training and coaching to achieve a professional and approved Lean Six Sigma certification in India.

Speaking of accountancy firms, Lean Six Sigma can help add value for the customers by removing non-value-added steps and inadequacies in client service processes. This is a complete team-based approach that brings more proactive time and guarantees to detect all sorts of wastes and inefficiencies. To eliminate these wastes and inadequacies, lean tools that focus on product effectiveness and understanding client value are applied to improve processes.

While implementing the Lean Six Sigma methodology, the leaders assigned to lead the team must possess and employ good project management skills to produce quality products. These leaders are also responsible to carry out an audit, wherein they evaluate the processes used by the firm. After evaluation, they along with the contribution of team members at all levels of the organization, come up with realistic ideas to improve efficiency and apply those new processes quickly, while gaining company-wide acceptance. In order to increase competency and quality so that you remain competitive in the market, you can apply these Lean Six Sigma principles into other sections and services of your firm like payroll, bookkeeping, billing, and other administrative tasks.

What basic benefits can one achieve with the implementation of Lean Six Sigma?

Lean Six Sigma helps in the field of accountancy in various ways.

• It reduces documentation errors, and thus improves accuracy.
• It reduces, or even eliminates, invoicing errors.
• It reduces the possible errors in data entry.
• It reduces audit non-conformities.
• It reduces electronic financial transaction costs.
• It reduces turnaround time for processes and response delays.
• It reduces waiting and service time.
• It reduces complaints and enhances customer satisfaction.
• It improves customer feedback and response processes.
• It improves customer experience for mobile, phone, and internet banking.
• It increases business with incoming of new customers.

In the account opening sector

• It reduces the cycle time to process a loan application.
• It improves productivity of loan processing agents.
• It improves customer information gathering process.
• It improves credit evaluation process.

In the retail banking sector

• It reduces the bank statement processing and delivery time.
• It reduces the errors in money transfer.
• It reduces the credit card delivery time.

It improves accuracy and timeliness of customer communication.