Planners and accountants wasting time on out-dated processes
Out-dated processes used by financial planning and accounting practices are seeing staff waste almost two days a week, while increasing the risk of embarrassing mistakes, a survey reveals.
An international study, conducted by document productivity business, Nitro, and the PDF Association, found that 80 per cent of office workers were wasting time by using out of date technology to collaborate, file and find documents.
The survey found that the average office worker spent five hours a week searching for documents, three and a half hours filing and organising documents, and almost seven hours working on "archaic document collaboration practices", Nitro chief executive, Sam Chandler said.
"It's not just a drain on employee morale and business productivity… in the end, sloppy work practices can result in costly and embarrassing errors too," he said.
The survey findings revealed that almost 30 per cent of office workers print out PDF documents to review them, with almost two-thirds of those scanning the printouts back into a digital format to email to colleagues.
While 92 per cent of people collaborating on documents reported using email rather than using a cloud-based file sharing system, the survey revealed.
"In the era of cloud computing and common laptop, smartphone and tablet use, there's really no reason for workers in any business to continue adopting poor productivity practices such as using out-dated software, churning through paper-based administrative tasks like printing, scanning and editing with pen and paper, or sending hundreds of email attachments back and forward," Chandler said.
"It comes down to employers understanding the pain points in their workflows and investing in the right tools so their teams can focus their time and energy on doing the work that really matters."
AUTHOR
Nicholas O'Donoghue
Recommended for you
Those financial advice practices which are seeing the strongest profitability and revenue growth share four similar characteristics in how they run their businesses.
The director of Ascent Investment and Coaching, Michael Dunjey, has been charged with 33 criminal offences.
Private wealth manager LGT Crestone has shared how the firm is utilising private debt strategies via a satellite approach and encouraged advisers to look beyond domestic commercial real estate.
The latest annual compliance survey from law firm Holley Nethercote has found licensees are reducing their annual compliance spending, but future DBFO reform could see this change going forward.
