News & Press

6 Ways Accounting Firms Can Innovate Successfully

September 17, 2019

Anchin Partner Russell Shinsky is quoted extensively in this interview with BKR International’s  Aiysha (AJ) Johnson about accounting firms of the future and innovation.

At Anchin, Block & Anchin, New York, the firm’s Emerging Technologies Think Tank has representation from most of the firm’s service lines, including individuals at the managerial level through the executive committee. The group keeps a pulse on industry changes and different technologies to identify what platforms and approaches should be evaluated to achieve the firm’s goals.

“Other service or industry leaders are involved as appropriate when an initiative applies to their group’s service delivery model,” said Russell Shinsky, a member of Anchin’s executive committee and a leader of the Anchin Services industries group.

As part of continuous service improvements at Anchin, leaders ask their teams to seek efficiencies that clients expect, and then add automation where it makes the most sense. The firm is in the process of rolling out Robotic Process Automation to handle a process within its tax department. By automating repetitive tasks, the chance for error is significantly reduced, efficiency is greatly increased, and the team can focus on more high-value tasks.

“Continuous monitoring of the practice and available technologies is crucial in enabling us to implement efficient internal processes, as well as provide unparalleled client service delivery,” Shinsky said.

Anchin’s Shinsky recommends controls to identify risks along the way, but also implements measures to see if efforts are leading to the vision for success established at the beginning of a project.

“Launching any new service or innovation requires ownership — the project leader should have accountability for driving it forward and reporting on it,” Shinsky said. “They should also be comfortable recommending when a project can be stopped or re-directed quickly. Are the original goals still being met?”

“Prioritizing innovation and where we allocate our funds has been and will continue to be a focus for Anchin,” Shinsky added. Anchin has dedicated funds in its overall budget for innovation and for undertaking new initiatives. Project leads must justify the projects by outlining their specific goals and objectives in an innovation project proposal, which is reviewed and approved by the executive committee.

Read the complete article from Accounting Today.