Video instructions and help with filling out and completing Can 1041 Schedule I 2019

Instructions and Help about Can 1041 Schedule I 2019

Hi David Costello here from jetpack workflow today I want to spend a few minutes walking through our 10:41 process she now if you are watching this anywhere but the blog you can always go to jetpack workflow calm slash blog for more articles more interviews and of course to get more information on process sheets and workflow diagrams with that in mind let's spend a few minutes and talk about the structure of our proposed 10:41 process sheet we typically like to set up a process sheet in three different buckets we call it the foundation part two is the process and fulfillment and then the final bucket we look at the metrics and so we can optimize for the future so let's look at the first bucket the foundation you know there are some really important things to keep in mind in terms of setting up your process sheet foundation the first thing would be looking at the budgeted hours this is going to be great because it's going to help us with scheduling now and of course when we schedule it for the future so we certainly want to include a budgeted hours for the entire job we also want to list out all the team members that are associated with this specific process sheet we also highly recommend tracking turnaround time so you can see here we have our data in and we have our target data we even have a field for actual data that ties in with our metrics tracking but the very least you definitely want to track a turnaround time we've interviewed top practitioners from around the world and one of the key metrics that they bring up time and time again is tracking turnaround time so you can really optimize your internal effectiveness and your internal efficiencies so that those are some key indicators inside of the foundation now let's take a look at process and fulfillment you know some important things to keep in mind would be to have the default statuses set up so when you create your process sheet across your firm you know make sure that there are standard statuses and status updates that the team could add to this as well as additional milestones or labels that you might want to track you can see here that we included a field for urgency you might want to include or have some kind of system in case the client work or the client delivery is delayed if you're still waiting on client information make sure there's a status or a label or a note that you can attach this process sheet and your turn in your team C certainly knows how to add that to the processing the next set would be the tasks associated with this specific job one thing that we do recommend is actually putting the allocated time on a task level as well if you have a team where you know team member a is gonna be working on the first set of tasks and pass along the team member B and they're gonna work on a set of tasks and finally pass it along to team member C you know you definitely want to add allocated time for tasks and you want to measure that against actual and again this is all about improving your internal efficiency and as you do that you increase the profitability of a job and ultimately the profitability of your firm finally we're gonna look at our personal favorite part of the process sheet which would be the metric tracking so here this is when the job is closed out the the payment has come in all the hours are recorded this is this is archived and now we can look at the budgeted hours versus actual hours and again depending on your team and your workflow maybe you look at this on a task level or a team member level or maybe you look at it at an entire job level bit again you want to compare the budgeted versus actual hours and again like I mentioned earlier with turnaround time you want to see you know the the target turn so maybe a 15 days may be the actual turn took 20 days or maybe it took 10 days but you need to know the difference between the two and so you can again set it up for the future in a better way finally we're gonna look at the profit margin we're gonna look at the internal cost so we're gonna go back to those hours we're gonna understand the cost internally to the firm we're gonna look at your target profit margin and we're gonna see if we're actually hitting this on an ongoing basis now what's nice about this section it's it's gonna give you visibility on whether or not maybe this client is profitable the the team members associated with this are completing it and in the appropriate amount of time or perhaps this category of work is profitable or maybe it isn't and you need to increase the price so long term this bottom section it doesn't take up a lot of space but it's gonna give you the most visibility and it's going to give you the strategic insight into how to set up your firm for the future so this is a brief overview of the process sheet again if you want to learn more you can always go to jetpack workflow calm Blagh and if you enjoyed this video please feel free to comment below or share it with a colleague as well thank you