Rea Earns Practical Accountant Innovation Award

Rea Earns Practical Accountant Innovation Award

17 October, 2008

Firm awarded for new service and improved efficiency using Lean Six Sigma

NEW PHILADELPHIA, Ohio - Practical Accounting magazine, a top accounting industry publication, has honored accounting and business consulting firm Rea & Associates with its ninth annual Practice Innovation Award. The Practice Innovation Awards recognize accounting firms that take the lead in developing new or improved services and promoting efficiency.

Rea & Associates was recognized for its application of a manufacturing methodology called Lean Six Sigma to processes used throughout the firm. Lean Six Sigma uses a team-based problem solving approach. "We began using Lean Six Sigma practices as a method to help our clients improve efficiency in their back office processes," said Tim Michel, CEO, Rea & Associates, Inc. "But we realized that we could apply the methods within our own firm as well."

Rea used the method in its business tax-return process to increase work output using fewer staff members and less time. The technique was also applied to quarterly payroll taxes to reduce cycle time and number of steps in the process, gaining more than 25 percent in value-added efficiency. During implementation, Rea also developed a new niche service called LeanCPA to share expertise with other firms looking to improve efficiency.

"It is exciting to see our staff rewarded for their hard work and success in improving our work flow and processes," said Michel. "Our staff regularly advises clients on using Lean Six Sigma practices. We can show that we ‘practice what we preach' by successfully applying its methodology to our own firm."

The firm's accomplishment was featured in the September issue of Practical Accounting.

For more information, visit the Rea web site at www.reacpa.com/leantraining.