Create base of column using Polygon tool with # Segments set to 24.
Extend column using Reshape tool with Keep Edges option by reshaping the top face of the base four times. Observe the Keep Edges option creates seams for the flutes.
Create recessed flutes by reshaping every other set of faces inward. Note, use Shift key to reshape multiple faces simultaneously.
Smooth the column by selecting the SubD tool and clicking on the faceted column.
To flatten the top and bottom of the column select the top and bottom face while in SubD edit mode and change Sharpness to 100%.