Do your teammates come up to you at the end of the day, saying they didn’t have enough time to complete the auditing task you assigned them? Does the 8-hour shift feel insufficient sometimes? Well, it’s time to discover how to improve the efficiency of your accounting team.
The efficiency of a team can be defined by whether the team members can meet the deadlines and deliver projects in time. They tend to be efficient when they feel responsible and don’t take their tasks as a mere burden on themselves.
It is always tempting to see how your competitors or other departments are highly productive and produce effective results.
Sure, you can’t become more efficient overnight, but implementing these best practices in your accounting team can lead to higher efficiency.
1. Automate Menial Processes
One of the greatest weapons an accountant possesses is the modern accounting cloud-based applications. Since accounting processes deal with cash-flow statements, financial documentation, balance sheets, invoicing, and more, there are greater chances of errors while manually entering figures and numbers.
Advanced accounting tools such as QuickBooks Enterprise that reduce the manual effort of such processes can turbocharge your accounting team’s efficiency.
2. Improve Collaboration
Every department in the organization runs on their own but are somehow inter-dependent on each other for financial documents and data. Integrating cloud-based accounting software with third-party applications that cater to additional functionalities like ERP, CRM, and payroll can improve the system’s efficiency.
Connecting the applications can save time, reduce errors, and help gain better insights into the expenses.
3. Communication Channels
As they say – communication is key; using tools like Slack and Outlook to stay connected with your clients, vendors, and the team is essential.
Accountants, bookkeepers, and CPAs often work on financial documents involving data that make them dependent on their co-workers.
Using tools for internal communication helps discuss the work progress, follow-up with the team, ask queries, and get answers to all the questions immediately, thereby leading to increased productivity.
4. Train Your Team
Your team of accountants must stay up to date with the latest tools and technologies in the market to deliver efficient results. In order to do so, make sure your team of accountants, CPAs, and bookkeepers attend conferences, webinars, and accounting events across the globe.
As a result, they not only gain knowledge and stay ahead of their competitors but also earn CPE credits.
5. Skip Meetings
Daily meetings without any agenda or motive can take up a huge amount of your workday and leave you hanging with the pile of pending assignments to be delivered.
One of the easiest ways to increase your accounting team’s efficiency is eliminating unnecessary stand-ups throughout the day. Unless the meetings are extremely important, they can be skipped.
6. Prioritize Tasks
There are days when you have too many assignments from multiple accounting projects in hand that seem equally important to be delivered as soon as possible. That’s when you should plan ahead.
A great way to make your accounting team efficient is by teaching them to list down what they’re going to do throughout the day so that they have a sense of direction of what they are doing next.
7. Delegate Responsibly
Everyone has their strengths and weaknesses. While someone enjoys spending time on data analysis, another teammate might be good at research. It is essential to assign tasks to your colleagues in such a way that enhances their skills, motivates them to deliver high-value results, and helps streamline the project.
Assigning them work that they personally feel challenging will help them give their best; thereby, increasing the team’s overall efficiency.
8. Limit Interruptions
You tend to decrease the efficiency if you lack concentration or focus while doing a task. Imagine your teammates being pulled from various directions to meet deadlines, or their phone continuously buzzing with notifications. This might have a direct impact on your firm’s productivity.
Implement “deep work” as one of the strategies to deliver highly productive results and avoid unnecessary workplace distractions to streamline business processes.
Making a highly efficient team is not that hard. The first and foremost thing you can do to get on the efficiency path is to start right away. Just focus on the important tasks, avoid multitasking, and distractions, and trust your employees.