3 Tips To Improve Your Accounting Workflow
The 21st marketplace is all about efficiency, which is why it’s so vital that today’s aspiring accountants understand the importance of continuously improving their accounting workflow. Getting more done in less time while operating at a lower budget is easier said than done, however, and many CPAs today don’t know where to begin when it comes to optimizing their work habits.
Rely on these 3 key tips to improve your accounting workflow, and you’ll see some stellar results in no time. You won’t be able to plan a new strategy overnight, but meticulous steps taken with caution overtime will soon help you remain alive and well in today’s cut-throat accounting industry.
1. Run regular automation audits
Savvy accountants who have mastered the accounting workflow process will understand the importance of running audits every once in a while to guarantee you’re compliant with the latest regulations, but you should also be running regular automation audits to determine if you can do more to digitize your workspace. The contemporary market is defined by ever-changing innovations that are reshaping the accounting industry – not a day goes by when some major change isn’t introduced. Thus, you need to do more than occasionally invest in your IT infrastructure; you need frequent automation audits.
PwC estimates that more than $2 trillion could be saved in global workforce cost if automation was truly perfected in the contemporary market. While that’s unlikely thanks to human error, it’s still very reasonable for your firm to cut back on cost and boost your overall efficacy by relying on the latest tools. It’s vital to remember that investing in new technology means more than shelling out the big bucks to buy YouTube subscribers or for fancy gadgets with the latest bells and whistles, however; you’ll need a dedicated team of human IT staffers who have the know-how to guide your firm’s digital operations.
Design a strict schedule for regular automation audits, and your office will be running more smoothly in no time. Building an IT team to handle these audits and the implementation of new tech is the natural next step.
2. Invest in your IT team like you mean it
Accounting teams today need IT teams like no other point in history; it’s simply impossible to remain competitive if you’re behind on the latest digital innovations. Nonetheless, you can’t just snap your fingers and assemble a stellar IT team overnight, but rather must build one up over time with investments that can often strain your business.
In this market, investing in your IT team really means investing in data. Your computer gurus will serve your firm best if they have access to reams of data that can help the financial professionals on your team make better decisions. That’s why you need to look into assembling a data analytics team whose sole focus is IT matters pertaining to wise decision making if you really want to optimize your workflow.
Most of your competitors will be extensively digitizing their operations, and while you may not always have a bottomless pit of money to throw towards tech-based endeavors, you should always have some cash in the bank for IT ventures. A well-fueled data analytics team can end up saving you plenty of time in the future, as well, so consider it more of a long-term investment than a business expenditure.
3. Help your human employees do more
While investing in your IT infrastructure is critical, it’s important you don’t take your eye off the ball when it comes to your human capital, either. Helping your human employees do more with their time by mitigating their more mundane responsibilities with mindful automation practices is an excellent way to improve your accounting workflow.
If your accountants have to worry less about such things as payroll thanks to automating software that can handle much of the number crunching for them, they can pay more attention to your clients, which is where the soul of your business rest. Improving your workflow doesn’t always necessitate great changes to existing operations – sometimes it can be as simple as giving your employees more time to focus on their existing responsibilities, and pumping more money into existing projects and operations rather than expanding into new ventures.
At this point, it’s really indisputable that costly employee training initiatives are worth it. They may not generate an effect overnight, but consistent training outfits your workers with the skills needed to improve over time, which naturally optimizes your workflow. Better employees just end up wasting less time and accomplishing more with less, particularly if you’ve helped them become leaders who can help steer others in the right direction. Don’t allow yourself to forget the little guy in today’s rush to automate – your IT infrastructure is very important, but keep your employees first in your mind, and you’ll see workflow improvements across your firm in no time.
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Cost accountant with major focus in SAP/General Fund Enterprise Business System (GFEBS). Also, main functional inspector for accounting/finance audits for internal reviews as well as the Statement of Budgetary Resources audit initiative.