Modern accountants have come a long way since the days of using briefcase-sized calculators to balance their books. So why does it feel like cash reporting and analysis at work still takes so long in 2021? Part of it has to do with a lack of access to financial technology that can automate workflows. The other part comes down to work-life basics amid ‘extraordinary items’ that are hard to manage on a worker’s psychological balance sheet.
Many accounting divisions had New Year’s resolutions to plan better, automate processes, and stay ahead of critical tasks. But, it’s been a challenging year for many businesses. And with tax season picking up over the next month, trying to keep up with record-breaking volumes while transitioning books to digital environments is not easy.
While it may seem like the goals you had at the beginning of Q1 are hard to achieve, here are some accounting tips and reminders that can help get accountants back on track for a successful year.
It’s critical to get your accounting business organized and fully functional. Last year was a challenge, but tightening up your workflow process will ensure that you start the year off strong.
Not sure where to start? Begin prioritizing tasks by asking the following questions:
- What do investors, regulators, and analysts expect from me at the close of the month? At the close of the year?
- Tax season is approaching – is there anything I can do to prepare in advance?
- Is this task necessary or a requirement? Is this something I can automate?
- How much time am I spending on manual reporting? Can my division head do something to help?
Putting some order to your workflow will ensure that you’re putting energy in the places that need it the most.
Stick to a Personal Schedule
Part of organizing your workflow is managing your schedule. As you ring in the new year, it may be tempting to work longer hours. However, consider how that schedule will look long-term. Instead, commit to maintaining a work-life balance with strict working hours and regular time away from your work. Consider giving your team some scheduling flexibility so they are also free to spend time outside of work. Putting up these parameters will ensure that people are more focused and ready to produce better results.
Review Growth, Revenue, and Sales Objectives
The global pandemic certainly had an impact on business this year. Ensure that you’re setting the organization up for success by reviewing growth, revenue, and sales objectives. Consider how Covid-19 impacted revenue and how it played a role in sales objectives and overall development for the year. This is an excellent opportunity to see where things worked out and areas that may need improvement. Perhaps some adjustments need to be made to improve those numbers for the next year.
Outline Major Expenses, Seasonal Income, and Taxes
Take a hard look at the financial side of your business. Make sure you have a clear picture of any major expenses or spikes in seasonal income. Do you have an understanding of your tax situation for the year? Ensure that you’ve completed a tax analysis for any large purchases and that you’ve completed provisions-to-return calculations, including applicable tax rates. Collecting this information in a single-to-use platform will make future referencing much easier.
Invest in Developing Skills and Growing Your Team
Your accounting business is only as strong as your team. Now is the time to invest in education and training to develop a successful team’s necessary skills. Bring people with you as you create new plans for the business. Make their collaboration and skills a functional part of your overall company. Identify skills that need to be strengthened and offer the appropriate support and resources to help your team succeed. Ultimately, this investment will propel your business forward.
Look for New Tech that Automates
One of the most effective accounting tips for your business is to invest in new tech. Innovative options allow you to streamline your business and seek out growth opportunities. Take a look at what your competitors are offering, and then consider implementing technology to take your business to the next level. Technology may come at a price, but it could be the tool that streamlines your business and leads to more revenue.
Digital transformation and automation are vastly improving processes for Accountants, with updated technology providing better, more efficient ways to work. While tedious manual workflows have been the norm in the world of cash management, they are starting to become unnecessary. Things like Artificial Intelligence and open banking Application Programming Interfaces (APIs) have paved the way for new cash management platforms that provide automation and real-time cash data at an affordable rate.
A Solution for Your Business
If you’re looking for a way to implement the accounting tips mentioned here, consider Trovata. Trovata’s automated cash management platform helps businesses automate their workflows, save time, and create reports right the first time.
A few key features include automated forecasting and reporting, consolidated cash data, and a platform that scales with your business.
Want to learn more about digital transformation in the Accounting department? Click here to download our “Accounting Automation Guide.”