As a manager of any team, ensuring productivity is a key part of your role. Managing an accounting team comes with its own challenges and idiosyncrasies. Because the team plays such an integral role to business operations across the board, it’s important that it works like a well-oiled machine.
If you feel that team productivity is slipping or that you could do even better at meeting those targets, take a look at these tips on how to improve the productivity of your accounting team:
Implement Cut Off Policies
Accountants spend a lot of time waiting for the relevant data to reach them at the end of the month. Clients and colleagues can be tardy in sending over the required documentation. Speed up the process by implementing a cut off policy and sending the relevant memos to remind people of it. Whilst some flexibility is important, your staff need the right paperwork to fulfill their own objectives. Try to support them in this.
Don’t View Your Team as an Island
The accounting team of a company usually has to work in conjunction with everyone else in the business. It’s worth sharing information on accounting processes and systems with non-accounting teams. This can make other teams more aware and understanding of the workload facing the accounting team, which may lead to fewer late invoices or the filing of expenses. It may also flag up some areas in the operational process that require improvement. Either way, it will help your accounting team to work more quickly and efficiently.
Create a Positive Workplace Culture
Workplace culture has been found to have a huge effect on staff morale and motivation. These, in turn, have a significant impact on productivity. You can do a number of things to promote a positive culture at work. Show your staff you value them by giving regular praise and the odd perk. Create a communicative environment where both bosses and staff share information and ideas freely. Don’t forget that people like to progress in their work – allow for pay rises and promotion opportunities to keep your team on board.
Brush up on Software Capabilities
Automation is a really useful tool for improving accounting team productivity. Many companies already have accounting software in place to do some tasks. But very few companies use that software to its full capability. Call up the software provider and do some research to find out whether there are any features being underutilised. If so, schedule some training for your team so they’re confident about using them before you change procedures.
Invest in Training and Development
With all teams, but especially one like accounting where technical knowhow is paramount, regular training and development is essential. It will help your team do their jobs to the best of their ability. It will also mean that knowledge and skills are spread across the team – you won’t be dependent on just the one staff member to perform a particular task. When you rely on just one or two people, productivity will grind to a halt if they’re on vacation or need to take some time off sick.
Improving the productivity of your accounting team requires a 360 degree view of your operations. You need to locate areas where software can be used to speed processes, where motivation is lacking, where knowledge gaps lie and where company-wide colleagues can step up to aid your work. Assess the productivity of your team and do so regularly, to make sure every member is working to the best of their capability.
Author Bio: Rachel is a mother of 2 beautiful boys. She loves to hike and write about traveling, education and business. Rachel is also a great fan of sustainable living and a strong supporter of the sharing economy.