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How to Improve Your Business Accounting’s Productivity

From the humble sole trader to a large-scale corporation, every business recognizes the importance of accounting. After all, this part of the business deals with all of the financial affairs. That means it has to track all incoming and outgoing cash, it prepares financial statements, and so on.

While businesses recognize accounting should run like a well-oiled machine, plenty of operations – particularly those with a corporate accounting department – struggle to maximize their productivity. The less productive and efficient accounting is, the more it will cost a company. That’s certainly a cruel irony.

To assist with getting your accounting on the right track, here are a few tips for improving productivity:

Train your employees

Due to the importance of your accounting department, it makes sense to have the most proficient people in place. Your accounting software can carry most of the workload, but talented financial workers are needed to keep the wheel turning.

To ensure the people running your accounts are at their best, training will likely need to be conducted. This can be done via external conferences, in-house seminars, one-on-training, and so on.

For whenever an accountant is away from the office for whatever reason, you should also cross-train an employee from a different department. They can fill the gap when needed.

Stick to a stringent cutoff day

What upsets accountants the most? One possible answer is when they have to wait around for expense reports and invoices to be sent their way. If this data comes in late, it could have severe negative consequences for your business.

As a result, you should implement a stringent cutoff day that everyone has to follow. It doesn’t matter who is sending the data, whether it’s from clients, employees, or fellow accounting colleagues, it needs to meet the cutoff.

Upgrade your accounting software

No, this doesn’t necessarily mean switching from your current accounting software to a new one – although this could be something worth exploring. Instead, this section is about how you can sync your accounting software with other technology to create a greater overall package.

Take Sage as an example. While this accounting software is structured with complex businesses in mind, it still fails to pack everything under the hood. For instance, when it comes to options for Sage payments, this isn’t optimized. To help with this, you have the option to sync payment gateway specialist Paynomix with Sage. Ultimately, this will make it easier and faster to both add and approve payments.

Communication is king

For any business department, communication is vital. This is no different for accounting. To begin with, you should clearly state to the accounting department your expectations and the procedures they need to follow. If they know this from the start, they will comply and understand what to do.

Also, the day-to-day tasks of the accounting department should be communicated to other employees of the company. This will give the employees a greater insight into the work involved, and improve the chances of them sticking to your cutoff date with their invoices.

Originally posted 2020-02-24 18:54:35. Republished by Blog Post Promoter

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