1. Choose an Outsourced Team
In-house accounting teams sometimes struggle to accomplish labour-intensive tasks like payroll management, expense management, and bank reconciliation. To address this, you can hire an outsourced accounting team to execute these tasks. This way, you and your in-house team can focus on the tasks that are lighter on your plates. For accounting firms, TOA Global is the best option for your outsourced accounting demands.
2. Use Accounting Automation
Manual accounting is expensive, time-consuming, prone to error, and unsafe when it comes to data protection. It’s important to use accounting automation, which is what leading accounting firms use today. In fact, these accounting firms have integrated this technology by about 120% to 130% into their workflow, in the hopes of increasing their productivity.
Your firm can use accounting software platforms like Karbon, Xero, and Quickbooks to automate your accounting operations.
3. Leverage Accounting AI
4. Run Redundancy Reviews
5. Invest in Employee Education
As the accounting industry evolves, so should the skills and knowledge of your employees. Outsourced accounting services like TOA Global have partnered with Ab² Institute of Accounting. This is where employees of accounting firms can get certifications in accounting and bookkeeping, accounts administration, and for tax agents.
6. Implement a Daily Schedule
Setting defined office hours helps accounting firms get more things done in less time. This idea seems counterintuitive at first, as it leaves no room for necessary additional work hours. However, the productivity spike from extended work hours snowballs into an eventual drop in time. Implementing a fixed schedule keeps your employees energised and productive, while maximising your firm’s designated work hours
7. Delegate Your Employees the Right Accounting Tasks
8. Set Reliable and Department-Specific Metrics
Your key performance indicators (KPIs) must be accurate and research-backed for each division in your accounting firm. Some examples of KPIs include days payable outstanding (DPO), invoice cycle time, and payment error rate for those in the accounts payable departments. Meanwhile, other KPIs for accounts receivable departments include days sales outstanding (DSO) and collection effectiveness index (CEI).
Enhanced Accounting Firm Productivity with TOA Global
Outsourced accounting takes the bulk of the tasks from your accounting firm onto the plates of professionals from around the globe. This keeps you and your local team from time-consuming routine tasks so you can focus more on growing your business, diversifying your service offerings. TOA Global connects your firm with outsourced accounting experts that will keep your operations running smoothly and efficiently at a reasonable price.
Work with elite outsourced accounting talent today. Book a consultation with TOA Global here.
