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8 Ways to Boost Your Accounting Firm Productivity

Ways to Boost Your Accounting Firm Productivity
It’s important to teach your accounting employees the right productivity strategies to boost their drive and efficiency in the daily operations of your firm. If your accounting firm needs more performance optimisation, you will find this list helpful. Here are 8 ways to make accounting firms more productive.

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

AI is here to stay, but it doesn’t mean that it will completely replace human work. Accounting in the future requires collaborations between humans and AI for enhanced accounting efficiency. Accounting firms can utilise AI for their invoice processing, scheduling, and forecasting, as well as other accounting processes like data summarisation and expense processing.

4. Run Redundancy Reviews

Redundancy reviews help accounting firms spread tasks evenly among their employees, know which employees to train for emergency tasks, avoid workflow delays, and establish their daily priorities better. You can use something as simple as a spreadsheet when making a redundancy review – it doesn’t have to be expensive or complicated.

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.

8 Ways to Boost Your Accounting Firm Productivity – ANZ

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

Accounting efficiency depends on strategic task delegation. It’s crucial to assign tasks to employees that have proven their skills and abilities to execute those tasks before. In cases when an employee expresses disappointment with a task – especially one that’s not their expertise – then look for someone more prepared and enthusiastic to take on the role. You should familiarise yourself with the specialised skillsets of your employees so they can be motivated and productive for your firm.

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.