New Year Resolutions for your Accounting Team

By: Peggy E. Jennings, CPA, Partnerpeggy

If you are like me, you have already forgotten the promises made in the wee hours of 2017 meant to improve health, personal outlook and work habits. We might be forgetful when it comes to self-improvement, but it isn’t too late to consider some improvements to your accounting process that can find efficiencies to be enjoyed all year round.

Some things to consider for 2017:

  • Walkthroughs –determine how processes for transactions, information flow and approvals are actually working on a daily basis. The goal isn’t to create a fancy spreadsheet but to consider improvements to processes that can save valuable time. Challenge the adage “we’ve always done it this way” to determine the most efficient means to achieve the tasks.
  • Ask questions – is this process necessary? Does it add value? Can it be automated? Is there a duplication of effort between teams? Is anyone using the output? Are roles and responsibilities appropriate?
  • Document – after evaluating existing processes and procedures, documenting any updates to existing policies, or creating policies in areas where little documentation existed previously, will provide a tool for staff to utilize in successfully implementing the procedures. Such documentation can also be incorporated into training materials.
  • Training – after you have determined the most efficient means to achieve tasks and have created new and improved processes, take the time now to fully training your personnel in the new processes so that all can be successful in their positions and responsibilities.
  • Develop process metrics – a good way to measure success is by measuring activity. Consider what metrics can be tracked, such as number of invoices processed, number of days in cycle time (invoice date to approval date), number of manually processed payments, number of invoices processed electronically

Reward success! Change is not easy and it takes a lot of effort to change established processes even when the personnel involved are fully on-board. Listen for needed tweaks to the new processes (internal controls are never final) and take the time to recognize achievement.

Here’s to an efficient and successful 2017!

 

 

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