Work Smarter, Not Harder: Time Management Tips For Accountants
17 Jul, 20241-2 minutes
In this blog, you will learn:
- Why time management is important for Accountants.
- Time management tips for Accountants.
- Where the latest accountancy jobs are and how to apply for them.
Are you an Accountant working through your to do list, juggling minor and major tasks and working to tight deadlines? If you’re struggling to manage your roles and responsibilities and meet expectations, working smarter not harder is essential for productivity and success.
If you feel like working hard, but getting nowhere, it’s time to work smarter by making decisions that can positively impact your time management skills.
Time management is something everyone can stand to get better at and is crucial for the accountancy profession. For Accountants, organisation and time management skills are significant to deliver high-quality work and productivity relies on punctuality to ensure that the business runs efficiently and delivers a great service.
Throughout this blog, we’ll delve into how Accountants can operate more efficiently and work smarter but not harder.
Why is good time management important for Accountants?
Time management is an important quality for any profession, but even more so in the accountancy sector. To meet deadlines, ensure accuracy and attention to detail, it is important for Accountants to effectively manage their time.
During busier periods, including tax season and preparing for audits, Accountants need to be even more aware of what they can achieve within designated time frames to meet specific needs or demands.
Managing your time wisely can increase focus, build confidence and allow Accountants to plan their time more effectively to maintain a happy work-life balance.
Time management tips for Accountants
Time management tips for Accountants:
- Complete what you can ahead of time.
- Plan your work.
- Prioritise tasks.
- Delegate.
- Automate work where possible.
- Create a time management system.
- Set realistic goals.
Complete what you can ahead of time
Accountants should strive to maximise their time efficiency to complete tasks faster and focus on long-term goals and quality accounting.
According to Acuity training, the least successful time management technique is ‘dealing with whatever comes up,’ and 28% of people that use this technique feel their work is never or rarely under control.
You should aim to work diligently to ensure that you can complete the work to the best of your ability and in enough time. Keep track of deadlines and what needs to be completed and by when.
If possible, it can be beneficial to complete work ahead of time, especially in anticipation of a busy period to give yourself time to prepare and focus on other tasks along the way.
Plan your work
Planning your work can improve your decision making and time management skills. Create a to-do list to remind you of the work you need to accomplish, and the work you have completed and crossed off your list.
Organise your daily, weekly and monthly tasks and responsibilities so you can keep track of what you are working on. Remember to factor in monthly and annual deadlines, as well as month-end reporting, into your schedule.
By preparing your workload in advance, you can be confident that everything has been covered and nothing has been overlooked, neglected or rushed.
Prioritise tasks
Rank your roles and responsibilities in order of priority to better understand how to tackle your workload. According to Acuity training, the average full-time worker spends up to 12.5% of their average workday on low-impact activities and waste time on tasks that are not relevant to their key priorities.
Prioritise critical tasks such as financial and accounting reports and those with critical and approaching deadlines, but don’t ignore low-value tasks. Accountants need to focus and spend the appropriate amount of time on necessities, rather than on tasks that could be put off. Be prepared to modify your workload and prioritise tasks to ensure you make the most out of your time.
Delegate
Improving delegation to get better results is a useful way to work smarter not harder. Get the most from your accounting team by relieving yourself of some time and energy to complete other tasks or get on with other responsibilities.
Taking on multiple roles and responsibilities within your accountancy practice can make other members of staff feel unimportant and lower productivity. Delegating tasks is a crucial time management tool that allows Accountants to focus more on high-value activities, which can lead to an increase in efficiency and profitability.
Effective delegation can improve the way your accounting firm operates and leads to better time and task management. By delegating tasks, Accountants can evaluate and monitor operations regularly against performance objectives, productivity and profitability. The hours you save by delegating tasks (e.g. admin tasks) can lead to increased efficiency and profitability.
Automate work where possible
Take advantage of technology by automating tasks and processes in the accountancy practice wherever possible. Accountants can utilise artificial intelligence, automation and computerised accounting to streamline tasks such as invoicing, financial reporting and data management.
Utilising technology and embracing automation means that Accountants can save time usually spent on manual, routine tasks, freeing up time to focus on more important, high value tasks.
There are plenty of online softwares designed to automate admin tasks for Accountants and Bookkeepers such as Xero, Scribe and Expensify.
Accountancy practices can enhance their offerings, effectively manage time and improve workflow through automation. If used properly, Accountants can even eliminate tedious tasks and the risks of human error, helping to maximise time and optimise operations.
Ways Accountants can embrace automation to enhance efficiency
Types of automation to improve efficiency for Accountants:
- Payroll systems.
- Accounts for invoicing and payment reminders.
- Audit software for compliance checks, risk assessments and anomaly detection.
- Data collection.
- Cash flow management.
Create a time management system
Despite recognising the importance of time management, very few people have a structured system in place to track and review their progress and time management.
According to Acuity training, just 1 in 5 people carry out a monthly time audit to review how they are spending their time. 82% of people also don’t have a time management system, preferring to use a list or their email inbox to keep on track of their time and efficiency.
A time management system is a process or approach to managing your time and should be specific to the practice you work in and the types of accounting work you perform. Consider putting together a monthly time audit or a time management system to assess how long you are spending on tasks and review your progress.
Set realistic goals
It can be difficult to make positive changes and work smarter if you are unable to define your goals and destination.
Track your time and efficiency by setting realistic goals that you can work towards. Rather than following a plan, to-do list or having a time management system, it can be beneficial to simply set realistic objectives to meet the to-do lists for each day, week or month.
Reminding yourself of your goals can help filter out tasks and give you a sense of fulfilment and progress. Even if you don’t achieve or complete all of your tasks, setting goals is a great way to determine what can be done to improve time keeping and be more efficient. Focus on positive self-reflection and set your sights on what’s ahead.
Accountant jobs
If you’re searching for your next Accountant job, why not take a look at the latest vacancies, or simply upload your CV to be notified when a relevant position becomes available.
Struggling to recruit Accountants?
As specialist accountancy recruiters, we support practices nationwide with their permanent recruitment needs.
If you’re struggling to find ACCA, ACA or CIMA qualified Accountants, why not get in touch with Management Consultant, Lauren Bailey, on 01772 954200 to see how we can help?
Meet Lauren Bailey
Who is Spencer Clarke Group?
Established in 2017, we’re a vibrant and progressive recruitment agency based in the heart of the North West.
We continually reimagine the recruitment process to challenge convention and defy expectations; from creating a better recruitment experience to remodelling employee engagement, we thrive off doing things differently and turning heads along the way.
We operate in two sectors:
In eleven specialisms:
Healthcare, Social Care & Nursing
Corporate Functions & Business Support
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