There are few sectors which have as much of an impact on the world as that of accounting. It’s a sector that’s critical for both small-scale businesses as well as large multi-national companies.
According to Moneyzine, the accounting sector is estimated to hit just short of a trillion dollars by 2031 ($938.38 billion). Interestingly, even with computers, machine learning, and AI, accounting still hasn’t become a fully automated sector. The role of human beings in communicating and managing clients is massive.
As a result, there are often hectic times like tax season, when accountants can get exhausted. In this article, we will explore a few ways that you as an accountant can optimize your workflow.
Consider Automating Various Parts of Your Work
Naturally, when you are dealing with an insane amount of responsibilities, you want to be smart. Automation can be the name of the game if you go about it the right way. There are a number of areas that can be automated.
For instance, a lot of data entry and bookkeeping can be fast-tracked with the help of optical character recognition (OCR). Such software can automatically extract data from scanned documents and receipts.
Similarly, it is possible to set up your bank feeds to import transactions into your accounting software. This frees up a massive chunk of time that would otherwise be spent on data entry.
In fact, there are several other areas that can benefit from automation. These include:
- Invoicing (most modern accounting software allows for the generation and sending of invoices based on predefined schedules and triggers)
- Data analysis
- Client onboarding
- Document storage and management
The one aspect that you will need to remember when relying on automation is client communication. Clear communication is never easy, and when it involves technical data, you want to reduce the potential for confusion.
Mango Practice Management paints a common picture that most accountants have faced at least once. You send an email with a report that’s password-protected. You also send them the password, but your client still calls you up and says the file is password-protected. Some people are just not that tech-savvy.
In such situations, automation isn’t the best idea. Instead, you can try an accounting file share service that is simple, yet secure. You will likely need to find similar compromises in different areas.
Grow Your Multi-Tasking Skills
As an accountant, you will often need to handle several clients simultaneously. This can require considerable organization, communication, and strategic planning skills.
One tip would be to make it a habit to assign priority levels to your clients. This can be based on the complexity of their financial situations and the urgency of deadlines. Doing so allows you to focus on high-priority clients while maintaining a clear overview of your workload.
Similarly, you can segment your clients by industry, size, and specific needs. This would allow you to establish specific strategies that cater to each segment. No doubt, your clients can be demanding and can sometimes be unreasonable.
To avoid any unpleasantness, establish clear expectations with each client regarding communication channels, response times, and progress updates. It’s also a good idea to factor in sufficient buffer time to deal with unexpected technical issues or client requests.
Frequently Asked Questions
1. Should I hire an assistant or use automation software?
Both options have their own benefits. You should analyze the kind of work that you find yourself getting bogged down with. If it’s a lot of data entry and repetitive tasks, automation and accounting software might do a better job. On the other hand, if the tasks require judgment and client interaction, an assistant is the way to go.
2. Will AI replace accountants in the future?
Many accountants are shocked at how good a job AI and machine learning-based accounting software can do. There is a natural fear that the career will one day be fully automated. Many sources online will tell you that you don’t have to be worried. The truth is, we simply don’t know.
Everyone has seen how disruptive AI can be when it rapidly advances. Odds are, accountants will need to upskill themselves in more human-relations aspects to be safe.
Conclusion
Accounting can be one of the most mentally taxing careers out there. They don’t always get the spotlight, but they still manage to be superstars in their fields. Virtually every industry is becoming more open to allowing its employees to work smart. If it can improve productivity, it’s worth looking into.
With accounting software becoming more advanced, accountants can gain some much-needed relief. Of course, the work is still intensive, and upskilling will be crucial to establish a sustainable and long-term career.
