Here are 6 underrated, but incredibly worthwhile time-saving tips for accountants, bookkeepers, payroll managers and other finance professionals.
What do accountants and superheroes have in common? Apart from their often underappreciated status, it’s the constant race against time.
Like superheroes saving the day, accountants are continually challenged to perform their tasks faster, more accurately, and more efficiently. From meticulously balancing ledgers, analysing financial reports, to strategising tax plans, every tick of the clock counts.
Now, if you’re an accountant, you might be wondering: how can I bend time in my favour? Is there a secret formula that would make those pesky deadlines less daunting?
The answer is a resounding ‘yes’, and this blog post aims to be your personal guidebook to mastering the art of time-saving in the accounting realm.
Join us as we delve into seven practical tips that can turn you into an accounting wizard. We’ll talk about embracing automation, honing your digital skills, implementing cloud-based solutions, and more.
This isn’t about working harder, but smarter, to make the most of your valuable time.
So, grab your cape – or rather, your calculator – and let’s dive into these time-saving tips tailored just for you, the unsung heroes of the finance world.
These Time-Saving Tips for Accountants Will Help You Improve Your Work-Life Balance
So, let’s get straight into it!
1. Embrace Automation: Let Technology Do the Heavy Lifting
Imagine if you could delegate some of your tedious tasks to an assistant who never sleeps, never complains, and – best of all – never makes mistakes.
Welcome to the world of automation, a powerful ally in the fight against time-consuming accounting tasks.
Automation in accounting means employing software or tools to take over repetitive, time-consuming tasks.
Think of it as having a diligent robot at your disposal. Whether it’s data entry, invoicing, payroll processing, or financial report generation, these can be set up to run automatically with minimal supervision.
So, which tasks can you hand over to your virtual assistant?
Here are a few examples:
- You can automate invoicing to ensure bills are sent out promptly.
- Payroll can be a breeze when automated, reducing errors and freeing up loads of time.
- Reconciliation of accounts can also be automated, providing a real-time view of your financial position without the constant manual input.
If you’re wondering where to find these helpful tools, fear not. There are plenty of reliable software options to help you embrace automation: QuickBooks, Xero, and FreshBooks are just a few that offer robust automation capabilities.
Remember, the key is to find a tool that fits your specific needs and is user-friendly.
In a nutshell, automation is like a superhero sidekick for accountants – always ready to take some tasks off your hands.
By embracing automation, you can focus more on strategic aspects of your role while technology takes care of the grunt work.
2. Say Goodbye to Hold Music & Waiting ‘on-hold’ to HMRC
This is probably the best time-saving hack of 2023.
Calling HMRC – we all have to do it much more often than the average person, and it’s a well-known fact that the wait times are frustratingly long.
At NoQu, we’ve recognised this is a big problem for individuals and teams working within the accountancy sector, so we’ve found the ultimate solution.
We queue, so you don’t have to!
That’s right – this is a brand new service that allows you to select which HMRC department you want to speak to (e.g. self assessment, PAYE, corporation tax, etc) and one of our agents will queue for you, allowing you to get on with other work, and our agent will reconnect your call when it’s ready.
This allows you to sty productive instead of listening to that insufferable hold music, which is proven to lower your productivity levels (even if you think you can get on with other work whilst waiting on hold – it’s much harder to focus on the task in front of you!)
Want to know more? Find out how NoQu can help you reclaim your time here.
3. Delegate and Collaborate: Harnessing the Power of Teamwork
Even superheroes need sidekicks, and even the most seasoned accountants can’t do everything alone.
Whether you’re leading a team or part of one, understanding the art of delegation and the power of collaboration is crucial.
After all, teamwork makes the dream work, right?
Delegation is not about offloading tasks you don’t want to do. Instead, it’s about recognising that you can’t be an expert in everything and that others in your team have skills that can complement your own.
Delegating tasks effectively can free up your time to focus on strategic decisions or complex tasks that require your expertise.
However, delegation without collaboration is like a superhero without a mission. Collaboration means working together to achieve a common goal.
It’s about open communication, sharing ideas, and supporting each other.
A truly collaborative team can brainstorm solutions, catch errors, and ensure that work doesn’t bottleneck if someone is off sick or on holiday.
So, how can you foster effective delegation and collaboration? Start by clearly defining roles and responsibilities.
Use tools like Trello or Asana to manage tasks and maintain transparency. Regularly check in with your team, not just about tasks, but about how they are doing. Remember, a supportive and engaged team is a productive one.
In essence, delegation and collaboration are the dynamic duo of the accounting world.
By mastering these, you can work more efficiently, save time, and even make your working day a whole lot more enjoyable. After all, even in the world of numbers, humans are your most valuable asset.
4. Take Care of Your Physical and Mental Health: Because You Matter
In the quest to save time and boost productivity, there’s one element that’s often overlooked – you. As an accountant, you are your most valuable tool, and just like any tool, you need to be well-maintained to function at your best. This is where taking care of your physical and mental health comes in.
The link between health and productivity is well-established. A healthy body and mind not only help you avoid sick days, but also enable you to perform tasks more efficiently.
On the other hand, constant stress or fatigue can hinder your concentration, slow you down, and even lead to errors. Hence, taking care of your health isn’t just good for you, it’s good for your job, too.
So, how can you look after your physical and mental well-being? It can be as simple as taking regular breaks throughout the day. Step away from your computer, stretch, or go for a quick walk – it’ll do wonders for your energy levels and focus.
Maintaining a balanced diet and regular exercise routine can also help keep you in top shape. And don’t forget about your mental health. Techniques like mindfulness or meditation can help manage stress and promote mental clarity.
In essence, taking care of your health isn’t a luxury or a time-waster; it’s an investment. By prioritising your well-being, you’ll find yourself more focused, efficient, and ready to tackle whatever the accounting world throws at you.
So, go ahead, put yourself first.
Because a healthy accountant is a super accountant.
5. Set Specific Goals and Priorities: Your Roadmap to Efficiency
Stepping into the accounting world without specific goals and priorities is a bit like embarking on a journey without a map. You might eventually get to your destination, but it’ll likely take longer, and you may face unnecessary detours along the way. That’s why setting specific goals and priorities is crucial for any time-conscious accountant.
Having clear goals provides direction. It helps you to understand what you need to accomplish and what steps you need to take to get there.
Prioritisation, on the other hand, is about deciding which tasks are most important and tackling them first. It’s about recognising that not all tasks are created equal and that focusing your efforts on high-impact tasks can make a significant difference in your productivity.
So, how can you effectively set goals and priorities?
Start by setting SMART goals – Specific, Measurable, Achievable, Relevant, and Time-bound. This ensures your goals are clear, realistic, and linked to a timeline. Next, prioritise your tasks based on their importance and urgency. Tools like the Eisenhower Box can be handy for this.
Remember, clear goals and priorities aren’t just about ticking off tasks on a to-do list. They provide a sense of purpose and progress, which can boost your motivation and job satisfaction.
In essence, setting specific goals and priorities is your roadmap to a more efficient and fulfilling accounting career.
6. Enhance Your Digital Skills: The Key to Swift Accounting
In an age where technology reigns supreme, the days of ledger books and manual calculations are long gone.
Today’s accountants are just as likely to be navigating spreadsheets, cloud software, and digital tools as they are crunching numbers.
Enhancing your digital skills can streamline your accounting tasks and significantly expedite your workflow.
Digital skills aren’t just about using a calculator or knowing how to send an email; it’s about being proficient with software like Excel, QuickBooks, and Xero. It’s about understanding how to utilise these tools to maximise your efficiency.
For instance, mastering Excel functions like PivotTables, VLOOKUP, or macros can save you countless hours of manual work.
Similarly, understanding how to make the most of cloud-based accounting software can revolutionise your productivity.
If you’re keen to level up your digital prowess, there are numerous resources available. Websites like Coursera, LinkedIn Learning, and Khan Academy offer courses on everything from basic computer literacy to advanced data analysis.
Additionally, software providers often provide tutorials and webinars to help users get the most out of their products.
Enhancing your digital skills is no longer a ‘nice-to-have’ but a ‘must-have’ in today’s accounting landscape.
It’s your secret weapon to saving time, improving accuracy, and making your workday a little bit easier.
NoQu’s Final Thoughts
In the thrilling world of accounting, every second matters. Each tick of the clock is a testament to your unwavering commitment, unerring precision, and the essential role you play in the financial landscape.
However, time, much like the superheroes’ arch-nemesis, often seems to have the upper hand. But remember, with the right strategies, you can indeed turn the tables.
From embracing automation, enhancing your digital skills, setting clear goals and priorities, to taking care of your health and harnessing the power of teamwork, we’ve explored a myriad of ways to save time and boost efficiency.
But these aren’t one-size-fits-all solutions; it’s about finding what works best for you, adapting these tips to your unique situation, and continuously striving for improvement.
There’s a superhero in every accountant, and with these time-saving tips in your arsenal, you’re well on your way to making the most of each moment, crunching numbers like never before, and proving once and for all that accountants are indeed the unsung heroes of the finance world.
Because, as we all know, in accounting and life, every second counts. After all, you’re not just saving time; you’re making a difference.
