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How to Improve Accounting Efficiency

Published on: Jun 27, 2018

Sage softwareSage business solutions can help you improve accounting efficiency.

What is efficiency? How does your business define efficiency? Every business defines efficiency differently, and every department as well.

However, when it comes to accounting efficiency, most accountants focus on three areas to improve efficiency:

  1. Time management
  2. Technology
  3. Work-life balance

IWI Consulting Group is offering a new white paper on accounting efficiency.

Accounting Efficiency: Surprise Findings

If you looked at these three areas, which one do you think presents the biggest challenge for accountants? The answer will surprise you—it’s work-life balance.

The white paper previously referenced indicates that over 30% of respondents view work-life balance as their biggest challenge. Following closely on this response, keeping up with technology ranked second and time management, third. After that, other factors involving workflow management, staffing, and keeping up with changing standards, as well as other items, all add to the complicated tangle of issues facing accountants today.

Let’s focus exclusively on the top three challenges. Technology, especially Sage software such as Sage EM (formerly known as Sage X3), Sage Intacct, and Sage 300cloud (formerly known as Sage 300), can assist with these concerns.

Keep Your Eye on the Big Picture

When it comes to finding the right technology, the trick is to focus on the big picture rather than the immediate needs. We know that’s easier said than done: after all, you’ve got to solve today’s challenges before you can turn your attention to tomorrow’s opportunities.

The big picture includes internal items, such as what’s going on within your company, as well as the broader horizon. That includes industry-wide trends, competitive forces, and changes, updates, and advances in the accounting profession.

All this information assists you in gaining insight into both the needs of the present and the future. These needs can then guide your technology choices so that you consider both when choosing software. If you consider both current and future needs, you’ll choose software that can grow alongside your business. It will be suited to both present needs and to future challenges that arise.

Improve Time Management Skills

There are many books, classes, and helpful articles to help accountants improve their time management skills. One such method includes blocking time out on the calendar for administrative tasks and for quiet-time tasks, so that you aren’t interrupted.

It’s important to set boundaries and limits around ad hoc meetings. Although some people prefer to have an open-door management policy in which subordinates can seek and obtain meetings on the fly, this can disrupt productivity.

Using software for time management may also be helpful. Shared electronic calendars, for example, enable you to share meeting time blocks in advance so that others can schedule around your preferences.

Leverage Technology to Improve Work-Life Balance

Now we come to the big one: work-life balance. Everyone struggles to achieve work-life balance, accountants included. Technology can help or hurt your efforts to ensure better work-life balance.

For example, smartphones and tablets help everyone stay in close contact. We can manage email, access certain cloud-based software, and check social media accounts using these devices. They can also keep us in too close contact with the office during holidays and family vacations, times when it’s best to unplug and unwind.

As with all technology, devices can be our servants or our masters. It’s really up to you how much connection you want with work while you are out of the office. Cloud systems can certainly make it easier to keep track of information, connect with suppliers, and answer questions from your team while you are away.

Sage Software: Cloud or Site Based, Improve Productivity and Efficiency

Sage software offers great accounting and financial management tools that assist with operations and other functions. Transparency, easy access, and a user-friendly dashboard enables you to do more with Sage technology than you thought possible.

Sage offers both a cloud-based software as well as a site-based versions, so you can choose the tool that’s right for your business. Enhance productivity, improve efficiency, and make data easily accessible by everyone with Sage technology.

If you would like to explore Sage software for your business, contact IWI Consulting today. We can walk you through this and other fine Sage software products to explore the best fit for your business needs. Please visit IWI Consulting Group or call 1-866-916-3851.