What defines a successful accounting team in any company? It must be an efficient team, rivalling the most productive departments of the company. It must also be a team that provides accurate data to decision makers and is adept with modern technology. The accountants should easily interact with and employ suitable, customer-friendly, and most secure digital applications to process and present company financials.
Whether you choose to operate with an in-house team only or partner with the best accounting services in singapore, specific characteristics and practices distinguish successful accounting teams from those that want to succeed. Here’s how to build a strong accounting team in your company.
Create Strict Cut-Off Policies to Get Timely Information
Updated financial information is crucial for functions such as budgeting and other forecasting actions. Out-of-date financial information jeopardises decision making and activities such as investments. Accounting delays can translate to drastic consequences for the entire company, and some companies have had to learn it the hard way. Therefore, ensure your accounting services team gathers vital financial information promptly.
Impose strict timelines for submitting crucial information such as expense reports and invoices. Create cut-off policies and a cut-off day and evaluate its effectiveness. Adjust until you find the right balance. Just don’t forget to keep sending those memos.
Organize a Process Walkthrough
Team members need to have the ability to understand different procedures in the business. It ensures that the responsibility of information gathering is well defined, understood and divided. Additionally, you can get a renewed viewpoint of a process during a walkthrough.
A process walkthrough enables more profound understanding of what others do and can lead to insights into inefficient processes. Also, you can have other members of the company occasionally run the accounting department’s daily tasks thereby enhance their understanding of the demands on the department and potentially result in awareness of wasteful processes.
Insist on Accuracy
For any accounting team, the importance of accuracy cannot be overemphasised. It begins with accurate data gathering. This is the pillar of a successful accounting department and by extension, the success of the business. Lack of precise financial data hinders effective decision making in industry. Moreover, if a company makes strategic decisions based on inaccurate financial information the consequences can be dreadful.
When building your accounting team, establish proven processes that’ll ensure the accuracy of financial data and a robust reporting system. Double check the accountants as they process data through the cycle and minimise accounts of human error. Don’t be solely dependent on a particular individual or programme. Instead, have several review points of the data and automate as much as you can.
Automate as Much as Possible
Accounting requires creativity and smart decisions. However, some processes are better performed by computers. Machines can help sort the mundane tasks and to minimise human error. Moreover, accounting software today have the capability of handling complex functions such as routing. You may still doubt the consistency and dependability of the system, and want to keep checking yourself, but you don’t have to keep verifying the accuracy of the software. A few tests down the line, you should be confident in the ability of your machine.
In conclusion, a strong accounting team is a crucial part of a successful business. It boils down to the right people. A professional accounting firm in singapore will have the right staff who understand the business needs and are motivated to deliver extraordinary performance.