It’s no secret that every industry and every sector is affected by modern trends and technology.
Workplaces evolve as time goes by and so do working people. You simply have to adapt or risk being left behind. This is especially true in the accounting sector.
Accountants and bookkeepers always have their hands full. Their job isn’t just to manage accounts and finances but to give financial advice, help companies make a profit and help people both outside and inside the company they work for.
As the dynamics and the pace of the market increase, so do expectations from accountants. It’s no surprise that accountants would lose some of the productivity along the way, especially with all the pressure they have to endure.
Regaining that productivity and improving it, even more, can be challenging, but it’s not impossible. Adapting to change can, indeed, be controlled with the right strategy in mind. That said, here are few ways to improve productivity in the accounting sector.
1. Embrace emerging technologies
Even though modern technology is designed to help people do their job more efficiently and faster, it’s not always perceived as such.
Emerging technologies could help accountants improve their productivity and overall performance but many people feared that such technology could potentially replace them. A good example of this is AI (Artificial Intelligence).
Although powered with machine learning, deep learning, and natural language recognition capabilities, AI could potentially do some of the accounting tasks with ease. However, it is not nearly as advanced enough to provide financial advice or understand the market dynamics and how it affects finances.
So, instead of fearing technology, accountants should embrace it. With the help of such powerful technologies, such as AI, accountants could find a way to boost productivity and efficiency, thus becoming more than able to meet future demands and expectations.
Another type of technology that’s disruptive and beneficial at the same time is automation. People also strongly believe that automation could replace a lot of employees, especially in factories where a lot of tasks are repetitive and can, therefore, be automated.
The same can be applied to the accounting sector. The fact of the matter is that a lot of tasks are, indeed, repetitive in the accounting sector. Again, automation cannot replace an accountant, but it can help them become more productive.
By automating repetitive and mundane tasks, accountants can focus their attention on other aspects of their job. This can save both time and resources that can also be delegated to other projects or tasks.
Moreover, automation became more advanced over the years, which allows accountants to automate entire processes and orchestrate them into workflows.
This can make the accounting jobs more seamless and make accountants much more productive. That can be particularly handy during business growth when the number of work accountants has to handle tends to skyrocket.
As helpful as technology can be, it’s oftentimes not enough to help accountants handle all the work they have on their plate. This is especially true in large enterprise companies that have small accountant teams. In such scenarios, accountants can get swamped with too much work fast, which will cause a significant decrease in their productivity.
So, to avoid overworking accountants and diminishing their productivity, such companies should strongly consider delegating some of the work and outsourcing it to companies that specialize in such tasks. For example, you could outsource your company’s taxation tasks to Verus Accountants or a similar accounting company.
Such firms are proficient in helping you with your taxes, so you’ll have one thing less to worry about while you allow your in-house accountant team to focus on other financial aspects of your company. Delegating work can improve productivity because you’re not overworking your accountant, and you’re allowing them to create a healthy schedule and balance at work.
4. A diverse workplace
Another thing employers should strive towards is creating a diverse and inclusive employee base. Not only does such an environment boost employee productivity and engagement, but it also encourages stronger employee collaboration.
Aside from this, a diverse workspace can provide businesses with the edge necessary to not only penetrate but thrive in the global market. Specific employee skills, such as cultural intelligence and global market knowledge, will allow businesses to stay on track with all of the latest changes.
A diverse workspace also offers a more enjoyable working environment that will certainly contribute to growing productivity. Moreover, collaboration in such a workplace will allow the teams to reach new heights and easily overcome any obstacle that comes their way.
Flexibility is one of the key components of productivity. The global pandemic has shown us that people can work remotely and still maintain their productivity levels. Furthermore, a lot of employees who were working from home even showed increased productivity.
The main reason is that people had more flexibility even during the lockdown. That’s why many companies are considering remote work as a more permanent solution even after the pandemic is finally over.
Remote work is just one of the aspects of flexibility in the workplace. Companies that help their employees by providing more flexibility will have a generally satisfied and productive workforce.
For example, flexible work hours, more days off, working from home and many more are all factors that help employees achieve work-life balance. As a result, employees tend to be more loyal and appreciative of the company that helps them in such a way. And we all know that satisfied employees are more productive, motivated, and engaged.
Accountants all over the world would certainly appreciate more flexibility at companies they work for.
At The End of the Day:
The accounting sector has many difficulties adapting to changes that happen often, and they happen fast. Loss of productivity in such cases is completely natural, and it isn’t something to be shunned upon.
Instead, companies around the globe should make an effort to help accountants improve their productivity by providing them with the necessary means that will allow them to do so.