7 things that make every accountant’s life easier
In times of economic crisis such as these, accountants are likely more stressed than ever before. So, if you are looking for ways to make your life that little bit easier, here are 7 things to consider.
Take a look at your workload – does every task need to be carried out by yourself, or even an accountant at all? Of course, things of a higher importance will need to be done by a more qualified person. However, things that are more akin to administrative work can be delegated to other people in your team.
One of the most fruitful ways to make anyone’s life easier is to let your computer do it for you. There’s no wonder, then, that automation software is becoming more and more popular. Accounting software like Xelix is powered by artificial intelligence, working in conjunction with your current systems to automate your financial processes, including statement reconciliation, accounts payable, and audits.
In addition to freeing up your time for other tasks, automating financial processes can also help you to spot issues sooner, and minimize the risk of human error.
- Cloud computing
According to a survey reported in Accountancy Daily, 26% of finance teams remained working from home after the Coronavirus pandemic lockdowns. This is due to the fact that 57% of the accountants polled said they did not want to return to the traditional in-office working environment.
This trend has likely continued – at least somewhat – into 2022, as the popularity of flexible, remote, and hybrid working practices has steadily increased. With this in mind, cloud computing is essential, as it allows finance departments to work efficiently and productively from wherever they are based.
Especially in financial industries or departments, documentation is key. Make sure you write down your procedures so that you are covered in the event of an emergency, audit, or a staff member leaves. It is good practice to keep both a hardcopy and digital copy of your documents – or, if you are fully digital, at least make a copy on a separate server in case of a technological failure.
- Separate expenses
It goes without saying that everyone should keep receipts of everything they will claim as expenses. However, if employees can claim expenses for their car parking, travel, hotel rooms, and so on, you might find that they get mixed up with their other personal expenses. Or, indeed, they can even get mixed into your business expenses.
Make sure that they get separate receipts for their expenses and the items that will be paid out of pocket, and store these receipts separately to your general business’ receipts for ease.
Wouldn’t it make life easier if everything was exactly where it should be, rather than having to search for the thing you need for what feels like ages? In that case, it’s time to take some time to implement a new (or tidy up your existing) organizational system.
- Risk management
If you spot any issue or discrepancy, make sure to solve it soon as possible. It is always easier to fix a problem whilst it is still manageable before it has time to escalate into something potentially complicated and even disastrous.
And there you have it – 7 simple things that can make every accountant’s life easier.