Best Practices from the Most Successful Accounting Departments
Running an accounting department is not an easy task. There are a lot of things to keep track of and too many solutions to choose from to help. When you incorporate the best practices to your department, however, you can see big improvements in how it runs and keep improving each quarter.
Have Rigid Deadlines
Having deadlines which work for your department and the organization is a good idea. This can help keep the department on track while giving other areas of the company ample time to submit invoices and other paperwork. You will want to send out reminders as the deadlines approach and be sure to take repeat offenders to management to help deal with any problems you are not able to work out on your own.
Process in Batches
Processing invoices and writing checks as they come in can take valuable time away from other tasks your department needs to do. It is a good idea to have a set day or two each month to process the invoices and checks in batches. When you determine what the best days are, you will want to make sure that the rest of the company knows this schedule. This should cut down on the number of requests you get in a day and hopefully encourage other departments to stay on top of their needs according to your schedule.
Use the Software You Have
In accounting, the right software can make all the difference in the ways that you do your job and how effective it is. The software you have probably is being underutilized because you and your people have not been effectively trained. This is a quick fix that you can solve by finding a training program such as a video course, training from the developer or a manual you can study.
Review Your Processes
It is a good idea to do a periodical review of your processes to make sure that they are still working properly and helping you do your job better. As situations adapt and change, and as you get a better feel for how things are working as opposed to how they should work, you should update your processes to reflect that.
Some tasks are necessary, but time consuming and can be automated. This can free up personnel to do other tasks and save your department time and money.
Running an effective accounting means making sure that you are processing invoices in batches, automating tasks where possible and using your software to the fullest extent. It can also mean having rigid deadlines and reviewing your operating processes on a regular basis.v