A Guide on How to Improve Business Accountancy
In most accounting departments, a manager is held responsible for actions undertaken by the team under his/her care. From time to time, accounting managers check on how their team is doing so as to determine whether goals are being achieved. If the evaluation results show that more needs to be done, it is time for the manager accountant to act in a way that will boost each staff’s performance.
Among the first steps to take involves a full review of each staff’s job description. This is crucial because it gives an insight on what every staff should do, and whether they are doing it. A proper job description shows daily, monthly, and occasional duties. Daily duties consist of activities such as reviewing of cash balance and recording of sales. Among the monthly tasks are financial statements preparation as well as reconciliation of accounts. Occasional duties examples are inquiring on particular acquisitions or recording any unique transactions.
All employees are required to understand what their job description is, not to mention amendments can be made if need be. Creating of a job description by employees is important in case they do not have one. The manager is thus able to look at the job description and identify tasks that are completed. Any duties that might be omitted should be assigned to specific staff.
Rotating accountants to different positions is common with some firms. This allows them develop build on skills needed in every accounting department, but it prevents development of expertise in any of them. This downside could prove fatal since errors are likely to come up, and the same might spill over when it comes to matters to do with internal reports as well as financial statements. Performance can be improved by setting a minimum time which an employee is supposed to last in a particular accounting department. This emanates from the expertise gained over time.
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Training helps in preventing or resolving job performance problems. An astute accountant manager will introduce a new employee to co-workers, explain department procedures, and assign a mentor. Current staff also need training whenever a problem relating to performance arises. This can be by enrolling them for a program that teaches on appropriate customer care.
Internal controls in accounting are found in many companies, though some lack to review their efficiency. Accountancy help by internal auditors is imperative as this makes sure systems are running smoothly. After the internal auditor pinpoints where the weak points are, such as verification of small transactions, the manager accountant should weed them out by minimizing time spent on them.