How to Stop Wasting Time in Financial Management

By Lloyd Smith, President and Director of Operations, Mindover Software

Are you wasting your time? As the pace of business grows more rapidly every year, accounting leaders cannot afford lost time. Today’s financial leaders aren’t just responsible for finances, they are team leaders, cybersecurity enforcers, risk managers, and accounting software experts.

How do you do it all? Work smarter and more efficiently.

Let’s talk about four major areas to consider in order to improve efficiency.

Leverage Technology to Improve Work-Life Balance

Oddly enough, work-life balance is one of the most important ways to increase your efficiency. Everyone struggles to achieve work-life balance, accountants included. Technology can help or hurt your efforts to ensure better work-life balance.

For example, smartphones and tablets help everyone stay in close contact. We can manage email, access certain cloud-based software, and check social media accounts using these devices. But they can also keep us in too close contact with the office during holidays and family vacations, times when it’s best to unplug and unwind.

As with all technology, devices can be our servants or our masters. It’s really up to you how much connection you want with work while you are out of office. Cloud systems can certainly make it easier to keep track of information, connect with suppliers, and answer questions from your team while you are away.

Improve Time Management Skills

There are many books, classes, and articles to help financial leaders improve their time management skills. One method includes blocking time out on the calendar for administrative tasks and for quiet-time tasks so that you aren’t interrupted.

It’s important to set boundaries and limits around ad hoc meetings. Although some people prefer an open-door management policy in which subordinates can seek and obtain meetings on the fly, this can disrupt productivity.

Using software for time management may also be helpful. Shared electronic calendars, for example, enable you to share meeting time blocks in advance so that others can schedule around your preferences.

Keep Your Eye on the Big Picture

When it comes to finding the right technology, the trick is to focus on the big picture rather than the immediate needs. We know that’s easier said than done: after all, you’ve got to solve today’s challenges before you can turn your attention to tomorrow’s opportunities.

The big picture includes both internal items, such as what’s going on within your company, as well as the broader horizon. That includes industry-wide trends, competitive forces, and changes, updates, and advances in the accounting profession.

All this information assists you in gaining insight into both the needs of the present and the future. These needs can then guide your technology choices so that you consider both when choosing software. If you consider both current and future needs, you’ll choose software that can grow alongside your business. It will be suited to both present needs and to future challenges that arise.

Use Your Accounting Systems More Efficiently

Acumatica’s Cloud ERP is a great, modern choice for accounting and other business functions. Its easy-to-use, personalized interface improves flexibility and efficiency. It offers anywhere, anytime access to the information you need to make decisions. Automating your financial processes will save time and improve data accuracy.

Use best practices and go through training on your software. When software is easier to use, it can be tempting to learn by trial and error, but investing in training up front will ensure that you are using your systems quickly and effectively. You can gain more efficiency with your accounting software by watching Mindover Software’s short Acumatica tips and tricks videos.

You can stop wasting time by creating a work-life balance, improving on time management skills, focusing on the big picture, and investing in training.