The world of finance and accounting is fast-paced, responsibility-filled, and methodological. It is also ever evolving as rules and regulations change. Thus, at times, the job at hand can leave individuals feeling overwhelmed, overworked, and burned out. The reviewing of finances is not just a difficult task for both the accountant and finance manager, but it is also a responsibility beholden to the account holder. Take note; there are many steps involved in the preparation and reviewing of finances. But as the business owner, you must stay on top of everything.
It may feel overwhelming and ‘hard’ to handle, but it does not have to be that way. Though it may seem like a time-consuming chore, when you break things down, limit distractions, and plan well, you will find that you can finish things easily. Remember, the proper management of finances is essential for every business and individual. This is a task that you can’t skip, especially if you don’t want to face business dissolution. To make the process easier, quicker, and more efficient, here are time management tips that you can apply when reviewing your finances.
1. Learn How to Prioritize
When dealing with finances, first analyze your goals and steps. From there, identify the tasks that are of greater importance as those must be accomplished first. Next, categorize tasks into: Urgent Tasks (to be done immediately), semi-urgent (to be done within the week), non-urgent (to be completed within the quarter or month), and non-action tasks (for reference).
Taking the time to fix your to-do list will allow you to properly channel your time and energy. Do what matters most at the given time so you can beat deadlines. Waiting at the last minute will result in undue pressure, which can also compromise your work quality. From there, each task filed under every category can be further subdivided into small, daily steps that are more manageable.
2. Utilize a Calendar
Every time you receive an update on your finances, mark it down in your calendar. Take note that you must hold a meeting with analysts to give them updates. If you have any deadlines to meet, write them down! Putting down important notes, emails, meetings, and details on your monthly calendar will remind you of what needs to be done and when.
Moreover, science supports the claim that writing important things down makes people more likely to remember the details. After all, when you use more senses, you pave the way for better neurological connections, which in turn enhances memory retention.
3. Leverage Technological Tools
One of the biggest time savers is technology. Utilize your time trackers to monitor your productivity and hours spent on finance management. You can also use reminder apps to nudge you to finish your finance-related tasks. Having this at your disposal will motivate you to finish things and beat deadlines.
Also, consider self-updating software like cloud financial services that will aid you in finance management. Moreover, you can use technology to automate your process by using online accounting software that automatically records transactions and close books.
4. Run Efficient Meetings
Instead of holding hour-long meetings for finance monitoring and management, consider holding shorter ones. Contrary to popular belief, longer meeting hours are not indicative of a high level of productivity. It is, in fact, possible to cover in 30 minutes topics you would normally discuss in an hour.
The key is to go straight to the point, minimize digression, invite only who is needed, and leave time for an important discussion. For example, if you find that some meeting topics are too long to cover in 30 minutes, don’t extend! Instead, schedule another 30-minute meeting to cover other topics.
5. Train Well and Delegate Tasks
When you run a business, you have the manpower. Thus, optimize your staff to help you out. Delegate whatever tasks you can to your team or outsource to professionals. Doing so will give you more time to focus on overall business management and financial review.
Train your staff to efficiently do the things you have assigned them to do. Your staff must know how to perform their responsibilities around the company so they can perform their tasks well even when you are not around. Effective delegation means a happy boss and happy employees. Why? Because mistakes are minimized, and profits can be maximized.
If you need help with bookkeeping and accounting, you can call our team for a free 30-minute consultation. We can also help you with business registration and tax preparation. With our help, we can keep track of your cash flow and ensure your business’s financial health stays in tip-top shape.