It’s a frequent problem for businesses to keep their finance and accounting departments running smoothly even during peak seasons. The accounting department is indeed a lean unit in many firms, with members who are under constant stress and have to meet tight deadlines.
Leading teams and motivating accountants can be difficult in today’s pandemic-stricken globe. Accounting managers, financial controllers, and accounting supervisors must work closely together to lead their people to achieve their unit’s operational goals, given the critical role of the accounting team in a corporation.
Knowing everything there is to know about an accountant’s tasks and obligations isn’t enough; these leaders must be able to lead and manage their teams with a good mix of technical capabilities, leadership talents, and excellent communication skills. Leaders must give their employees the tools they need to accomplish their primary goal, which is to keep your company in good financial shape.
Managing the accounting staff, like any other leadership job, takes more than technical expertise; it also necessitates a healthy dose of understanding and compassion. Here are some suggestions for good accounting team management:
- ORGANIZE TEAM-BUILDING EXERCISES.
It is your obligation as the department head to keep an early warning sign of exhaustion among your members of the team, especially during peak periods.
To avoid this, make sure that your team works as a cohesive unit where everyone can work without feeling overworked. Once things have returned to normal, arranging regular face-to-face meetings with your staff could be really beneficial. Even eating lunch with your accounting and finance staff can help raise morale by allowing you to share enjoyable moments.
In the interim, organise one-on-one catch-up sessions with each of your team members while we’re still working from home.
- EXAMINE YOUR WORK PRACTISES AND, IF NECESSARY, PROVIDE PERSONNEL TRAINING.
Interview people with your personnel and key process owners on a regular basis to gain a deeper understanding of your day-to-day operations. This time can be used to uncover errors or inconsistencies in your working practices, as well as acquire a better understanding of your team’s workflow. You can identify learning gaps that should be corrected by training by having a clearer view of your team’s tasks or where their skillset is at.
- DEVELOP A COMMUNITY OF LEARNERS.
Promote the usage of accounting software for small business best practises to keep the accounting and finance department workers up to date on the newest advancements in accounting and finance. If necessary, invest in their ongoing education and training by supporting out-of-office training programmes or providing financial assistance if they wish to pursue further education. You may improve accuracy, reaction time, data integrity, and staff morale dramatically by doing so.
- TRAINING SESSIONS SHOULD BE HELD AND MENTORSHIP SHOULD BE PROMOTED.
Employee training and regular feedback have been demonstrated to boost employee engagement in studies. Furthermore, coaching is a powerful tool for holding your staff accountable and motivated at work. Encouraging senior members of accounting department to assist fresher employees, on the other hand, is a good method to improve your office culture while also promoting information exchange.
- OBTAIN YOUR TEAM’S BUY-IN BEFORE MAKING A DECISION THAT HAS A BROAD IMPACT.
Encourage your staff to suggest ideas and participate in decision-making when difficult judgments must be made. Improved work methods, adaptation of new technologies, and other topics may be discussed during these discussions. You can put crucial choices to a vote if necessary so that everyone on your team feels invested in the path you’re going.
- TAKE ADVANTAGE OF THE SITUATION.
This is a common blunder made by accounting departments. The majority of the work performed by an accounting department is cyclical, repeating, or at the very least predictable. This fosters a mindset of following an established path without questioning it, resulting in missed opportunities for departmental improvement and cost reduction (the pointlessness of doing something “only because it has always been designed that way, and the company runs fine” is apparent in this mentality).
Accounting is a vital procedure in any firm that is responsible for managing the organization’s finances. Everything is managed by the department, whether it be incoming and departing cash or financial statements. Even a minor accounting error might result in a significant loss for the organisation. As a result, the accounting department must be stable and more linked with corporate objectives.