For firms looking to double profits, it is important to recognise the fact that it goes hand in hand with improving productivity, enhancing efficiency and increasing capacity.
But there is one problem: accountants are spending way too many time in routine tasks.
Many walk into the office to perform the same tasks and not realise that the day has been consumed by paperwork and the usual administrative tasks. As you will see in data we’ve obtained, a lot of firms are suffering from the lack of productivity because their staff is too busy handling emails and calls, managing calendars, dealing with client issues and reports and attending meetings.
Firms don’t have enough time to spend with clients because they spend way too much time on low-impact repetitive tasks. The consequences are not too pleasant:
- Accountants are providing less value for clients
- Productivity decreases
- Accountants spend longer hours at work
Spending more hours at the office will also impact their work-life balance, which can affect motivation and employee engagement. And we know what happens when employees lose motivation: they affect productivity or they leave. The effects to the company can be detrimental. In Australia, this can cost businesses as much as $33 billion. It’s a good thing that employee turnover can be prevented.
“Your biggest asset is how you control your own time or it controls you.”
Chairman, The Outsourced Accountant
To boost productivity, you need to recognise the importance of your time. It starts with identifying the tasks that deserve your time.
Tasks that consume a lot of your time but do not have that much impact on the growth of your firm can be outsourced, like bookkeeping, tax preparation, and other administrative tasks like marketing, etc.
Building an offshore team to handle these tasks will have a tremendous impact on your productivity because it will free up your time, allowing you to focus more on client-facing tasks.
Long-term planning is essential to improving productivity. One of the most effective tips is to lock out your time 12-18 months in advance.
Why should you plan ahead? Doing so will give you structure. This will make sure that every minute of your day is properly spent; that each minute will yield results. You can distinguish tasks that need your attention from those that can be taken care of by others.
Maximise regular meetings
To get the most out of your time, scheduling regular meetings (daily, weekly and yearly) will help you set aside specific periods during the day to touch base with your teams. These daily meetings are essential because they will keep you updated on the progress of tasks.
These only take a few minutes but the information you can get from these huddles are important in ensuring that day-to-day operations run smoothly. You will be able to identify accomplished tasks, things that need to be done, and problem areas.
Match the right people with the right tasks
Offshoring allows you to connect with highly qualified individuals for specific roles in your firm. This can ultimately save you time because you are matching the right people to the right jobs.
There is little room for errors when people know exactly how to do a job. Well, there will always be one or two mistakes but you can be confident that everyone in the team is doing the right task and that no time is wasted and all resources are utilised properly.
Get an assistant
To become productive and make the most out of your precious time, it is highly recommended to get an executive assistant.
“If you don’t have an assistant, you are one.”
Chairman, The Outsourced Accountant
Having an assistant can provide you a lot of help. They can take on tasks that used to consume most of your time like managing calls and emails as well as other administrative tasks. There are lots of highly qualified executive assistants you can hire in the Philippines. It’s one of the many roles you can outsource to free up time so you can focus on doubling your firm’s profits.
Time is crucial resource. These days, many accountants are buried in workflow. They are neck-deep in time-consuming tasks that keep them from actually providing value for clients.
To double profits, firms need to increase productivity.
- Long-term planning will ensure every minute of your day is properly spent on productive tasks.
- Meet with your team regularly to stay updated with progress and identify areas that can use improvements.
- Hire the right people for the right tasks to avoid wasting time and ensure that all resources are used properly.
- Seek help by getting an executive assistant.
Looking to scale your firm and double your profits? Call our offshoring specialists at 1300 896 522 or click here to download our blueprint on how to build a global accounting team.