It has always been our pleasure to mentor People on all the core areas of thought, anyone with great aspirations to become an accountant or a shattered accountant must know before reading accounting in the university, or colleges. This is why we have to think deeply on what really should are the habits of highly exceptional Accountant.
Put together, we will work you through Seven habits of highly exceptional Accountants. Well, let us look at the background study of accounting and finance professionals profile.
As accounting and finance professionals, you do so much more than just handle money matters — you’re also critical for creating strategy and driving process improvements across the entire organisation. But if the majority of your days are spent manually reconciling accounts and matching transactions, little time is left for these bigger picture activities.
What if you could be more productive with fewer resources, less overtime, and also easily improve the quality of your work? Not only would you be pleased with this improvement, but it would also set you apart in the industry. By adopting seven key habits, you can become an exceptional accountant.
What is an exceptional Accountant?
Historically, too much of accounting and close activities involved mundane book-keeping and manual data validation. With new technology that can automatically discover errors, inaccuracies, and exceptions, accountants are freed to focus on the issues instead of losing days just trying to find them in the first place.
By only researching the anomalies, accounting and finance staff can also refocus on providing strategic guidance to the business, such as improving internal processes or finding cost- saving opportunities. In other words, the added time allows accountants to apply not just their knowledge and expertise, but also their nuanced creativity and intelligence. By focusing only on exceptions, you can be free to be an Exceptional Accountant.
SEVEN(7) Habits of Highly Exceptional Accountants
- GET ORGANIZED
How often do you begin your work day knowing exactly what needs to get done, when, and by whom? Developing detailed schedules adds discipline and structure to your financial systems and ensures your accounting stays on track.
2. TAKE CONTROL
To become exceptional, accountants must have controlled, well thought out processes. And to ensure they’re done properly and accurately, controls need to be in place for change management and to maintain integrity. A solid foundation with strong controls and processes allows for endless growth and expansion opportunities.
But it isn’t possible to achieve this with manual processes that limit the enforcement of controls and leave compliance gaps. Process automation enhances internal controls while enforcing standardisation to improve the quality and accuracy of financial data. No longer weighed down by the most time- consuming manual work, you are finally free to use your knowledge and expertise to instinctively discern mistakes and compliance issues, and detect the first indications of fraud.
Documentation is vital to accounting processes. Reconciliations, journal entries, and many other financial close tasks must be documented in such a way that user cannot only follow the logic, but also reach succinct conclusions. The individual preparing and reviewing the task should have a basic understanding of the task purpose and methodologies. It is also incredibly important to provide guidelines, an implementation plan, and training so that everyone is aligned with policies and processes.
Don’t just accept the way things have always been done. Instead, seek to understand the entire process from end to end and then challenge it, applying out-of-the-box thinking to uncover better operating models. It’s taking a long time for innovation to find its place within Accounting and Finance, and now is the time to challenge your own company’s internal policies. This can result in streamlining processes to eliminate unnecessary steps, which reduces the amount of work and improves quality all around.
It’s easy to get comfortable doing things the way they’ve always been done, and even easier to do the bare minimum just to get by. But accountants are too highly skilled and too valuable to spend 40-80 hours of their week this way. Pursuing a continuous improvement mindset — looking for new and better ways of doing things — is much more rewarding and creates opportunities for you to impact the bottom line. Strive to exceed strategic and operational goals by contributing to the creation of a high-performing and sustainable organisation.
finance and accounting teams.
Better yet, you can trust the numbers again. Becoming an
6. TAKE OWNERSHIP
Ownership comes with holding yourself and your co- workers accountable. Take the time to perform post-mortem reviews to identify what went right and what went wrong. Seek out root causes, and then incorporate what you’ve learned into a continuous improvement model. The best performing finance teams know that success means always adapting, innovating, and improving to create a culture of continuous improvement.
Looking for new ways to use technology to parse and automate logic-based processes can help you feel more invested, as you’re playing an essential part in meeting the evolving needs of the accounting and finance organization both now and into the future.
The most effective way to put the six previous habits into practice is to follow this principle: if you can’t eliminate it, automate it. Manual processes are time-consuming and responsible for the huge spike of work during the financial close. As organisations automate these processes, it will accelerate their close and free up time to focus on more value- adding activities. Automation increases accounting efficiency and transparency, and creates more satisfied and engaged finance and accounting team.
To conclude shortly, we believe that this seven(7) habits works in unison to serve as building blocks to exceptional accountant status, and should be treated with absolute mindfulness while in pursuit of a good educational accounting background.