It’s officially December, and you’re running out of time to make this year count and your accounting firm! With another year drawing to a close, it’s important not to throw in the towel early. You’ve got several weeks left to reassess your firm’s goals, analyze your contracts, and make last-minute improvements that will help you in years to come.
With that being said, here are five ways you can finish this year out strong at your accounting firm!
Conduct Year-End Reviews
It’s time for some reflection. You’ve got another whole year on the books, and that comes with more experience managing your team and working with clients. You know them better, you know their strengths and weaknesses, and you know how to motivate your staff. As the year closes up, it’s time to be a good leader. Make a plan to conduct year-end reviews and notify your staff so they aren’t caught off guard. Reviews shouldn’t be a cause for stress — they’re primarily a way to touch base with your team and work towards increasing overall efficiency and satisfaction. Be sure to recognize their hard work too.
Check Your Engagement Letters
There’s no such thing as starting spring cleaning too soon. Now is a great time to start reviewing your contracts and deciding which arrangements are doing more harm than good. Go ahead and decide which clients you’ll want to keep in the coming year and which contracts need reshaping. What work are you doing that isn’t accounted for in the original engagement letter? The best way to fight scope creep is to ensure none of the effort you put in is overlooked.
Take a Look at Your Processes
At your accounting firm, you should constantly be looking for ways to work smarter, not harder. As you reflect on your year, take note of what’s working and what isn’t in your processes. This will be especially helpful as you begin to approach tax season deadlines. You can start by discerning which processes have been difficult this year. Analyze those problems and brainstorm ways to fix them with your team. Maybe the answer is adopting new software or finding tools that can take care of multiple tasks.
Make Some Resolutions
What are your business goals for the coming year? Write them down! You’ve already figured out what processes need improving and what clients it might be time to cut ties with. Now, it’s time to focus on the positives. What do you want to gain in the coming year? Do you have educational goals? Is it time to get a new certification? Maybe you want to niche down your accounting firm or focus on attracting high-value clients. Narrow down your goals and start designing a path forward.
The year’s not finished yet! You’ve still got just enough time to end the year strong. Let us know down below if you’ve followed any of these tips — and what other items are on your end-of-year to-do list!