It’s not too late to make some 2023 resolutions for your firm. Now is a great time to read up on industry accounting best practices that you can implement at your business.
By this point, you’ve probably had some time to assess what worked and what didn’t work in 2022. If you’re struggling with efficiency, failing to manage scope creep, or simply need some help keeping track of your documents, these 4 key changes might be what you’re looking for. So, here are some accounting best practices we recommend implementing at your firm in 2023.
Document Your Procedures
Once you’ve decided on the best process for accomplishing a task, it’s important to document those steps. This will allow you to replicate your successes. Having your procedures clearly written down will also help you improve upon those processes. You can work on becoming more efficient throughout the year. Need some help getting started? We have a more detailed guide on documenting procedures to help you begin!
Utilize the Cloud
You need to find a secure yet accessible place to store your work after you document your procedures. We recommend using cloud-based technology in order to store documents and give your staff more operational flexibility.
What is cloud-based technology? Basically, it means your data is stored on a remote server, which allows your staff to access the information they need from remote locations. This is a huge asset for firms looking to develop a hybrid remote work model. It’s also a great way to for team members to stay caught up when they’re sick. Plus, your data will be way more secure.
Adopt an Accounting Software
Trying to stay up-to-date with all the technological advancements in your industry can be… overwhelming. It can be especially difficult to make the switch if your accounting firm hasn’t divorced itself from good old pen-and-paper processes. However, if you want to improve your efficiency (and even your bottom line), learning to rely more heavily on technology is paramount.
We highly recommend adopting accounting software to help you stay organized and on track this year. Good accounting software should be customizable, work well with your other software and tools, and keep your information secure. Luckily, many accounting software companies have free demos you can try before making your decision. You can access Aero’s free trial here!
Track Employee Time
One of the best ways to avoid scope creep at your accounting firm is by knowing exactly how much time you spend doing each task. Using a time tracker will allow you to see how much time each task you do realistically takes, allowing you to update your contracts accordingly. Having these times recorded also helps if you intend to raise your prices and need to justify those increases to your clients.
Implementing just one of these accounting best practices may make a big difference at your firm when it comes to your profits and your productivity — and we want to see your accounting firm flourish in 2023! Let us know down below which of these ideas you plan to try, and if there are any resolutions you have for your accounting firm this year.