The goal of improving accounting efficiency is to reduce time spent on operations without increasing errors. Are you doing things one specific way because that’s the way it’s always been done? Even if it isn’t broken, it may be time to fix, or adjust, your accounting practices.
- Employ Lean Accounting strategies. This involves taking a close look at the accounting process. Are members of your finance team inputting invoices the same way? If not, is this causing problems? While this may be a small piece of the puzzle, creating a standardized invoice procedure could help shave valuable time off the process.
- Use technology to your advantage. Much of the accounting system can be automated and accounting software can provide greater accountability during an audit.
- Outsource when needed. You may not be able to have the accounting staff of a Fortune 500, but that doesn’t mean you can’t call in the cavalry to give your business a helping hand. For instance, you can hire a CFO from an agency to come in once a month or more frequently to offer sophisticated corporate finance advice tailored to your business and unique situation.
Trimming business expenses is the art of fine tuning and accomplishing the same goals for less, thus optimizing efficiency and leaving room for achieving additional goals that will lead to company growth.