• New Wave Accountants

3 Reasons Why You Should Get Your Team Involved in Accounting

The majority of business owners today know the importance of bookkeeping in their business. However, many of them can attest that bookkeeping is their least favorite task to do. The truth is, dealing with finances, monitoring cash flow, and capturing expenses is a hard and stressful job to do, however necessary it may be.


As such, most companies require their teams to understand basic accounting to lighten the load. The problem is, most employees don’t understand the relevance of accounting in their jobs, and so don’t fully commit to it. Thus, getting your team involved in accounting can be a challenging endeavor.


Here are three reasons why you should push to involve your team in accounting:


1. Employees are most effective when they understand the process behind their work


Discuss with your employees how accounting is crucial in delivering their work. Explain the process behind it. For instance, explain that the reason you accept payment online is that it is convenient for your customers. If you make them understand the logic and process of accounting in relation to their job, they will be more inclined to do their tasks. Better yet, they will contribute to making new ideas or strategies to improve the system.


When they know the value of their work, they will be more engaged and motivated. They’ll do a better job of getting their tasks done when they understand how it takes part in the success of the business.


2. You can easily control costs when records are complete and detailed


A papertrail is vital in accounting. It needs to be complete, organized, and, most of all, perfectly detailed when submitted. Encourage your team to provide an itemized breakdown of their financial reports. In that way, you can assess the cash flow of the company before sending it to your financial manager. Of course, your financial manager will send you a report, but it is good to have a look at it yourself.


Doing that will help you control the costs of each department, if necessary. You’ll see which department needs more funding and which department has an excellent financial standing. To keep them engaged, explain to your team that when they submit a complete and detailed report, they are helping the company understand where their business stands.


3. Accounting is more manageable when everything is set


Lastly, having a complete report from your team makes accounting more manageable. It is easier to manage accounts if everything is provided and itemized. The financial manager or your business accountant can easily detect lapses if there is.


Additionally, when the reports are submitted earlier than expected, you have ample time to create plans and develop new strategies to improve the business.


Conclusion


Accounting is not a job solely designated to the financial manager. It is a task that needs active participation from everyone. To get your team involved, make them understand the value of their accounting-related tasks in helping the company grow.


If you’re looking for a Gold Coast-based accounting firm, get in touch with us today. We are a group of professionals who aim to help businesses grow and succeed.

5  WAYS TO SHRINK YOUR TAX THIS FINANCIAL YEAR

We have saved our clients $2 million in tax over the last 12 months with the 5 unbelievably powerful strategies outlined in this free report.
 
Download it now and implement the strategies before the ATO changes their rules. 

NEW WAVE ACCOUNTING - GOLD COAST ACCOUNTANTS

Suite 5, 2481-2483 Gold Coast Highway

Mermaid Beach QLD 4218, Australia

© 2019 New Wave Accountants & Business Advisory - Gold Coast Accountant

Website design by Starling Memory

  • White YouTube Icon
  • White Facebook Icon
  • White LinkedIn Icon