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3 Helpful Time Management Tips For Accountants And Auditors

Helpful Time Management Tips For Accountants And Auditors

Everyone has 24 hours in a day, yet some people are seemingly able to get more done in that time than others. What is their secret? The key is good time management. If you can manage your time properly, there is no limit to what you can accomplish. 

According to The American Institute of Stress;

  • Business owners spend almost a third of their week through low-value activities.
  • 46% of stress reported by American employees is caused by an overwhelming workload.

Proper time management is the key to success in any profession, but it is even more crucial for auditors and accountants. If you are in this line of work, here are some time management tips for accountants and auditors in 2020 to help you gain better control over what you do with your time.

For Auditors

Time management is a crucial part of an auditor’s job. Deadlines will need to be met consistently for the operations to run smoothly. Ideally, an auditor will prepare their reports and submit them on or before their deadline.

However, there are so many external factors that may sometimes fall outside of the auditor’s control. There may be instances where clients submit the needed information late, or certain documents might be deemed inaccurate. Inaccuracies in the sub-ledger data can cause unforeseen delays in the rick assessment. In such situations, auditors may find it confusing and overwhelming to keep up with their deadlines. 

Instead of keeping a traditional To-Do list using a notebook and pen, consider using a project management board like Trello, Asana, or even your Notes App to supplement your client tracking software. Notebooks can easily become filled with endless client notes or quick add-ons asks by well meaning co-workers. Having a running digital list of all your tasks where you can move projects based on priority without creating a mess will help you create the ultimate To-Do list.

For Accountants

On the side of accountants, there are month-end and year-end deadlines that need to be met. If one deadline is not met, it can trigger a domino effect that can go on for the entire year, or at least until all the records and financial statements are up-to-date.

A good habit for accountants to develop is to use a project management tool that can track the multiple clients and projects they are working on. By looking at where hours are being allocated (for example; onboarding calls, answering emails, maintaining financial data, etc) accountants can examine where their time is being spent and decide if those activities are really the best use of their time.

This important habit can help them manage multiple clients and track their time more effectively, ensuring that they never miss a deadline or let client communications fall to the wayside.

Conclusion

From a general perspective, good time management starts with prioritizing tasks and arranging them according to their urgency. It is a good practice for any profession that you don’t wait until the last minute to get things done. For some people, making a to-do list is the best and most effective way to make sure you don’t miss out on a crucial task, even if you cannot hop on it the moment it is given. Marking your calendar (or better yet, having an online calendar) with helpful reminders on what you need to accomplish will help you take control of your time.

You may also want to download a time management tool that can help you manage your time and maximize it. It can help you keep track of various tasks, allowing you to devote your time accordingly and finish your work early. With the right tool by your side, keeping track of your time as an accountant or auditor will be more accessible than ever before.

If you are looking for a great task management tool for accountants and auditors, sign up for Financial Cents! Great for accounting teams everywhere, our cloud-based management solution provides everything you need to manage your team, scale your firm, and make sure you meet all your deadlines.

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