How to Identify Your Most Profitable Accounting Team Members

Trying to improve your team’s performance (and profitability) without data is like answering a question you don’t yet understand.

It could result in:

• An inability to effectively assign work to team members.
• Avoidable delays in project timelines.
• Failure to get the best out of your top talents.

Financial Cents allows you to track team performance to keep all staff members profitable while optimizing your resources to ensure other staff members are supplying their joints.

Here’s how: 👇

Step-by-Step Guide:

Step 3: Optimize Workflows and Resource Allocation

With this profitability data at your fingertips, assign and reassign tasks more intelligently, giving top performers responsibilities for the most important tasks and projects.

Thanks to the capacity management solution in Financial Cents, you can see how much work your team members have on their plates in one dashboard.

This will allow you to reassign work, balance your firm’s workload, and help every team member achieve their profitability potential.

You can also use this data to identify and support underperforming team members where necessary.

Step 4: Continuously Improve Team Performance

The value you derive from the Financial Cents team profitability feature depends on how frequently you use it.

With early detection (like weekly review), you can nip potential issues in the bud before they threaten your profits.

A weekly review of your firm’s profitability data will enable you to identify and address workflow bottlenecks and provide tailored support to employees to drive profits across the board.

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Why Tracking Profitability is a Game Changer

You can’t improve what you can’t measure. Tracking employee profitability empowers you to lay the foundation for your firm’s growth by:

• Holding All Employees Accountable: With profitability data, you’ll be able to spot employees who are not meeting their deliverables quickly.
  
  This lets you hold them responsible for the way they’re wasting their time, giving them the motivation to complete their tasks efficiently.
• Using Your Human Resources More Efficiently: Many people believe that the reward for good work is more work, but when done wrongly, you can overwork your best-performing team members, which kills profitability due to employee burnout.
  
  With a tool like Financial Cents, you can see which team member has room for more work and reassign work between employees to maintain workload balance and encourage productivity and profitability.
• Identifying Skills Gaps and Performance Issues: Employees waste productive time and resources when their skills do not match their assigned tasks.
  
  Monitoring employee profitability shows you which team members might be falling behind schedule (because of inadequate skills to complete their jobs accurately).
  
  With that, you can tell who needs more training and development to prevent waste of resources and ensure profitability across the board.
  
  An unprofitable team member could also serve as an indicator of workload imbalance or personal challenges keeping your team employees from doing their best work.
  
  By identifying what makes employees unprofitability, you can create systems that help your firm better manage similar challenges in the future.

Measure and Improve Employee Profitability in Financial Cents

Leading a firm requires using the least resources to achieve the most results. That is why Financial Cents provides the visibility you need to identify:

• Profitable team members (to reward them and encourage firm-wide profitability.
• Unprofitable team members (to give them the support they need to improve).

Financial Cents uses your time tracking and billing information to automatically compare each team member’s labor cost with the revenue generated from their work. That way, you have real-time profitability data to make time-sensitive decisions.

Start measuring your team members’ profitability today using Financial Cents’ employee profitability feature.