Eliminate low-value tasks with the right tools
September 27, 2016

In any business, it's easy to get bogged down by administrative duties and tedious tasks that take up time but don't produce a ton of value. In fact, research from The Alternative Board found business owners spend roughly 68 percent of their time tackling day-to-day tasks but only 31 percent of their time developing their businesses, working on long-term strategies and setting goals for themselves and their clients. While internal, administrative to-dos are necessary to run a business, they aren't always the best use of talent.

Accountants face a time management conundrum
This reality most certainly rings true in an accounting firm. Consider what the day in the life of an accountant looks like. According to Career Explorer, accountants and bookkeepers must juggle a hefty load of functions in the average day:

  • Analyze company budget, expenses and revenue.
  • Oversee bookkeeping and payroll.
  • Figure company benefits.
  • Auditing.
  • Manage bank accounts and investments.
  • Prepare profit and loss statements.
  • Compile and analyze financial information.
  • Explain billing invoices and accounting policies.
  • Supervise the input and handling of financial data and reports.

Accountants and bookkeepers play important roles as strategic business partners to their clients, so it's important their brain power is tasked toward value-producing tasks such as identifying long-term financial trends and providing actionable insights that help drive growth rather than manually crunching numbers.

Powerful tools create long-term solutions
Fortunately, accountants and bookkeepers today function in the world of automation and cloud technology. This means collaboration is easy, and administrative tasks can be completed through technological solutions.

Consider invoicing, for instance. It's a no-brainer that billing clients and customers for time spent is a fundamental part of running any type of business. However, this highly administrative task can be completed more quickly with technology. There are a number of powerful tools accountants and bookkeepers should consider, all of which allow professionals in the field to spend less time on low-value tasks:

  • Cloud-based software that enables firms to track productivity.
  • Tools that generate automated, insight driven reports.
  • Software that helps firms collaborate better with clients through the cloud.
  • All-in-one accounting programs that automate administrative, time-consuming tasks.

An accountant or bookkeeper's time is valuable to both the firm and the clients. Clients depend on these professionals to secure their long-term growth and ensure their finances are working in their favor.

Don't delay. Start gaining more value from your time with Sage Live for Accountants.

Nexus: G-WEBCD5