Comfortability can be a curse in any industry, and the accounting sphere is not immune. In order to grow and prepare for a brighter future, comfortability should be shattered, and the mistakes of the accounting industry must be examined. Any successful professional will view their mistakes from a lens in which they can learn. Embracing constructive critique of tried and true practices can make the difference between setting yourself apart and continuing outdated methods that may not serve you any longer.
Accountants are diligent and hard-working specialists, that notion cannot be denied. However, we all make mistakes and in learning from those mistakes is the opportunity to expand our horizons. We dissect the six most common mistakes accountants make and how best to avoid them to preserve a successful and diverse career.
Historically speaking, compliance work has been the ‘bread and butter’ of the industry. Clients usually come to accountants to have their compliance work looked over as they likely are not well versed in or simply unwilling to undertake the task. This is changing. With the rise in automated systems, clients are looking to accountants for a whole new suite of services. Business advisory services are in demand and clients know that accountants hold the key to elevating their business practices.
If you’re too focused on providing compliance work, the opportunity to expand your services could be passing you by. A reliance on comfortability in compliance could keep your firm within a rut, unable to grow, and left behind. The best way to avoid this is to work on upskilling your staff, investing time in learning how business advisory services can expand your firm’s offerings, and reaching out to companies who specialise in outsourcing compliance so you can have more time to work on your future.
Accountants report significant challenges with maintaining a healthy work/life balance with many working excessive hours. This can erode recruitment and retention rates and the quality of output can be diminished by accountants who are overworked and overtired. Not only this, but the quality of output can be diminished by accountants who are overworked and overtired. Your work/life balance is crucial to performance and when practicing one that is unhealthy, the opportunities for mistakes grow.
Some firms have implemented flexible working arrangements by utilising hybrid or work from home models. Others encourage morale boosting activities that aren’t focused on work, allowing for team bonding and higher productivity rates.
With technology, comes change and that can be hard to embrace. The rise of automation means that the technological landscape is in flux and with that, so is the accounting industry. There are a multitude of new technological advancements designed to assist in tasks such as invoicing, bookkeeping, admin, email writing etc. however it’s about how you as an accountant can harness the advancement to best suit your firm. Hesitancy to embrace new tech can leave you behind, especially when it comes to adjusting your services to grow alongside it.
The best way to avoid this common mistake is to be open to how technology can assist your firm. Keeping up to date with the latest tech trends and how they impact your firm, how to utilise them to streamline your processes, and most importantly, how to shift your focus so that you can still provide in-person advice to your clients by using business advisory services.
Soft skills are the key to enhancing your client’s experience with your firm and it all begins with upskilling your staff. If your priority is not within the soft skills sphere, your client services could be mismanaged. Communication, teamwork, client management, critical thinking, ethical judgement are just some examples of soft skills that could set you apart from your competition.
Take the time to work with your team to ensure they are well versed and practicing their soft skills with each client interaction. You can invest in training days that focus on improving soft skills, work with your staff to process feedback, encourage open and honest communication, and practice relationship building to ensure you have a well-rounded experience for all involved.
We all like to think we are capable of ‘doing it all’ when it comes to our business. The ability to let go of the reins is a skill and something every leader could exercise regularly to avoid burnout. This mistake can be catastrophic for both you and your team if not addressed with the proper channels.
Many Australian accountants are looking to outsourcing teams to help them relieve their workload and create more space to focus on providing services that are better for their firm in the long-term.
