Here is a list of the top three things to consider to optimize your accounting department's contribution to the rest of your business:
1. Optimize the Use of Cloud-based Accounting Software - this will automate routine tasks, reduce errors, and speed up processes to help ensure your bookkeeping records are
👉 Up to date, and
👉 Able to produce useful management reports.
TIP: We recommend QuickBooks Online. When used to its full capacity, it can create awesome management reporting.
BONUS TIP: Enhance efficiency further by integrating QuickBooks Online with top-tier expense and bill management tools. Our choice? Dext Prepare. It's a game-changer for efficiency & effectiveness, and makes things easier for everyone in the business who has hands on receipts.
2. Move Beyond Basic Bookkeeping to Strategic Financial Planning & Analysis
👉 Identify baselines, uncover trends & insights, set benchmarks, and forecast future performance.
👉 Create custom reports for varied stakeholders – executives, team leaders, investors – to clarify financial KPIs (key performance indicators) and empower data-driven decision-making.
👉 Support better planning and execution across the business.
3. Take on a Strategic Role in Decision-Making
👉 The finance team working closely with other departments helps align financial planning with overall business strategies. It ensures that financial insights and considerations are integrated into all major business decisions.
👉 The finance department should play a proactive role in strategic planning, using financial data to advise on risk management, cost-saving opportunities, investment decisions, and growth strategies.
👉 Finance leaders can also provide valuable input on pricing, budgeting, and resource allocation to support business objectives.