Get Your Financial House in Order – How to Move Beyond "Checking the Box"

Every January people make resolutions, and by February most have abandoned them. Why? Because the idea of change is appealing, but the actual work required to do it isn’t. 

An accountant trying to make time for meaningful organizational change this year.

​Similarly, the beginning of the year brings excitement for business planning. Business leaders are filled with optimism over the idea of starting out the year right by getting their financial house in order so they can streamline and improve to avoid the pain points they dealt with in the year prior. But, then just like the people who decide they’re going to start working out and buy a treadmill only to let it collect dust, mangers and executives fall back into the same habits of “business as usual.” 

​Let’s take a look at how and why this happens, as well as how you can avoid falling into the same trap!

Understanding How Priorities Shift
At the start of the year many business decision-makers probably brainstormed ideas on how they could improve their accounting/finance operations and may have even started the process of reaching out to accounting services providers. As a result, they feel as if they have “checked the box” by poking around at improvements that could be made to improve their organization’s accounting efforts. But then their motivation likely waned as they faced their regular workload and they let their early efforts fall by the wayside.

In a few short months they are firmly back into their old way of doing things (and struggling with the same challenges and obstacles that troubled them last year) and resolving that next year will be their year to finally get on top of things. What seemed so important at the beginning of the year didn’t get implemented or realized because it was put on the back burner. This may include things like:

• Cleaning up month-end close.
• Improving budget planning.
• Creating stronger internal controls.
• Streamlining financial reporting.
• Tracking new KPIs.
• Speeding up Accounts Receivable collection.
• Implementing automation and AI functionality.
• Leveraging cloud accounting.
• Checking compliance and regulatory requirements.
• Formalizing accounting policies and procedures.

The result is a year of stymied growth due to a lack of improvement in output, efficiency, accuracy, timeliness, communication, and anything else that would have benefitted from the changes that were being considered. So, how can business leaders and accounting managers keep their priorities in order so that this doesn’t happen to them?

Don’t Just “Check the Box”
This year, go beyond checking the box by bringing in the help that you need right away. This doesn’t mean rushing to hire and onboard an entire accounting team overnight though – it means finding the right help from a third-party provider to supplement your accountant’s efforts. Look for an accounting services company that has:

• The right experience and qualifications for your business needs
• A proven reputation.
• The willingness to stand by their work.
• Strong communication skills and a desire to be transparent.

Remember, the more you can get out ahead of things now, the greater the benefit your company will derive from your efforts in the coming year. It’s time to finally move beyond checking the box to make some real progress on getting your financial house in order!
​
When you need outsourced accounting help, please contact us today! We have a large team of highly qualified fractional accountants and accounting managers that can offer your company as much or as little help as you need to improve your accounting practices and processes. Whether you need part-time accounting assistance, project-based accounting work, interim accounting leadership, or audit support, we can help. Put our vast experience to work for your business today! 

A Checklist for Prioritizing Your Accounting Needs