In Pursuit of Profit
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What is your recourse if you cannot remedy performance issues? How do you set up future hires or service providers for success to avoid these kinds of issues in the future?
We’ll cover these topics in our guide to accounting management:
When your in-house accounting staff is underperforming it can be difficult to spot, especially with such a high percentage of employees working remotely at least part of the time. Let’s take a look at what you should look for to spot issues early on so they can be fixed before turning into bigger problems later.
Before assuming that the problems you are experiencing are the result of an employee’s shortcomings, first determine if there is anything related to the job itself or the company culture that could be to blame, such as:
While these are often the hardest for employers to admit, they may very well be the easiest to fix because the company has control over its own resources and initiatives. If the reason for an employee’s poor performance is on the company side, it is vital to go to the root source to fix the problem not only for the current employee, but also future employees as well. Letting an employee go only to hire someone else into the same broken system is a recipe for disaster and will stymie a company’s day-to-day operations and long-term growth.
However, even at the best run companies, there times when staff simply underperform because of personal or professional issues. Causes on the employee’s side may include:
These types of problems seem to be more widespread these days as the talent war is in full force. Some employers that we talk to report feeling like they are being forced to settle for whomever applies and are then dissatisfied with the quality of work being done as a result.
What can you do if your accountant doesn’t make the grade? The answer depends on why they aren’t cutting it. If there is nothing that can be improved on the organization’s side to provide better training or support, it is up to management to work with underperforming employees to get them up to par. If they cannot make any headway in this area, it is time to move on, either letting the problem employee go and hiring someone new into the role or outsourcing the role.
For companies that are already outsourcing their accounting functions, how can you know if your service provider is doing the job you have hired them to do? It is important to pay attention. Some companies think that once they hire an accounting services provider that they can just wash their hands of their accounting functions altogether and trust that the experts have it all covered. Unfortunately, this mindset is conducive not only to mediocre performance but also opens the door to fraud. Let’s take a look at what kinds of indicators should cause concern in your business relationship.
Not all service providers are created equal. It is important to research a company before hiring them to ensure that what they can offer matches what you need done. Remember, some outsourced accounting companies may be using staff overseas to do bookkeeping or accounting tasks for their clients. However, it is always preferable to use domestic companies with US-based staff to work on your books to ensure that they will have knowledge of US GAAP. Using a local accounting service provider also increases your chances of getting a timely response when you have a question because you won’t be dealing with vast time zone differences.
If you are already working with a US-based accounting company and are still experiencing issues with communication and transparency, express your concerns to your provider. If they are not responsive or dismiss your feedback, it is probably time to find a new company. Research companies to find one that will provide not only accurate and timely financial work but also outstanding customer service.
If you are looking for an accounting services provider that will meet your needs, look no further! We offer top-rated accounting services and employ an experienced team of consulting accountants across Washington, Oregon, and Colorado that will work alongside your company. Find out more today!