What do you do if your corporate accounting decisions aren't solving problems effectively?

1 Identify the root cause

The first step to solve any problem is to understand its cause. You need to analyze the data, processes, and assumptions that led to your decision and identify where and why things went wrong. You can use tools such as the 5 Whys, the Fishbone Diagram, or the Pareto Chart to help you find the root cause of the problem. By doing this, you can avoid repeating the same mistakes and focus on the most important factors that need to be addressed.

2 Communicate and collaborate

The second step is to communicate and collaborate with your stakeholders, such as managers, clients, auditors, or regulators. You need to inform them about the problem, the impact, and the actions you are taking to resolve it. You also need to listen to their feedback, concerns, and suggestions. By communicating and collaborating, you can build trust, transparency, and accountability, as well as gain valuable insights and perspectives that can help you improve your decision making.

3 Implement and monitor

The third step is to implement and monitor the changes or solutions that you have devised to solve the problem. You need to plan and execute the actions in a timely and effective manner, and measure the results and outcomes. You also need to monitor the progress and performance of the changes or solutions, and track any new or emerging issues or risks. By implementing and monitoring, you can ensure that your decisions are aligned with your goals and expectations, and that they are solving the problem effectively.

4 Review and learn

The fourth step is to review and learn from your decisions and their outcomes. You need to evaluate the effectiveness, efficiency, and quality of your decisions and their impact on your organization. You also need to reflect on your strengths, weaknesses, opportunities, and threats as a corporate accountant, and identify the areas that you need to improve or develop. By reviewing and learning, you can enhance your knowledge, skills, and competencies, and become a better problem solver.

5 Seek feedback and guidance

The fifth step is to seek feedback and guidance from others who can help you improve your corporate accounting decisions. You can ask for feedback from your peers, mentors, coaches, or experts who have relevant experience or expertise in your field. You can also seek guidance from professional associations, courses, books, or online resources that can provide you with best practices, standards, or frameworks for corporate accounting. By seeking feedback and guidance, you can learn from others' experiences, insights, and advice, and broaden your horizons.

6 Experiment and innovate

The sixth step is to experiment and innovate with your corporate accounting decisions. You need to be open to new ideas, methods, or technologies that can help you solve problems more effectively or efficiently. You also need to test and validate your assumptions, hypotheses, or solutions, and learn from your failures or successes. By experimenting and innovating, you can foster a culture of creativity, curiosity, and continuous improvement, and discover new ways of adding value to your organization.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?