What are some effective strategies for building strong relationships with colleagues in Accounting?

I would personally vouch for this statement. In a developing country like PNG, my firsthand experience highlights that big 4 firms have played a crucial role in providing Accountants with soft skills training. This training enhances communication for both internal and external circumstances. While meeting engagement terms is important, equal credit should be given to the quality of communication, which serves as the bridge for any engagement team to comprehend standards, processes, and laws. It's a valuable experience for Accountants forging a career in Accounting in developing countries.

Close collaboration between Accounting and Finance. - Finance helping review GL balances proactively to help identify adjustments as part of the close process (not waiting until the end) - Both teams collaborating on flux explanations - Sharing monthly forecasts and key assumptions - Including Accounting leaders in Operating Reviews for business context - Ask Accounting to review and provide feedback on non-standard contract terms (before signing, to avoid surprises downstream such as GAAP treatment, tax issues, or process capabilities ) - Align forecasts with Accounting input on recognition timing for revenue and certain expenses (eg new leases, payroll accruals, AR/Inventory reserves) to avoid forecast variances/surprises

During my 20 years of FMCG financial management in China, what stood out are 3 key things. 1. Communicate where finance will add value to business - Many regarded finance as book-a keeping responsibility (the custodian role - a lot of numbers and reports), it takes consistent efforts to expand that to business partnership (concise decks on business-relevant information at the time when decision-makers need that). The dynamics change when the team gets recognition for their valuable contributions. 2. Guide and mentor. Help the team build a clear understanding of the business model, and how that will facilitate a common language across business functions. 3. Integrity. Pay attention to details and personal relationships.

This is indeed a crucial point to enhance the transparency in the process and also helps to ensure that everyone in the team is at the same wavelength. Furthermore proactive communication helps to resolve any potential issues, and stimulates an opportunity of collaboration leading to improved productivity.

I can’t agree more with this statement. Communication is the single most essential skill one should master. In finance this is even more crucial as stakeholders are often making decisions based on this. Done well communication alone can enhance one’s career.

Accounting is THE best broad-based skill to help others understand their value/contribution within, and to, the organisation.

Accounting and finance team are most valuable during and before starting a project. They are lease valuable in reporting after the fact. A collaboration between operations and finance is still under rated in many companies.

Accounting is like the nucleus of a Finance department. It has downstream impacts for other areas like FP&A, financial and external reporting etc. For the nucleus to work effectively, it needs to be "in touch" with other areas.

Collaboration and cooperation play essential roles in the accounting function, ensuring precision, adherence to regulations, efficiency, and contributing to decision-making support. A collaborative approach helps create a more robust financial management system that benefits the organization as a whole.

We often hesitate to share knowledge/jobs among our accounting colleagues. But always have firm belive that no one can take single penny from you, which is written for you. The more you share knowledge in your social circle, the more you help other guys to find jobs; the higher respect you will earn. Remember the position you holding today is the result of some one else sharing knowledge and guidance!!

Advocate for structured mentorship programs within organizations, as they are instrumental in building a supportive learning environment and enhancing team cohesion.

I believe mentoring is sometimes as simple as being someone people can go to for help, a person that can listen and be willing and patient to demonstrate or teach without expressing impatience and making anyone feel stupid for asking a question. It doesn't need to be official or a program, but almost a culture where you encourage questions and would rather your people ask for help then struggle unnecessarily trying to work it out on their own. This is not to discourage independent working or having the right people for the job, but a simple principle - you hire on attitude and can teach skill. If you do that right, you can develop your people. And it has a carry forward.

One of the best ways to learn from other peoples experiences is to listen to a mentor, it will save you a lot of time and several innecesary pains.

Totally agree with this. Sharing and mentorship not only enhances a professional's knowledge but also is a value addition to the organization's growth, efficiency and development

You will never forget who trained you and also forge good relationships with those you train. Many staff I trained went on to work for clients or outside entities as CFO and controller's. I still maintain connections with many of them.

Accountants are a reserved lot. Social activities can help accountants bond, relax, and enjoy their profession. Some ideas for social activities are: - Accounting-themed board games: Play games that involve money management, budgeting, or financial literacy, such as Monopoly, Cashflow, or The Game of Life. - Attending professional networking events together. - Volunteering for a cause. - Accounting trivia night. - Accounting book club. - Dining-out. The important thing is to find activities that you enjoy, that help you connect with others, and that enrich your accounting career.

Actually everyone should participate in social activities. However, people who don't participate either facing more stress in professional and personal life or they are having more fun in their personal life so they don't give value to these social activities. The accounting field is very dry itself, so as an accountant we also need break from work and social activities provide us that moment where we can come close to each other by spending some time without work load.

The best way to meet people outside your team is to network through work social events. Join a committee for a cause you care about and meet like minded individuals.

A team-building retreat I attended once played a significant role in strengthening our team dynamics. It was an opportunity to connect beyond work, which later translated into better collaboration at the office.

I completely agree with this statement because once you become easy with your colleagues in a social event, it would eventually lead to better understanding between each other and the people won't hesitate to communicate with their team. This is where the win-win situation arises in an entity, since the employees feel connected with each other, they tend to grow in a conducive environment, which in turn paves way for great success to the organization itself. This would open plethora of opportunities for the individuals and organizations in terms of grow.

Be friendly and approachable, but keep firm lines between business and personal. Your co-workers are not your friends, and once you (or they) leave the company, you won't likely have contact with them anymore. Keeping firm lines between business and personal alleviates a lot of problems. Tip: Don't text to their personal phone unless you absolutely have to. Use company messaging (Slack, etc) instead.

Ethics and professionalism are the cornerstones of a successful accounting career, profoundly influencing one's reputation, credibility, and future prospects. Upholding these principles within the workplace is undeniably essential. Adhering to the rules, standards, and codes of conduct set forth by your organization and profession is a fundamental obligation. This includes a commitment to honesty, reliability, and respect in all professional interactions. Being ethical and professional doesn't just benefit the individual; it also contributes to a positive work environment. Colleagues are more likely to trust and respect those who demonstrate high ethical standards and professionalism.

Ethics and professionalism are crucial in the accounting profession. Accountants handle sensitive financial information, and ethical behavior ensures integrity, trust, and compliance with regulations. Professionalism enhances reputation and fosters client and stakeholder confidence.

Keeping abreast of the latest in accounting standards and ethics is a practice I uphold and encourage among my peers, as it is fundamental to our profession's integrity.

I believe that to build a strong relationship with accounting colleagues, it's crucial to act ethically and professionally. Maintain the confidentiality of financial information, meet deadlines and commitments, and avoid conflicts of interest. Communicate clearly and transparently, fostering a collaborative work environment. Demonstrating integrity and respect helps establish mutual trust, strengthening professional relationships in the accounting field.

The best way that I have seen others do and be successful in it is be useful for others, not necessarily in accounting but all aspects of life. Your colleagues and friends in the accounting industry need help almost in every sphere from buying vehicles, real estate, household items to resolving their personal issues. It is not just about mentoring, but being helpful and resourceful. Another tip is to arrange social gatherings of friends and colleagues on a regular basis. In fact you should have a dedicated budget for this activity. And lastly, if there is any association or society or club related to accounting industry, do participate actively and engage with others.

Accountants deal with monthly processes and are responsible for quarterly and annual preparation of financial statements. Think of the monthly process as dress rehearsal for the big show. A good accountant wants to make sure that they could close if needed daily. Don’t make your problem their problem. Think about the impact to the financial statements when you’re proposing a project or product. Put the work in to understand that process and show empathy. Work backwards from that uncovered financial statement impact and consider timing of launches to make sure it doesn’t impact quarterly and annual financials statements - ie, do launch or parallel during a dress rehearsal month and show evidence of the impact. Bottom line - earn trust.

Be proactive while talking to someone or in trainings, but always let the other person speak. The worst thing we tend to do is interrupt a person continuously. This shows lack of respect and arrogance. Also, speaking after other people finish might let you pitch ideas which are not repetitive and are different than others'.

In my experience, showing respect and appreciation is one of the most important things you can do at work. Respect and appreciation are the keys to creating a positive and supportive work environment. When I show respect and appreciation, I acknowledge my colleagues’ contributions, value their opinions, and recognize their achievements. This helps me build trust, rapport, and mutual respect with my colleagues, as well as foster a sense of teamwork and camaraderie.

Most of my experience has been in Internal Audit but I had a lovely 13-month stint as a Financial Controller managing a 58-odd function. During, this experience I had a brilliant learning experience and helped Accounting teammates understand how we could strengthen the organization and develop systems that outlast us. We executed 5 core improvement projects that reduced our Receivables exposure by a cumulative 400 million. This was a huge number considering our thin margins since it was a 3PL business. I also built lasting relationships since I was as invested in work outcomes as my teammates.