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You’re struggling to develop creativity in corporate accounting. What can you do to inspire your team?

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Creativity is not a word that often comes to mind when you think of corporate accounting. You may associate it more with artistic fields or innovative startups. However, creativity is a valuable skill for any accountant who wants to solve problems, improve processes, and deliver value to clients and stakeholders. In this article, you will learn some practical ways to develop and inspire creativity in your corporate accounting team.

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Tomi Akinwale ACCA, ACA, ACTI, B.TECH, FMVA, AAT.

Tax | Deloitte | Financial Reporting & Modelling |
David Shonibare (ACA, ACTI)

Chartered Accountant || Financial Analyst 8yrs + Exp || Financial Reporting Expert || Top Business Strategist - Helping…
Robert Woolfson

I specialise in helping small businesses go from chaos to efficient using financial and sales data. ????

1 Why creativity matters

You may wonder why creativity is necessary in a field that is governed by rules, standards, and regulations. Creativity does not mean breaking the rules, but rather finding new ways to apply them. This can help you and your team to come up with ideas for improving efficiency, quality, and profitability of your accounting services. Additionally, it can allow you to adapt to changing business environments and customer expectations. Creativity can also help you identify and mitigate risks and opportunities in your financial data, as well as communicate and present your findings and recommendations effectively and persuasively. Ultimately, it can enhance your professional development and career prospects.

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David Shonibare (ACA, ACTI)

Chartered Accountant || Financial Analyst 8yrs + Exp || Financial Reporting Expert || Top Business Strategist - Helping Organizations achieve their goals through the right strategies ??|| Professional Tutor
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Fostering a creative mindset involves creating an environment that encourages curiosity, exploration, and experimentation. Here's how you can do that: Promote asking questions and seeking new ideas, support continuous learning and professional development, value diverse perspectives and encourage collaboration, create a safe space for experimentation and learning from mistakes, empower team members to make decisions independently, incorporate fun activities to stimulate imagination and teamwork, acknowledge and celebrate creative contributions.

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2 How to foster a creative mindset

Creativity is a skill that can be developed and enhanced with practice and training. To foster a creative mindset in yourself and your team, challenge your assumptions and biases, seek input from others, learn from other fields and industries, experiment and test your ideas, and have fun with the process. Ask yourself why you do things the way you do, collaborate with colleagues to get different perspectives, explore how other professionals approach similar problems, don't be afraid to try new things, use data to evaluate outcomes, and reward yourself for creative efforts. Creativity is not a chore but a source of joy.

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Tomi Akinwale ACCA, ACA, ACTI, B.TECH, FMVA, AAT.

Tax | Deloitte | Financial Reporting & Modelling |
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You have to create and How to foster a creative mindset. This absolutely important to be creative. Get acquainted with study materials that promote creativity and develop a positive industrious mindset.

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3 How to create a supportive environment

Creativity does not happen in a vacuum; it requires a supportive environment that encourages and nurtures it. To create such an environment in your corporate accounting team, you should set clear and realistic goals and expectations that align with your vision, mission, and values. Additionally, provide resources and tools to equip your team with the necessary skills, knowledge, and technology to support their creative endeavors. Celebrate diversity and inclusion by recognizing the different backgrounds, experiences, and perspectives that your team members bring to the table. Furthermore, encourage risk-taking and learning by creating a safe space for your team to take calculated risks and experiment with new ideas. Lastly, provide constructive feedback and recognition for your team's creative efforts and outcomes.

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4 How to overcome common barriers

Creativity is not always easy or smooth, and you and your team may face common barriers that can impede your creative flow. Time and resource constraints, fear and anxiety, routine and complacency, and lack of motivation or inspiration are some of the common barriers. To overcome these barriers, prioritize and plan creative activities, build confidence and resilience, break out of your comfort zone, and reconnect with your purpose and passion. Allocate time and resources for creativity in your schedule and budget. Acknowledge and accept fears and anxieties, but don't let them stop you from pursuing creative goals. Seek new experiences to challenge yourself and explore new possibilities. Remind yourself why you chose accounting as your profession, and find ways to make work more meaningful and enjoyable.

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Robert Woolfson

I specialise in helping small businesses go from chaos to efficient using financial and sales data. ????
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As a leader, demonstrate creativity in your own approach to problem-solving and decision-making. Share examples of times when creative thinking led to successful outcomes and encourage your team to do the same. By modelling creative behavior, you can inspire your team members to think outside the box and approach challenges with a fresh perspective.

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5 How to measure and improve your creativity

Creativity is an ongoing process, and it is important to measure and improve it over time to ensure that it brings the desired results and benefits. To do this, you should define and track your key performance indicators, conduct regular reviews and audits, implement and monitor changes, and benchmark and compare your performance with competitors. This will help you identify strengths, weaknesses, opportunities, and threats, as well as learn from the best practices of others. By following these steps, you can develop creativity in yourself and your team, and achieve better outcomes in your work.

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Robert Woolfson

I specialise in helping small businesses go from chaos to efficient using financial and sales data. ????
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To measure creativity, you should: Firstly, establish clear metrics to assess creative output, such as the number of novel ideas generated, successful implementation of innovative solutions, or feedback from stakeholders on the novelty and effectiveness of creative initiatives. Additionally, conduct regular assessments of individual and team creativity through self-evaluations, peer reviews, or creativity assessments. To improve creativity, you should: To improve creativity, foster a supportive environment that encourages experimentation, risk-taking, and idea-sharing. Provide opportunities for training and development in creative thinking techniques, such as brainstorming, mind mapping, or lateral thinking exercises.

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6 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?

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You’re struggling to develop creativity in corporate accounting. What can you do to inspire your team?

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1 Why creativity matters

2 How to foster a creative mindset

3 How to create a supportive environment

4 How to overcome common barriers

5 How to measure and improve your creativity

6 Here’s what else to consider

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