Accounting deadlines can be stressful and overwhelming, especially if you have multiple clients, projects, and tasks to juggle. However, you can use a calendar to plan, prioritize, and track your work effectively and efficiently. In this article, you will learn how to leverage a calendar to meet accounting deadlines and avoid the last-minute rush.
The first step to leverage a calendar is to choose a tool that suits your needs and preferences. There are many options available, such as online platforms, apps, or physical planners. You should consider factors such as ease of use, accessibility, customization, and integration with other tools. For example, you might want a calendar that syncs with your email, accounting software, or project management system.
Mark key dates on calendars for compliance deadlines and set the reminders. If more than one personal is involved than we can use shared calendars. Applications like Monday.com are invaluable for this kind of collaboration on Calendars. Personally, I also use a physical calendar on my desk that I can annotate with important notes/deadlines which is always in front of me. This helps me a lot in ensuring nothing important is missed. With these practical tips, we can ensure that no all the accounting is done, invoices & bills are processed and reports are out on time.
One way to meet accounting deadlines is to leverage an accounting calendar. An accounting calendar is a tool that summarizes accounting periods and material dates throughout the fiscal year by fiscal week, within your financial value stream 1. It can help you keep track of important dates such as credit card closing dates, dates of your monthly financial reviews, tax filing deadlines, board meetings, and investor reports due dates 1.
By leveraging our calendar as a comprehensive time-management tool, we not only meet accounting deadlines consistently but also maintain a proactive and organized approach to financial tasks, contributing to the overall efficiency of the accounting process.
The next step is to set realistic and specific deadlines for your accounting tasks and projects. You should consider the scope, complexity, and urgency of each work item, as well as your availability and capacity. You should also factor in some buffer time for unexpected delays, revisions, or feedback. For example, you might set a deadline for completing a tax return a week before the actual due date.
It is important to understand the urgency of task. even the importance of task should be very much understood. Dont add too much comittments on your back and get stretched. This poor planning before committing, will reduce your quality of work but also the credibility of meeting the target deadlines.
The third step is to break down large or complex tasks into smaller and manageable ones. This will help you avoid procrastination, confusion, and overwhelm. You should assign a sub-deadline and a time estimate for each sub-task, and mark them on your calendar. For example, you might break down a financial audit into steps such as planning, testing, reporting, and reviewing.
some time it is very workable, the tasks which are regular nature, need to be broken down into smaller omnes. For example, make sure that receiving's and invoices are processed timely. Start weekly monitoring so that you can plan your provision with accuracy on month end. The receivable review should be weekly, and any unapplied collections should be addressed weekly.
The fourth step is to prioritize and schedule your tasks according to their importance and urgency. You should use a system that works for you, such as the Eisenhower matrix, the ABCDE method, or the Pareto principle. You should also balance your workload and avoid overbooking yourself. You should allocate time blocks for each task on your calendar, and stick to them as much as possible.
The fifth step is to review and update your calendar regularly to monitor your progress and adjust your plans. You should check your calendar at the start and end of each day, as well as weekly and monthly. You should track your accomplishments, challenges, and feedback, and celebrate your wins. You should also update your calendar with any changes, such as new tasks, deadlines, or priorities.
The final step is to use reminders and notifications to keep yourself on track and accountable. You should set up alerts for your deadlines, meetings, and appointments, and choose the frequency and mode that suit you. You should also use notifications to communicate with your clients, colleagues, and managers, and inform them of your status, progress, and issues. For example, you might send an email when you finish a task or need help.
Use diary to carry with you to list down the task as soon as they come to your mind then add them to the calendar at day end. Also use a project management tool to prioritise the tasks.
In my experience, when using a calendar to meet accounting deadlines it's always important to determine the following; 1. What I need from others so I can perform my task and the timing of receiving the information. 2. What I need to provide to others so they can perform their tasks and the deadline. 3. What I need to produce and what my deadline is. Once you've broken up the inputs and outputs and assigned deadlines you can then set up collarative sessions to complete 1 and 2 and set up time to deal with 3. It's gives you a disciplined approach and ensures you're able to deliver on time every time.
Collaboration: Share the calendar with relevant team members to ensure that everyone is aware of important accounting deadlines. This promotes accountability and helps in coordinating efforts to meet collective deadlines. Time Management: Utilize the calendar to allocate sufficient time for complex accounting tasks, such as audits or financial statement preparations, and avoid overloading certain periods with too many deadlines.