What are the most effective ways to build a strong accounting team?

Building a good team needs a hard core loyalty foundation. We need to invest on good people with a good heart. People with good heart creates a conduxive environment in our work atmosphere. Even how hard work is at our shoulders, it is our team that makes us comfortable and motivated. Defining the goals of the team creates alignment to everyone and determining the needed competencies is a special ingredient towards success. An accountant is both a team leader and a team player!

Have a clear vision of the work thats needed from the team, many a times its manager who isnt sharing the correct requirement and data to team, and then its a loop.... Trust your team, educate them with latest update, and mean it that they are part of team not just as a policy of the company but as a real team leader, everyone have some or the other problem which might affect the work, understand the issue and try to resolve the same. Try to build the culture that suits everyone and to the company as well.

Trust your team Give them lead Help them improve Appreciate them by sitting with them and with financial raise Speak casually with them more often

Right people at right jobs followed by care, trust and continuous on job and outside job training. All this sits on core culture of performance and accountability

It’s always a good thing to have a detailed TOR for each accounting role. Start by clearly defining the roles and responsibilities of each team member. This ensures everyone knows their task and accountability. For example, you may hire an account receivable specialist or a treasury staff or CFO. Each role has a distinct set of responsibilities that one should understand and be held accountable for.

Hiring is not just choosing. It is evaluating the appropriate personality for the right position. A good job fit creates a colorful puzzle piece that makes the whole portrait beautiful and harmonious. Thus, finding a potential fit needs a 360 degree analysis as to oneness with the organizational culture and ability to thrive in the current work culture.

Hunger to constant learning and positive mindset are "must to have competences" that I look for in all members of my teams. Business life does not always mirror a fairytale with just rainbows and pink skies. At times, it demands sprinting through a marathon, facing challenging conditions such as evolving legal regulations, competitive maneuvers, and disruptive industry shifts. During such moments, the ability to adapt to the new order and maintaining a positive outlook holds significant value.

Accounting team leader should search available talent in existing workforce, particularly staff who have demonstrated good skills in policies, procedures and compliance in their respective domains.

Empathy and measurable goals. Avoid leading as a transactional leader but as a transformational team leader who sees other perspectives in their uniqueness and feels the impulse of all team members. Ensure SMART goals are set and constantly measuring and following up with the team members for prompt connections, guidance/corrections, adjustment & realignment of goals to ensure everyone meets their goals thereby leading to corporate goals being met. Above all, lead from the front and lead by example.

With today's digital vastness, Building a solid accounting team Has moved the focus more on the Human-centric part of a solid team. We have AI-powered tools that can help with the routine part of Accounting and Predictive analytics with the Forecast responsibility of an Accountant. The success of a strong team now lies in Identifying the core strength of each team member and mapping their daily functions to their strength. Also, as the technological climate is evolving, Today's Accountant has to be digitally empowered, Compliance savvy, and emotionally intelligent in a Psychologically safe space.

Supporting your accounting team to complete the CPA Program is of critical importance. The CPA Program is a globally recognized and highly regarded qualification. Being a CPA is a mark of professional credibility. The CPA Program instills a strong ethical framework and a commitment to upholding high standards of integrity. It fosters critical thinking, problem-solving, and an in-depth understanding of business. CPAs are committed to career development. They are lifelong learners, essential in an ever-changing environment. By supporting your accounting team in completing the CPA Program, you not only invest in their growth and development but also secure a competitive advantage. It's a win-win situation for your employees and company.

Constant training and learning is game changer at anytime for all possible conditions. Remember quota: Do not judge the future of person based on his present conditions, because time has the power to change black coal to shiny diamond. Believe me it is true??. Look for potential.

Training is vital for professional accountants. The ever-evolving financial landscape demands they stay updated with regulations and standards, ensuring accuracy and compliance. Training enhances their skills, from financial analysis to tax planning. In an era of technological advancement, staying current with software and tech is crucial. Professional development through training leads to qualifications, career advancement, and broader expertise. This holistic approach empowers accountants to excel and adapt in their roles.

Investing in training and development for an accounting team is a strategic move that can lead to improved performance, compliance, and overall efficiency. It helps the team members improve their skillsets or learn a new capability and helps the organization become more efficient. The investment in training and development starts with an open and honest discussion with the team member on the area of opportunities and determining the skillsets that would add the most value to the team member and the team. And then developing a training plan, identifying the training methods (online courses, in-person training, mentoring or a combination of the above).

From experience, I have observed that assisting the Finance/Accounting team to complete desirable certifications of their choices increases their work dedication and they’re always eager to implement new knowledge gained. I’d like to also state, that emphasis shouldn’t be only on accounting related certifications. How about we teach them on soft skill training like effective communication, business correspondence ethics, leading effectively etc. You certainly don’t want an accountant with technical competency but lacks how to make good judgements. Finally, if you have consultants engaged to carry out certain accounting functions, include training of the team as part of the terms of service.

Importantly, give room for all your members to speak and be heard. When the least person feels his opinion his valid, he or she will be motivated to pay attention and contribute in stand ups. Also, we all learn and get task done better when we sync with each other to ensure tasks get 360 degree attention....especially financial matters which is the core of the accounting team.

- Define roles clearly. - Hire skilled talent. - Foster diversity. - Promote continuous learning. - Encourage communication. - Invest in technology. - Develop SOPs. - Emphasize collaboration. - Ensure accountability. - Uphold ethical standards. - Support work-life balance. - Lead by example. - Measure performance.

Find a way to make everybody key into the vision of the team according to their own peculiarity. People shouldn't have something contrary and tendency of jeopardy to the organization. Let everybody know the visions and start working towards it in the organization

Building a strong team includes providing them with effective tools to do their job. This would include ways to collaborate easily, like Slack or Karbon. Manage the accounting tasks effectively with the ability to assign who owns what. Finding ways for the accounting information to integrate with the various systems that cut out manual work will allow them to focus on value added knowledge which should give them more satisfaction day-to-day.

Job rotation is very vital as it improves performance, introduces healthy competition and also reduces the risk of collusion.

In my opinion, the critical factors to look for when trying put together an accounting team, are honesty and integrity of each member of the team. I consider these as important because fiduciary is the bedrock of the work of Accountants. Remove honesty and integrity from the accountants in any organisation, the business will be on the box of dynamites.

A clear career growth pathway is very important as well as recognition. Most often, firms do not create the channels whereby the accounting team can reach the apex positions of the firm (not the apex position of the unit). Career growth is very important for all firms seeking long term impact. Also, the accounting team being a back end position is usually not recognized except during general team recognition. The needs to stop as recognition plays a vital role in employee motivation and retention

In my experience, communication is key to have the team work together seamlessly. Clarifying individual roles and team goals so everyone is aware of their responsibilities and set clear job roles for each team member with well-defined objectives that everybody is cohesive will help your team contribute to this goal. I also believe as a leader leader, you should inspire your members and encourage them to succeed. Rather than dictate to your team, you should lead by example – by doing! Gratitude and Acknowledging individual and team achievements goes a long way in building a strong team.