The top 3 accounting inefficiencies costing your organization money

There are certainly, many ways, accounting inefficiencies can harm the cash flow of your organization. The top three usual bad actors are poor communication, outdated software, and inefficient processes. Here’s what to do about each. 

Poor Communication

Quality communication is integral to any relationship and so it’s no surprise that the lack of it internally can hurt a business’s success.

Ensuring your employees and leadership have a good understanding of what is required of them and how long a task should take is a good place to start.

Ensuring that tasks are being properly delegated across departments based on seniority, workload, and relevancy of role is equally important.

Ask yourself: Is leadership communicating what needs to be prioritized? Are they delegating tasks in a way that’s enabling efficiency?

Outdated Software

If you’re still using technology that’s more than five years old, it’s worth considering if there’s a faster product on the market that may save you money.

It can feel arduous and time-consuming to begin again. More often than not, newer models of software can save you time, money, and resources in the long term.

Assign members of your team to continually look for ways to improve upon existing software to help stay relevant and efficient.

Ask yourself: Are there opportunities to automate aspects of our work? Are you manually inputting something that could be streamlined with a smarter software system? 

Inefficient Processes

Accounting processes touch most parts of an organization so if yours are out of date, the rest of your business will follow.

Consider if your existing processes could be solved by streamlining with automation, cross-training, and better documentation.

If your employees are experiencing a lot of downtimes, ask yourself why that is and consider using that time to brainstorm better processes across their department.