3 financial tools that can improve efficiency

June 3, 2022 10:31 AM

Would you be shocked to learn that the average employee is only productive for two hours and 53 minutes per day? It’s no wonder that one of the most common self-reflective questions is, “How can I be more efficient?” Efficiency is a hot topic in every organization, but defining efficiency and then implementing efficient practices in a company’s operations are not always simple tasks. For CPAs especially, taking time away from a demanding schedule to develop a plan to optimize certain processes may seem like an impossibility.

In the accounting profession, defining efficiency involves understanding the company culture, identifying the organization’s goals and determining measurable metrics to identify success. A proactive solution for improving productivity is to implement tools that promote efficiency. Fortunately, new and evolving technologies provide CPAs and financial advisors with a wide variety of powerful tools designed to do just that. By leveraging the powerful functions of spreadsheets, automated report generation and customizable financial templates, accounting professionals can make their standard processes more dynamic, effective and efficient than ever before.

Advanced spreadsheet functions

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Any basic accounting class will introduce you to the power of spreadsheets, but who knows the full extent of spreadsheet functionalities? While even a limited knowledge of spreadsheet capabilities can provide a great deal of efficiency, expanding your vocabulary of functions and formulas can help you execute complicated calculations with the click of a button. While some of these features can even let you play games, many typical advanced spreadsheet functions include capabilities to predict future spend, manage payments, design data tables and record expenses, all in even simpler approaches than those you may currently be using.

As more and more people seek to improve efficiency in their data reporting and analysis, they choose to embrace the power of spreadsheets’ advanced formula functions. One study reported that over 90% of employees use spreadsheets in the workplace on a daily basis. As these employees can attest, using special analysis and computation tools in spreadsheets provides the simplicity and efficiency needed in a fast-moving work environment. Haven’t yet explored all of the capabilities of spreadsheets? Elevating your skills through an advanced online course or by watching some YouTube tutorials can give you plenty of insight into the power of spreadsheets and how they can make work processes more efficient.

Automated reports

Do you feel like your business is wasting time on repetitive tasks? You’re probably right! CIO Insight found that employees spend about 520 hours a year on repetitive tasks. For CPAs, repetitive tasks often include scheduling appointments, generating report, analyzing routine data and responding to emails. While all of these tasks are important, they have no value add for the business.

Of these routine tasks, one of the top candidates for automation is reporting. Reporting can be tedious, time-consuming and sometimes even unnecessary when lengthy reports go unread.

If this is true for your accounting business, you may be thinking about hiring a programmer to design reporting software for your company. How much would that set you back? Estimates place software development at $50,000 for a small app. How long would development take? Try anywhere from one to six months. That doesn’t seem very efficient if you have a small business and are looking to save time and money.

Simple, automated financial reporting tools already on the market can allow you to create sophisticated reports without having to hire a programmer, which can save your business thousands in time and money. By introducing software solutions that automate reporting and other repetitive tasks, accounting professionals can become more efficient by avoiding overspending on complicated reporting tools and focusing their time and energy on tasks that require a greater level of analysis.

Customizable templates

Imagine showing up for a college football game and all the players are wearing different jerseys. How would you know which players are playing for each team? You wouldn’t! College teams have learned that by standardizing the colors and style of their jerseys, the spectators, refs and coaches can more easily recognize the players.

Standardization is a close relative to automation. While automation ensures the task is completed, standardizing creates a cohesive and efficient process for each of those tasks. Standardization lowers production costs, decreases process time and improves quality.

Increase efficiency by using customizable financial templates for in-house stakeholders and clients. Predesigned templates allow you to customize colors and fonts as well as present data in a way that matches the look and feel of your brand. Now all stakeholders recognize the players, the strategy and the success of each play. These templates increase efficiency and support — a win for any organization.

Efficiency in the workplace can be achieved! By using tools that allow automation, standardization and strong data analysis, you can add value back into your work processes. Empower yourself, your employees and even your clients to become more efficient by implementing one or more of these financial tools, and watch your business grow.