Importance of Time Management in Accounting

“Time is Money”, this is perhaps a phrase that every one of us has used or heard at some point of time in our lives. The importance of this phrase however is understood by just a handful of us.

The above stands true especially in accounting. You make more money if you manage your operating schedule more efficiently. In return, the more money you earn, lesser is the time you spend earning it. Despite this, most of the accountants across the globe struggle a lot in this particular aspect. However, there is scope of improvement for everyone.

Efficiency in time management for accountants means that you have greater amount of money and time for activities which truly help your business to grow and prosper. It is safe to say that time management is of paramount importance in this field. Hence, here are our suggestions for you to manage your time with perfection:

  1.  Plan the “what is where” of your office. Accountants waste a lot of precious time locating some misplaced document which comes back to haunt them later.
  2. Establish office hours for email and calling. You cannot refuse your clients from calling, but you can manage time and establish specific office hours.
  3. Keep a track of your time. It can have overhead costs but can be really beneficial.
  4. Identify your schedule. There are certain hours which are more productive for you than others. Identify them and do the accounting related work at that time.
  5. Reduce your paperwork. In other words, Digitize!
  6. Categorize your work in order of priority
  7. Learn when to say “NO” to the client to maintain the quality of your limited but crucial projects.