When you think about the word; ‘Innovation’, we don’t usually think about ‘Accounting,’ we think about some new idea or new way to do something with accounting it’s just about numbers so how new can that be? It potentially can be the success or demise of a business if not done accurately, but what else should your accountant be doing for you?
While we continue innovating other areas of our business, we also need to re-think our accounting systems as well. It seems that the finance part of the business module gets in the way at times, but in all actuality, our finance group could help facilitate the innovative ideas if we would just align ourselves with them, hence bringing together innovative insights.
Where to begin? We begin with something practical and a simple plan of looking over the numbers. Maybe try using the right metrics so that we may understand the cause and effect process because it can be detrimental to the overall efficiency of the company. Apply the proper key performance indicators to the business and run a financial health check on a normal basis keeping you in he green at all times.
When is a good time to change or upgrade an accounting system? That is an easy one; at the beginning of your accounting year would be the best time to update the technology used for your accounting processes so that it will operate more efficiently.
Here are a few ideas for bringing together innovative insights:
Include all areas of your business
Embrace new technology and insights
Set aside time to do your own research
Set aside time to innovate new insights.
Re-examine your processes and re-evaluate
Today, there are software’s that assist problem solving for accountants, but being innovative means accountants should set aside time to strategically to be proactive in identifying potential problems so that they may understand what they are in order to apply different, innovative ways to solve them.
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