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The Art of Delegation

Many times when it comes to delegation, we hear excuses like “I don’t have time to train” or “I do it better by myself”. Is it true that delegation is a waste of time and a reason for decreasing work accuracy and quality?

Why some accountants are able to climb the ladder from data entry level to the top executive level while others cannot.
Most accountants do the same job in the same way all of their life. They like to review all the numbers in details and do everything with their own hands. The more work comes in the more they have to do the same routine. This is a typical “data entry level” accountant despite their middle or senior management title and always will be.
Accountants have to delegate tasks and mentor other accountants. Delegation and mentoring are the key for career success. Accountants should be ready to invest their time in training other accountants and supervising their work, and above all, to invest time in training themselves and improving their skills.
Smart delegation is required in the modern world of finance. Knowing the succession plan helps in knowing what tasks to delegate and what training program is required for each accountant.
It has been proven that delegation of tasks with a proper written policy and procedure ensures high quality and accuracy, and above all prepares accountants to be leaders of change. It allows for spending quality time in solving problems and planning for the future.
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Business Process optimization and ABC costing

What is the role of the finance team in contributing to business process optimization?

Corporations are always aiming to optimize and streamline most of their processes for the purpose of increasing efficiency, reducing costs, and improving overall quality.

The question here is how to measure the savings from optimization?
A solid finance team can play a vital role in process optimization by implementing a costing method called Activity Based Costing ABC. This method is very helpful in determining how much each activity or process is costing the company. It is the basis of measuring cost savings for each optimization scenario suggested. Management can then focus on the areas where it can generate the highest savings while maintaining or even increasing the quality delivered to its customers.
The ABC costing method is an important tool not only for process optimization measurement, but also a powerful tool that supports decision making in the company. It reflects the financial impact of any decision to be made in the company.

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A paradigm shift for accounting

Accountants need to learn how to provide knowledge and simple answers to questions rather than providing data.

The common practice nowadays is that accountants dive into full details and start sending out all those raw details leaving the management to figure out the answers by themselves. Instead, an example of some good answers would be: increased by 10%, or around 5 Million, no more.

Almost all accountants can do numbers very well, but these days, managements are on the lookout for accountants who have better communication skills that enable them to communicate simple and useful information, and without any misunderstandings.