Accountability is a word that can be used in many aspects of life, but what does it mean and why is it important in your business? Well, when it comes to handling your finances, your accuracy all comes down to accountability, doing what you say you’re going to do when you say you’re going to do it. It is not only holding yourself accountable to meet deadlines and deliver the information timely, but also holding your team accountable for their deliverables. Things like accurate coding of receipts or providing the proper documentation for things such as vendor and client contracts will ensure others on your team have the most accurate information.
Accountability from a Financial Firm:
When you take the step to outsource your financial management needs to an outside company you then put your trust in that team and expect them to handle your business finances with accuracy and care. There are certain expectations that the firm should be held accountable for such as data entry and reporting to be accurate and timely. Once you have agreed upon a process with an outsourced firm, you hold them accountable to meet expectations and provide you the information the way YOU need to see it. Providing you reports that are usable and relevant helps you know where your business is standing at any given moment. This is why it is important to have open communication, trust, and be partnered with a team who has expertise in construction accounting and financial management. It has to be the right team that can lead your company in the right direction.
Accountability from a Client:
As a client, you have a list of items that you are responsible for as well. Now granted, most of the data entry is done by your financial team, however there are things that fall on your plate to make this partnership work smoothly. One would be receipts and documentation. In order for a bookkeeper to do their job and hold up their end of the bargain, it’s important that they have the right information to work with. Set yourself up for success by creating good processes that will keep you organized and on track. Things like having a place to scan and send receipts to, whether it’s software like dropbox or google drive, or you send all your receipts to an AP specialized email. You also need to set up some consistent “office hours” and time block certain times of the week/day to get your piece of office work done. These small things will offer you a clear and precise process that you can be accountable for.
Accountability is truly the key to your success. When there is no accountability, your main goal will likely fail and crumble. You first need to find yourself a great financial management firm, and not just an outsourced firm, but rather an accountability partner. Secondly, in order for them to do their job successfully they need their clients to provide the required information and be on top of their necessary tasks. The ideal outcome requires a team effort and with a solid partnership and accountability in place success can easily be achieved!
