Accounting for time: creating balance in your business
Creating balance for your business
As accountants with a soft spot for small business bookkeeping, we know a thing or two about the importance of balance.
And I’m not just talking about the kind of balance that applies to your books (though, let’s be honest, I’d be happy to) – I’m talking about the kind that applies to your time. It’s the most valuable and finite resource we have, but all-too-often the first thing we neglect to nurture – and thus lose sight of.
Working HARD means working SMART
I hear constantly from my team and accounting clients that one of their biggest frustrations is finding themselves at the end of a busy work day and still feeling completely behind. They work hard through a frenzy of stress and small crises, and before they know it the time to work on their big-ticket items has evaporated. From the outside they seem busy, but in reality they haven’t progressed – like a hamster on a wheel.
So many of us spend our time working hard – and are committed to performing well – but we don’t work smart.
“Before they know it, the time to work on big-ticket items has evaporated. From the outside they seem busy, but in reality they haven’t progressed… So many of us spend our time working hard – but we don’t work smart.”
If this sounds like you – you’re not alone. But you’re also in luck, because I’m about to add more hours to your day. Here’s how:
1. Make it personal
As bookkeepers, we know all-too-well that the time we spend being ineffective and/or inefficient in the workplace, is time that we lose from our personal lives – where it matters most. But this applies to everyone. When I ask people what they would do if they were more in control of their time, the most common responses are:
- Come home earlier to see my kids
- Have more time to look after my health
- Avoid bringing my work stress home
- Avoid waking up at night thinking about what I forgot to do
You’ll notice that none of these reasons are to do with a better bottom line or revenue stream. As workers, I believe our general goal is to get our job done so that we can spend our time doing other things. If you’re struggling with motivation, make a change and set a personal goal, instead of a business goal.
There are two steps to making a change:
1. Own it: Take note of inefficiencies and ineffective practices in your work routine. Tip: Are you spending so much time in reactive mode, that you run out of energy to be proactive?
2. Fix it: Work on simple ways to improve performance and work/life balance by challenging your daily habits. Tip: Try spending the first hour of your day on a big ticket item, before checking your inbox.
Two Steps to making a change:
- Own it: Take note of inefficiencies and ineffective practices in your work routine.
- Fix it: Work on simple ways to improve performance and work/life balance by challenging your daily habits.
EFFICIENCY VS EFFECTIVENESS
Efficiency – doing things right (how)
Effectiveness – doing the right things (what)
2. Declutter your workspace
There have been numerous studies that indicate our brains are most efficient and effective when there are less distractions. A clean, productive workspace equals a clean, productive mind – equals more time for the things you enjoy.
So, time for a bit of tough love. Personally, I’m a minimalist (to the point where my friends have told me to write a book about it, as my place looks like we have just been robbed!) and as a general rule, I believe that if you need to buy boxes and storage items to help you organise – you need to declutter.
And by declutter – I don’t mean put it in the cupboard or the garage where you’ll forget it exists. I mean donate, or dump. Get rid of it!
Clear the desk
As tax accountants, we review a lot of documents. But our North Lakes office is paperless, which means there’s no need for trays, no random unused stationery and no outdated reports taking up precious real estate on our desks. If you’re working on an electronic document – spare our planet the footprint and don’t print it. If you insist on sipping a tea or coffee as you work – don’t leave it sitting there for long enough to grow its own ecosystem. You’re better than that.
Feel like a boss
We tax accountants tend to be pretty logical folk, so I believe that your electronic filing system should be so logical that you could navigate it in your sleep – but I know this is easier said than done. When designing your system, relate it to how you see your role and the different hats you wear in your job.
- Be honest: Will I need it?
- Be ruthless: When was the last time I used it?
- Be smart: Can I find it easily somewhere else?
- Be clear: How can I name it so that I don’t have to open it to know exactly what’s inside?
That last point is very important. Also, keep in mind that you may need to search your computer so naming 100 documents ‘client workpapers’ isn’t advisable.
If you’re an employee who is not in control of the electronic filing system in your workplace and it’s inefficient, be the one to instigate change. Make it your project!
When designing your system:
- Be honest: Will I need it?
- Be ruthless: When was the last time I used it?
- Be smart: Can I find it easily somewhere else?
- Be clear: How can I name it so that I don’t have to open it to know exactly what’s inside?
3. Outsource your bookkeeping and accounting to professionals
Business owners and managers have so many balls to keep in the air – so why not leave the numbers to the accountants? One of the smartest ways to scale your business – and reclaim your time – is identifying tasks that you can outsource.
We’ll help you grow, and you’ll have more energy for the things that matter most. Why not contact us to find out more.
Apply these three steps to restore balance to your life in no time – so that you can have more of it.
Still have questions?
Perhaps you’d like to know more about this blog’s topic? Or perhaps we impressed you so much with our know-how on this topic, that you’d like to ask us about another accounting related topic?
Either way, feel free to drop us a line – we really are as friendly as we seem to be