It shouldn’t be lost on any accountants right now, with Tax Season largely in the rearview, that now is the time to consider what investments you will make in your practice, in your life, and in your work to see the returns you want.
Now, to be clear, when we talk about “investment,” by its nature there is a “return” expected. But we aren’t always talking in monetary terms here. Investments are capital, of course, but they are also time, interest, and people. The return is also time, as well as overall efficiency and increased value of your services and the business you are a part of.
With that in mind, here are my humble views on three things I believe accountants need to invest in before the year ends and why I think they are important.
1.) Practice Management
This is more for the firm owners and managers in the room, but at the core of any firm’s activities, and often at the root of most inefficiencies, are its processes. Where things are, how they are done, and connection to it all; if these things aren’t working well, it can spell disaster at the busiest times.
One could argue that the heartbeat of most firms is its practice management system. And, like our own circulatory system, if something’s not working right, the whole thing could be in trouble.
So, if you have faith that your processes are what you need them to be, the right PM system should only improve all that you do. And for those of you that have a PM, invest some time to see what it is and is not working well for you.
Then, yes, invest some capital to make that happen; you will be glad you did. With 30+ systems designed for accounting firms on the market today, one of them is bound to work best for yours.
2.) Learn/Experiment With AI That Makes Sense
You probably knew this one was coming, like ‘cloud’ that came before it; AI and AI-enabled tools are the next level of automation you will experience in your work life. And if you haven’t at least tinkered with, demoed, or simply watched someone work with any of today’s AI platforms, there is no better time.
I’m not going to start shaming or fear-mongering; that’s not my style, and as we saw with ‘cloud,’ that approach doesn’t help. I will say that it is not going to hurt you one iota to at least see what is available today that could have an impact on how you work.
Once again, these are more investments in your time, or someone in your firm’s time that maybe is more “comfortable” with technology and experimentation. You don’t have to be the most tech-savvy with AI, unless you are perhaps looking to build out something yourself.
Even then, I think you will find that unlike software, which is designed with a fairly strict set of rules and sometimes requires connections to other software to work how you need it to, AI is built more to learn, and if the data and queries you are giving it are solid, the results will be as well.
3.) Your Mental Health/Well-Being
This one is likely the most important investment you could make this year and going forward. If you are not prioritizing your mental state and overall well-being, no other investment you make will matter.
It may not feel like it at times, but you are in control of how your day and your life go. Outside of the unforeseen, how you handle even day-to-day things, your routine, and the overall structure can dictate how you feel and are able to handle whatever life and work throw your way.
In short, we are talking about prioritizing having more life-work balance, or harmony if you will. In this case, life comes first. The breaks you take, the time for you (and your staff as the case may be), and the time you put in for work; all of it can use your attention to bring that balance so your mental and physical health do not have to take a back seat any longer.
This goes without saying, but there are no awards for 60-80 hour weeks. I’m paraphrasing here, but all that counts is what you do with the time given to you. And for work, it has to be value over volume and using time specifically for yourself and your staff.
If the pandemic taught us anything, it is that we can, and should, put ourselves and those around us first. Having a plan throughout the day where you are not at a screen, on a call, or looking at documents is going to take an investment of your time and some deliberate thought. But making the commitment to make things better for you and those around you will see high returns mentally, physically, and financially.
As a professional and a person, there is always more to invest in, but I truly believe these three things, given time and attention, will pay off well for you this year and beyond.