A
DAY IN THE LIFE OF AN ACCOUNTANT
Audits, review engagements, notice to readers,
corporate tax returns and tax planning, client
meetings, tax filings, financial and business
advisory services, etc., etc. These are many aspects
that make up a day in the life of an
accountant.
If you’re a sole practitioner or a partner in a
small to mid size firm then you should also add the
following tasks in a day in the life of an
accountant:
Training
Team Building and training/mentoring
Performance appraisals
Engagement appraisals
Tracking mandatory PD requirements
Recording education and training completed
Managing a skills inventory list
Tracking and scheduling vacations and absences
Designing/updating Employee Handbook
Recruiting, recruiting, recruiting
Interviewing
Hiring
Firing
Exit interviews
Etc.
Have you got a stress headache yet?
REALLY IMPORTANT QUESTIONS:
Do you have time during a day in the life of
an accountant :
-to manage and keep up with best practices
for all of your HR functions?
-to design and implement any kind of decent HRIS (Human
Resources Information System)?
-to also manage your QA manual and it’s
requirements? (see requirements following paragraph)
-to also transform your HR data into usable
business intelligence capable of helping your
firm develop a smarter, more competitive business
environment?
Lastly, who is managing all of your HR
requirements?
Is partner time being used on this or perhaps a
dedicated manager who you know for sure is
diligently keeping up to date with all of your
requirements and record keeping?
Too much time or too little time is going to cost
you one way or the other.
ARE YOU REALLY UP TO DATE ON YOUR QAM REQUIREMENTS?
[Excerpt from QAM – published by the CICA]
The Quality Control standards issued in 2004 have
raised the bar on engagement quality. Accounting
Firms must now (many for the first time) develop and
document policies, ranging from hiring practices to
independent file quality reviews.
Initially, some may view this process as another
example of standards overload or an unnecessary cost
that will be difficult to recoup from clients.
Hopefully, though, the profession will view the new
standards as opportunities to improve the way we
perform client services so that we may better serve
the public interest and to unite our accounting
practices under one common set of clearly
articulated policies and procedures.
To provide timely feedback and coaching to staff,
there should be an assessment of engagement
performance as follows:
• On each major engagement or after a large group of
engagements, say on a monthly basis; and
• On an annual basis for overall performance
appraisal and goal setting.
Since it would be onerous to prepare an appraisal
for every engagement, the Firm should set guidelines
for when engagement appraisals are required.
Typical criteria could be:
• All engagements over 50 hours; and
• Every four weeks where there are no larger
engagements.
• Every four weeks where there are no larger
engagements.
These appraisals should be completed within three
days of the end of the engagement or the month end,
while thoughts and issues are still fresh in
people's minds. [end]
Does it seem overwhelming to you that ALL OF
THESE DAUNTING TASKS have to be managed in
addition to providing excellent, meticulous
accounting services for your clients?
SOLUTIONS!!
There is HELP available! There are two fabulous
options for you to review and see what suits
your needs best at this time. Choose one or both.
SOLUTION #1:
The Virtual HR Assistant
The Virtual HR Assistant is a customized, web
based HRIS fully tailored to your requirements.
The product has been fully customized for the
Canadian professional accounting practice. Access to
the site is based on roles with each user only
seeing/being capable of accessing, those functions
to which their role entitles them.
The cost is so reasonable, while affording you the
time to do more worthwhile things. There is a one
time set up fee of $ 500.
Then your only ongoing costs will be
$6/month/employee payable every 6 months. At this
low cost, it can suit the budget of almost every
accounting firm who has to manage any kind of HR
issues, even with few employees.
The Virtual HR Assistant for the Canadian
Professional Accounting Practice provides you with
the following features: (you can use whichever ones
you need)
Employee records management
Training records management
Performance Appraisal management
Vacation scheduling and records management
Electronic Employee Directory
On line policy manual
On line forms library
Reporting
Employee/Manager self serve
Senior Administration access to professional HR
advisory services
Server administration/backup and application
maintenance
Internet banking level security
SOLUTION #2:
Debra Dowdell-HR Coach
Hire me as your HR Coach on an as need basis! I will
work with you on assessing the current state of
your HR and QAM issues. I will make a proposal
for you regarding the issues I believe should be
completed and you decide if we move forward on it.
My proposal to you offers a 20% discount of my fees
for any firm who would like an initial assessment
about where your firm stands on it’s HR and QAM
issues.
I would love to be your HR Coach and really help you
in a day in the life of an accountant.
This is an area where many firms are either spending
too much time and their own resources, or not enough
time and could possibly pay the price for it during
a review. Contact me for more information.
Debra Dowdell
Power Your Practice© 2007
Power Your Practice does not warrant or guarantee
the accuracy of any statement or other information
and materials provided in this newsletter. All
articles and other information and materials in this
newsletter are provided for general information
purposes only.
