This article enumerates a few points or habits that, if you cultivate them in your daily work as a CA, finance, audit, or tax professional, will definitely help you to complete the tasks assigned to you by the company, firm, or partner in a timely manner along with expected quality results.
1. The first and probably most important trait of a proven track record and seasoned professional is that the tasks accomplished by him meet the expectations of both his immediate superiors and the other departments that rely on the data and statements prepared and submitted by him. Example: The Human Resource Department works in close coordination with the Accounts Department for salary calculation, credit of salary in the employee's account, tax deduction at source from salary, provident fund calculation, and payment thereof to the government. Similarly, the marketing department also relies heavily on the data and information given by the accounts team in respect of sales, commissions to managers, discounts to customers, sales segment-wise data, etc.
It, therefore, implies that the data, information, or statements given by the finance manager (or other professional) are double-checked before submission, and any shortcomings, loopholes, or lacunae are rectified then and there, so that the quality of work is enhanced and not hampered as the users of the data rely on this crucial information, which is important for various decision-making processes in the Accounts Department as well as other departments.
2. It is imperative that the Finance/Account/Tax Manager maintain a diary, book form, or Excel to note down the various tasks. Prioritization is required as per the importance of the work (example: work given by the director, work given by the HR Department, work of statutory compliance, work of external consultants, etc.) because nobody can keep such voluminous data in memory, and if it is not written down, it may escape the attention of the manager and can cost heavily. Also, the work of statutory compliance, due dates, etc. is prominent and may result in penalties and interest, which can be avoided if proper prior planning is done. It is said that "Plan your work and work according to the plan. If you fail to plan, you are planning to fail."
3. In the case of audit work, make a team of audit staff and plan the work to be done in a time-bound manner. Who will do which work and at what time frame? Everything should be well defined in advance. Meetings should be conducted at an appropriate frequency to review the progress of the work, discuss the queries, and sort out the audit issues with the client. Auditing large entities is a herculean task, so proper planning is required at every stage to complete the work within the set deadlines.
4. In the case of statutory compliance, which is of prime importance, the software, etc. required should be purchased and work started well in advance so that last-minute problems, such as a problem on the website, or technical glitches, should not delay the submission of the returns, i.e., there should be at least a 4-5 day margin for such future contingencies. Clients should be asked to submit their relevant documents in time (bank statements, TDS certificates, investment proof, clarifications required, etc.) so that the return filing can be done before the due date.
5. Sometimes, the immediate superior or director goes out of station for leave or is on holiday. In such cases, instructions should be taken in advance for the work to be done so that important work is not affected and the work goes on smoothly without obstructing the day-to-day functioning of the company or firm.
6. It should be ensured that there is proper internal control and internal checks in the company and that it is functioning in an effective and efficient manner so that errors and frauds are avoided. Bank work should be done in the early hours of the day, and a working capital requirement strategy should be framed with the superior or manager in the meeting so that there is clarity about the funds to be expensed out and funds to be received in the near future.
7. There are certain activities that are of an outsourced nature, such as company law compliance, income tax and GST compliance, labor law compliance, statutory audits, etc. These entities represent us before the government, and we must ensure that the data given to them is correct. The data should also be submitted to them without any delay because they (consultants) need time to prepare the case to represent us in front of tax authorities and the court of law. The accounts manager is in a better position to explain various transactions to the consultants because he is very well conversant with accounting packages and, due to his work experience within that company, is aware of the nature and quantum of transactions. It is quite evident that the in-house accountant is very helpful to the external consultants in representing the company before various tax authorities, and it is a win-win situation for the company and the consultant.
8. We ought to follow certain other points for better performance, such as team spirit, working towards the goal of the company, loyalty, integrity, discipline, hard work, measuring the pros and cons before decision-making, These qualities and traits are very essential, and they continue to increase over time as one gathers experience and climbs the ladder of success in the organization.
9. One point I would like to emphasize is lifelong learning, which is very crucial for any professional as there are continuous changes happening and we have to keep up with the latest laws, amendments, theories, etc. to be in tune with the times. If we don't have a sound knowledge base, there is a possibility of being redundant, and the market always demands professionals who are updated on all fronts, whether it is corporate law, tax laws, accounting, or audit subjects. There are learning opportunities in seminars, from books, study circles, etc.
Apart from the above, whatever we study, we should correlate with the practical work that we are doing. This ensures that we have not just bookish knowledge but also practical experience of that subject, i.e., corroborate theoretical knowledge with the real-life situation in the work atmosphere. Example: If I studied a chapter on balance sheet ratios from a financial management book, it would be highly beneficial to me if I did the same ratio analysis of the current year balance sheet in an actual work situation, so that this practical analysis would make a complete study of the subject. Theory plus Applying the theory in real life makes for a complete study of the subject, and that element differentiates an average employee from high performers.
10. An accountant should often, in my opinion, go through the balance sheet, profit and loss account, and see to it that small work, which at the time of account finalization consumes a lot of time, energy, and resources of the company and its statutory auditor, is completed well before time, so that at the finalization, core aspects are given more attention instead of small or trivial matters.
These matters generally include bank reconciliation, petty cash, obtaining the bank statement balance as of March 31st, debtors and creditors' balance confirmation Solving the queries raised by the internal auditor, bank loan outstanding statement, prepaid and outstanding entries pertaining to income and expenses, checking whether all 12-month expenses or income are debited or credited in the accounts, Writing off the sundry debit balances of debtors, writing back the sundry credit balances of creditors, ensuring that every voucher (bank/cash/JV/capex/sales/Purchase) is supported by proper bills or supporting evidence, statutory compliance in respect of income tax, advance tax, GST/PF, etc., depreciation entries are passed properly or not, and correct accounting treatment of capital expenditure, revenue expenditure, and deferred revenue expenditure.
There are many small tasks that are small individually but important in totality (collectively taken together), which can be done well before the finalization date by the accounts manager so that the statutory auditor can concentrate on the important aspects and the accounts are finalized without any hurdles before the statutory deadlines. It is always better to complete such small tasks months before the audit so that there is smooth functioning of the audit work by the Statutory Auditor instead of doing it at the eleventh hour, as working in a hurry is prone to errors and mistakes.
11. As the Accounts Manager job is up the hierarchy, all the work can't be done by the Manager alone, so small tasks can be delegated to Accounts Assistants, such as sales/purchases, cash/bank entries, bank reconciliation, extracting data from the accounting software/ERP and providing it to the concerned department, etc. After the delegation of relatively small tasks, the manager can focus on the key responsibility areas assigned by the management.
12. The communication skills of an accounts/audit/Tax manager should be of the required level so that he can communicate effectively with the bankers, debtors, creditors, external consultants, partners, top management, and other staff within the organization. If this skill is lacking, seminars and books will be helpful in honing communication skills. If there is not proper communication between the manager and the superiors, there will be hurdles in the day-to-day functioning of the accounts department. Example: If the Accounts Manager is not asking the Senior Manager what accounting treatment is to be given to a particular expense or income, it will remain as it is in books for months, and the Balance Sheet will not show a true and fair view. In such cases, it is better to sort out the issue and complete the pending work, considering the overall objective of working towards the goals of the company.
13. Networking Skills: In this modern era, for a professional to be successful, he should have networking skills, because nowadays, the world is moving at a rapid pace, technology is day by day changing, and without a proper network of professionals (to guide, motivate, and upgrade skills), it will be next to impossible to survive in this competitive world.
14. Whenever an employee goes on leave or is sick, ideally, work should not stop; another employee should be trained to perform the same work at his place. Similarly, when the finance manager is going on leave, he should hand over his work profile to the other employee who can take charge in his absence. Similarly, a bank log-in ID, password, and other important information he can submit to his immediate superiors will not affect the work.
15. Thus, it can be summed up that a finance, audit, or tax professional, in order to perform at an extraordinary level, should have qualities such as technical knowledge, an inquisitiveness to learn, communication skills, a professional approach, integrity, timely completion of work, a high level of motivation, and perfection in work.
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