From preparing invoices to dealing with financial admin and digital records, it is not uncommon to hear of accountants working long hours. Many accountants put their average working hours at over 50 hours per week. They will also attest that their schedules are often taken up with day-to-day administrative and accounting tasks. The result is that it drastically reduces the time they can focus on value-adding activities or contributing to the strategic financial direction of the company.

However, the days of accountants spending hours pouring over manual data inputs and report analysis are quickly ending, thanks to technological advances like cloud accounting. The introduction of accounting software like Xero has helped accountants and businesses automate time-consuming routine tasks like reconciliations. To take it further, integrations like Syft can also be used to review, analyse, and report on data generated by Xero. The result is a quicker accounting process, reduced errors, and a better chance for accountants to free up some time in their day.

Employing tools and tricks to free up time as an accountant can positively impact your life, career, and client's business. It has been repeatedly said that accountants can have a poor work-life balance, particularly during peak seasons. Mastering time management as an accountant can improve your work-life balance. Xero Tax, for example, streamlines the tax compliance process. It can make it much easier and faster for you to prepare and file personal or company tax returns for your clients.

This leads to another domino benefit of freeing up your time as an accountant. Spending less time on routine and repetitive accounting tasks means you can provide better one-on-one service to your clients and add value to their business. Your clients can also enjoy a higher quality of service from you as their accountant. Using automation features in Xero and machine learning algorithms can reduce the risk of human error. Last but certainly not least, adding Xero integrations like Syft can help you create financial reports and insights in real-time.

Many accounting software packages are rolling out automation features to help accountants reduce their mental daily to-do list and carve out more time to focus on helping their clients’ businesses thrive. Some of the best automation features in Xero include:

Xero allows bank transactions to be automatically imported and incoming bank transactions to be automatically coded to different accounts. For instance, regular outgoing payments to Lloyds can be coded as 2 liners: loan repayment and interest paid. Xero also picks this up from previous coding thanks to their use of machine learning algorithms and provides it as a suggestion. You then review and click “OK” to reconcile the transaction. It will then be coded to an account from your chart of accounts.

Xero's growing ecosystem of integrations can also be beneficial to accountants. In many small businesses, an accountant's role may also include financial planning and analysis. You may spend a significant amount of your daily time reviewing a client's financial data and providing feedback to make financial decisions. This process, including the manual entry of data and reporting, can take up much of your time. Syft seamlessly integrates with Xero and reduces the time taken to generate financial reports and insights, including:

As a bonus, the real-time visibility of Xero and Syft means any reports are up to date and provide a clear picture of the business's finances. For instance, Syft's 6 different VAT reports show the movement of a business' VAT owed over several periods.

One of the best ways to free up your time as an accountant is to learn how to manage your time better. The time tracking software in Xero Projects enables you to log time and invoice more accurately and can help you better allocate your daily work hours. Time management software can provide increased visibility and help you prioritise if you handle multiple clients simultaneously.

One of the most common and time-consuming tasks accountants must regularly undertake is prepare a client's VAT and Income Tax return. An excellent example of this is the process of helping clients get ready for the new Making Tax Digital for VAT (MTD for VAT) and Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) initiatives.

The use of cloud software like Xero and Syft can reduce the time spent on data entry and preparation, like assessing the VAT liability for a quarter. Xero's MTD software is HMRC-compliant for keeping digital records and submitting tax returns. Similarly, businesses that submit VAT returns can use Syft's VAT Review function to view the current VAT claimable or due at any time. For more information about MTD, take a look at Xero’s MTD for ITSA resource hub and MTD for VAT resource hub, or have a read of our 7-step guide.

An overwhelming schedule can stop you from giving the best of your services as an accountant. Improving your time management as an accountant not only benefits you but also benefits your clients. With software like Xero and Syft, you and your clients can be on your way to better financial insights and more robust accounting performance.

Written by the Xero Team

Xero is an easy-to-use accountancy software platform for businesses and advisors.