Accounting is the field of numbers. In each and every field of working, accounting deals with an important role in the development of the working field. There for a coach in the field of accounting should be aware of the different aspects in which an accountant should concentrate, like the basic ‘principles and guidelines’, ‘the detailed rules and standards issued by FASB and its predecessor the Accounting Principles Board (APB)’, and ‘ the generally accepted industry practices.
The aim of accounting coach’s is not necessarily about turning your personal or professional life upside down but about making the best of opportunities you already have and creating small changes that can really make a big difference to achieving your potential and maximizing your success.
Some of the area in which an accountant should get coaching is : career planning, work-life balance, performance enhancement, leadership skills, team building, assertiveness training, confidence building, managing change, improving communication, managing conflict.
These are the basic areas in the field of accountancy and a coach should know about this, so that he/she will be able to start the coaching with an excellent basement of knowledge.
AN ACCOUNTANT COACH AS A DISCOVERER
An efficient accountant should be able to discover the methods or solutions needed for the improvement of the planning, according to the changes. Finding out the problems and improving the plans are a skill, which helps an accountant to bring out a better profit. With the help of a coach, it is easy for the people to make improvement plans. These plans are made in order to discover how to minimize frustrations? How to minimize costs? How to Increase profitability?
STEPS FOR BUSINESS IMPROVEMENT PLAN:
Planning is an important factor in every field of life. Planning helps us to achieve the goals very effectively. So the necessasity of a business improvement plan is at its maximum, for the purpose of minimizing frustrations, minimizing costs and increasing profitability. A coach should be clearly well versed with the 5 steps in the business improvement plan.
The 5 steps in the business improvement plan are:
STEP 1 Record your transactions
STEP 2 Summarize the recorded transactions
STEP 3 Analyze the summarized transactions
STEP 4 Plan what needs to be changed
STEP 5 Action the plans from step 4
STEP 1: before making a sensible conclusions out of the business financial information, it is necessary to record each transaction. These transaction can be done out of different types of methods, according to the basis of the size of the business and the information. Different types of methods are paper, spreadsheet, cash book, general ledger, though each has it’s own advantages and disadvantages.
STEP 2: After recording the transactions, the need for summarizing is there in order to make a report which shows how the business is doing. Through the use of electronic formats, it is easy to record information.
STEP 3: Analyzing the summery usually helps you in working out the trends of your business. Through analyzing you will be able to find out the average value of invoices, number of phone calls turned into sales, movement in gross profit percentage. This analyzing helps you to find out the answers for the summarized information based questions like where are we making money? Where are we losing money? How could we make what we spend more effective?
Among the 5 steps this is the most important one, because once if this step is not completed correctly, the cost attained will be very high.
STEP 4: After finishing all the 3 steps correctly, then comes the role of planning, where you work out how you will achieve each of the items you want to change, based on the information from the previously performed analysis. Remember the saying ” you never plan to fail, you just fail to plan“. Here you will be able to find out the goals based on the time, money, resources, importance and ease of getting it done.
STEP 5: intention without action will not get the desired result. And hence the step “Action”, is the last but the least, must be done to achieve a benefit to your business. With out taking some actions, all the recording, summarizing, analyzing, and planning will not archieve.
QUALITIES OF AN ACCOUNTANT
There are some qualities, an accountant should processes and an accountant coach should be careful of training these qualities at the time of coaching. The qualities are:
DISCIPLINE: needed to ensure that the works/ the 5 steps are completed in the correct manner and order
MOTIVATION: business having staff members, there is a need for adding challenges of enthusiasm for the staff to the changing required
TEAM LEAD: leadership quality is the main skill needed, for bringing out all the workers and the works together with in the organization.