Time management for accountants

This article is for accountants who are running their firms and need to master time management for accountants. The core question we are addressing is: How & Where should an accountant invest their time, and what approach will help? This is not a list of time-saving hacks. Instead, it aims to bring clarity on how to think about time.

Core Message: Treat Time as a Resource

Understanding time management for accountants is easy in theory, but applying this principle in daily life is a different challenge. Many of us acknowledge logical concepts but struggle to implement them because we are conditioned by long-standing habits. It’s like you learn the Origin of Species by Charles Darwin & agreeing to it. But continue to believe god created everything. Because you have lived for too long with that thought.

So it becomes a sound theory for argument. But most of us (including me) live our life not basis what is right but often by what we have been doing. We call it custom or habit.

Unless we consciously integrate time management for accountants principles into our lives, they remain just theories.

Types of Time

Let’s divide time into two categories:

1. Work Time – The focus of this article.
   • Systems & Process
   • Personal Effectiveness
2. Personal Time – Family, hobbies, and personal well-being.

I personally enjoy spending time with my daughter or sketching—activities that don’t have direct monetary value but enrich my life. The focus here is how to structure work time effectively.

Effective Time Management for Accountants

A. Systems & Process

1. Accounting System

The selection of software plays a crucial role in determining how much time a task takes. Many accountants get stuck with legacy software, becoming accustomed to it and resisting change. The idea of switching to a new, more efficient system feels overwhelming. However, continuing to use outdated systems leads to inefficiencies and manual adjustments that consume valuable time.
Those who have worked on Sage versus Xero or QuickBooks would understand this point. Modern accounting software automates reconciliations, simplifies reporting, and integrates seamlessly with other tools, saving significant hours.

2. Process Optimization

New products and services are continuously developed to improve efficiency and value offerings. Staying updated with the latest software can be overwhelming, so leveraging online community forums and accounting networks is essential. Engaging in discussions with industry professionals helps in identifying relevant tools and best practices.
Additionally, automating routine tasks such as invoicing, tax calculations, and report generation can save hours every month. Implementing standard operating procedures (SOPs) ensures consistency and minimizes time spent on repetitive decision-making.

B. Personal Effectiveness

1. Know your hourly rate

A simple formula to calculate your hourly rate: Annual Earnings (as per tax returns) ÷ 2000 hours
(Assumption: 40 hours per week × 50 weeks = 2000 work hours per year)

Once you determine the value of your time, now we have some basis to decide to do that task or delegate to someone else. This is easier to think. However, adopting this practice can be challenging for most of us.

2. Know Your Priorities

Businesses operate through different functional areas:

1. Leadership – Vision, decision-making, strategy
2. Training – CPD, Tax update
3. Marketing – Branding, customer outreach
4. Sales – Revenue generation, relationship management
5. Operations – Bookkeeping, VAT review, AP reviews, SA reviews
6. Administration – Legal, finance, HR

As the owner of the firm you start with delegating 6. Adminstration. For delegating operations you would typically need a sound business partner. An offshorcing location with cost advantage are popular choice.

3. Structure Your Work Calendar

Block your calendar at the beginning of the week.

• Fixed commitments: Client meetings, team reviews, recurring obligations.
• Priority-driven tasks: Work aligned with business goals.

Example:

• Time Blocking Instead of a To-Do List
  Instead of:
  • Write a blog post
  • Respond to emails
  • Work on a project
  • Use:
  • 9:00-10:30 AM → Deep Work: Writing a Blog Post
  • 10:30-11:00 AM → Emails & Communication
  • 11:00-12:30 PM → Project Work

Plan your week and adjust your daily schedule every morning.

4. Capture a Task List

A task capture list is different from a to-do list. It records incoming tasks without immediate prioritization.

Categories of Work:

• High-Value, High-Impact (Deep Work) – Critical, strategic work.
• High-Value, Low-Impact (Essential Maintenance) – Necessary for operations.
• Low-Value, High-Impact (Urgent but Disruptive Tasks) – Feels important but lacks long-term value.
• Low-Value, Low-Impact (Time-Wasters) – Should be minimized.

5. Delegate Effectively

Delegation starts with Admin & Operations, then moves to Sales, Marketing, and finally Leadership. Delegation can be either internal or external.

Best Practices:

• 10-80-10 Rule:
  • 10% – Explain how to do the task.
  • 80% – Let the team execute it.
  • 10% – Review and provide feedback.
• Use Recorded Instructions:
  • Tools like Zoom or Teams can record task explanations.
• Organize Learning:
  • Organise recorded instructions in a Learning Management System (LMS).

6. Maintain a ‘No List’

We believe we can add value anywhere, so if you’re like me, you’ll get involved in everything. For business growth, certain tasks create significantly more value than others. That’s why, along with a To-Do List, a “No List” is equally important—a list of tasks we should stop doing or delegate. By prioritizing high-impact tasks, we unlock time for meaningful thinking and personal growth.

• Delegated

• Eliminated

Use your hourly rate to decide which tasks are worth your time.

7. Track Your Time

A monthly time review helps identify tasks to delegate and areas to optimize.

8. Implement Shutdown Time

Downtime fuels creativity and productivity. Transition to personal time without distractions.

• Work when you work—Work hard.
• When you’re done—Be done.

Quotes on Time Management

“The key is in not spending time, but in investing it.” – Stephen R. Covey

“Lack of direction, not lack of time, is the problem. We all have twenty-four-hour days.” – Zig Ziglar

“Things which matter most must never be at the mercy of things which matter least.” – Johann Wolfgang von Goethe

“If you don’t prioritize your life, someone else will.” – Greg McKeown

“Focus on being productive instead of busy.” – Tim Ferriss

“The shorter way to do many things is to only do one thing at a time.” – Mozart

“You will never find time for anything. If you want time, you must make it.” – Charles Buxton

“To produce at your peak level, you need to work for extended periods with full concentration on a single task free from distraction.” – Cal Newport

Final Thoughts

Effective time management for accountants is not about saving time—it’s about investing it wisely. Adopt a mindset where time is a resource, prioritize your work effectively, and ensure that your time aligns with your goals.

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