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Performance reviews play an important role in the growth and development of accounting team members. Having an established performance review system helps firms maintain professional standards and encourage employees to work toward their career goals. This can lead to greater job satisfaction and, ultimately, reduced turnover.

This blog covers the benefits of performance reviews in the accounting industry and how you can use workforce management software like coAmplifi to develop an organized review system.

Benefits of Performance Reviews in Accounting

There are many advantages of implementing a consistent process for performance reviews in the accounting industry for both employees and firm leaders. These reviews can:

Clarify expectations: Performance reviews enable you to establish clear goals and deadlines for team members. Creating a clear system for how performance is measured is also critical to ensure understanding and alignment.

Identify room for improvement: Consistent reviews can uncover possible gaps in skills or knowledge that can be improved with professional development. This allows you to easily create an improvement plan with individual goals.

Improve motivation: Employees are more likely to be engaged when they receive regular feedback. According to Gallup, 80% of employees who were given meaningful feedback in the past week say they’re fully engaged. This can lead to greater motivation and more efficient work.

Create a dialogue: Performance reviews give team members allotted time to discuss how they’re feeling about their workload, career development, work-life balance, and more. This can also help give internal leaders more insight into the firm’s culture.

Maintain accuracy: Employees and their managers can touch base about any projects and processes they’re involved in. Keeping each other informed helps ensure the proper steps and protocols are being followed.

Creating a Performance Review System With coAmplifi

From scheduling reviews to creating accountability for individual goals within your firm, developing and tracking employee reviews takes organization. coAmplifi comes with built-in project management tools that make tracking individual progress and performance practically effortless.

Here are a few ways you can use coAmplifi to enhance performance assessments.

Set Realistic Goals

Working toward large goals can be overwhelming, especially on top of a busy client load. coAmplifi helps keep team members on track by allowing smaller tasks to be created and assigned to individual employees so the end goal can be accomplished.

Breaking tasks down into reasonable milestones also provides an opportunity to offer more recognition for progress made toward individual goals, which can help motivate employees. With real-time task tracking, you can also see how much time a task, such as an audit, has taken to get a better understanding of how to prepare for similar tasks in the future.

Increase Accountability

Task management tools increase transparency in the workplace by allowing everyone to see what each team member is working on and who’s responsible for each project. This bird’s-eye view enables enhanced collaboration and a more equitable workload distribution.

Because of this transparency, coAmplifi’s real-time progress tracking helps hold the firm’s employees accountable for their commitments.

Measure Productivity & Work-Life Balance

coAmplifi offers tools like the Resource Productivity Index (RPI), which assigns a numerical value to an employee’s productivity based on how much time they spend on each task. This data can be accessed to inform each employee’s performance review to ensure performance remains consistent.

The software also comes with a novel feature that shows every team member’s work-life balance as a percentage. With the knowledge that full-time employees should be spending just under 22% of their year working, this feature can help identify who may be most at risk of burnout.

Compare Billable vs. Non-Billable Time

Accountants should spend the vast majority of their time on billable tasks, with the remaining time spent on non-billable work like internal meetings, training, and administrative tasks. coAmplifi offers a timekeeping feature that captures billable hours and auto-generates a pre-bill for easy invoicing.

If an employee is spending more time than they should on non-billable work, you can create a plan together to change that.

Evaluate Progress at Each Review

coAmplifi makes it easy to understand employee progress in different areas for assessment during each review, which also helps determine if an improvement plan is needed. In addition to task tracking and individual goal progress, this software also provides visibility into:

  • Each employee’s attendance record through the timecard feature
  • Time spent in meetings
  • Any potential scheduling issues, such as unapproved overtime
  • Overall calendar management

Easily Stay on Top of Individual Performance With coAmplifi

There are many benefits of having a performance review system in place at your firm, from individual employee growth and development to improved employee morale. Using workforce management software to conduct your reviews also makes it easier to keep them consistent to achieve employee clarity.

coAmplifi is designed with accounting firms in mind. The data that serves as the foundation for each performance review is found all in one place, which means you’ll spend less time compiling data and more time discussing meaningful career paths.

Develop a streamlined performance review process with coAmplifi. Schedule your demo now!


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