5 Steps to Greater Accountability and Financial Results

Financial Accountability

Most of the people are just unwilling to hold people for their actions or lack of actions thereof.  The accountability factor results in better financial results. But, the action requires a bit of courage that most people find a little daunting to muster. This article demonstrates how to have good accountability standards and procedures and ensure financial results. It encapsulates different methods to remove vagueness and make sure the expectations are fulfilled.

5 Steps to Greater Accountability and Financial Results

  1. Lucid Expectations – One of the biggest mistakes made by the people is not giving clear directions to the person you are dealing with. In the absence of any standards, people use their own intuition and do what they think is right, which results and are hence, more bound to make mistakes. So, it stands imperative to give clear-cut directions of what you are expecting and what you want to achieve in this aspect. People find it hard to have a good communication system wherein the other person understands what you are trying to convey. If there is any miscommunication on your part, then the fault is yours and one should try to achieve building communication system, which is comprehensive.
  2. Building proper resources – One cannot achieve anything without proper resources given to him. A person can have large expectations and clear-cut directions but they won’t be able to achieve anything without the proper guidance and resources given. A task is to be completed with all the resources at disposal. Hence, it is recommended that better and proper resources be given so that the person can achieve the goals without any hassle.
  3. Training and Proper Guidance – This might’ve been classified under the proper resources bracket but the importance of training is such that having a separate distinct bracket for it. Nothing is possible without undergoing the proper education for it. Hence, to achieve better financial results one needs to study how the system works, where to invest and how to get the proper results. When you are an employer and want to achieve better financial results, you can achieve this through the accountability standards, but you need proper education for it. Moreover, it’s not just you who needs the requisite training but the employee, who is going to work and help you achieve your financial goals, they also need to undergo proper training. Hence, the employer should have proper training systems in place and ensure that the people are properly educated in the subject matter so they can strive to achieve goals.
  4. Holding yourself accountable – Well, it’s very easy to find fault in other’s work, right? But, the people who manage their finances hold themselves accountable to the same standards that they hold other people. So, start by placing yourself in the same standards and you will experience a better financial result.
  5. Reviews – Ensure that you review the work of your organization at timely intervals and make accountability a deciding factor. The people who have good work should be rewarded for their efforts and the people who haven’t should be given proper guidance on how to improve their performance.

Anum

Anum Yoon is the founder and editor of Current on Currency. She loves all things personal finance, which is why you'll find her work all over the PF blogosphere.

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