7 Steps to Retaining a Good Chief Accountant

7 bước để giữ chân kế toán trưởng giỏi

After spending time, effort and even money recruiting and training a Chief Accountant well, what you have to do is keep this talent. Salaries, bonuses or benefits are often the main factors that employers care about. However, this is not enough. So what do you really need to worry about?

Chief accountant position
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The importance of retaining a good chief accountant

When you need a new chief accountant, think about recruiting, training and retaining them. For a management position like chief accountant, companies may need to turn to human resource recruitment services. These services can help companies save time and provide good candidates. However, companies will have to pay a service fee.

Not to mention that when the chief accountants start working in the company, they will not be able to work at full capacity, nor fully grasp the rules, accounting books and financial activities of the company. . They need training and it takes them time to adapt. This delay is long or fast depending on the capacity of the candidate as well as the size of the company. However, it can take up to six months. Currently, companies may have to simultaneously outsource the chief accountant to support the work.

All this will cost the company a lot of money.

7 Steps to Retaining a Good Chief Accountant

So once you have a good chief accountant, it’s important to keep them. Refer to the following 7 steps.

1. Relationship Building

The chief accountant is an effective support for managers in making decisions on business activities, thanks to the information and analyzes they provide on the situation of accounting, finance, taxation, sources of capital, corporate debt. They work directly with leadership, so this relationship needs to be properly balanced.

Learn to listen, to communicate frankly and to communicate positively. A strong relationship should be built on the foundation of trust and respect.

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7 Steps to Retaining a Good Chief Accountant

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2. Offer competitive benefits

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Salary is an important factor, but not everything a chief accountant wants. With their ability to analyze and calculate their finances, they can expect more. Employee benefits such as health insurance, life insurance, life savings packages, etc. can make them feel more secure working for the company.

You can also think of small benefit packages such as transportation, lunch, accommodation, etc. Also, a frank conversation with a chief accountant who wishes to leave the position can also give you useful ant ideas.

3. Create an open and honest work environment

A good working environment will lead to a successful business. Your job is to create an open and healthy work environment. Monitor and report on the work of chief accountants: accounting reports they produce; the financial forecasts they make; how they manage the accounting department; how they manage debts with banks, investors;…

Also, when they need you, always be ready to offer help. Also take the time to listen to their opinions and advice on financial strategies and accounting issues. When there is a problem with the business, the chief accountant must also know and understand the situation. They know the financial, business and capital information of the company. Therefore, they can make useful contributions.

7 Steps to Retaining a Good Chief Accountant

4. Make them be themselves

The business environment a good chief accountant wants to be in is one where they can be themselves within the framework of compliance with company rules and regulations and accounting law. That’s probably what every employee wants too.

However, in the position of chief accountant – senior executives of companies, especially large companies – certain rules regarding dress and appearance may apply.

So let’s make them work in a free and autonomous environment. They can freely express their creativity and innovation in analysis, calculation and forecasting. Sometimes some of the financial advice they give to business owners can seem absurd and go against common sense. At this point, you need to think things through calmly to prevent him from refusing to give advice in similar situations in the future.

5. Make them feel recognized

The chief accountant is one of the most important and complex staff members of the company, related to finance, accounting and business operations. Therefore, they are also among the people who most want to be recognized and encouraged.

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You can thank, praise, or commend their accomplishments and efforts at meetings. Bonuses, gifts and bets are even more effective. You need to make them see that their efforts can contribute to the business and can benefit them.

7 Steps to Retaining a Good Chief Accountant

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6. Ask about career goals

Everyone has their own career goals. With the chief accountant, when he has reached this important management position, he must be the one who knows how to set goals and achieve the goals set. So what is their next goal?

As a business owner, don’t just focus on goals that benefit the business, you should also care about the development goals of your employees.

You can have a frank discussion with them to learn, giving them opportunities to practice, accumulate and grow. Make sure they are aware of these opportunities.

Some accounting certifications, auditing, professional accounting courses, and advanced business administration programs can be expensive. Currently, companies can offer appropriate support packages.

7. Good boss – good employee

It’s a fact that many chief accountants leave their jobs because they’re unhappy with their management – rather than the job. Therefore, the talent retention plan will include the development of good managers. A good manager is not necessarily the most efficient. First, they are a leader. They are then workers.

Some of the reasons chief accountants leave their jobs include:

– Lack of clarity on expectations at work

– Lack of clarity on salary increase or potential income level

– Lack of performance evaluation

– Lack of clarity on meeting planning

A capable, fair, caring, and respectful leader can inspire good chief accountants to stay with the company longer. Additionally, a chief accountant may wish to advance to the position of chief financial officer (CFO). If the manager can favor the chief accountant for this position, it is also a way of retaining talent.

One last thing to keep in mind: make sure every leader knows who the chief accountant of the company is. Even the top executives of the company need to meet with their subordinates to find out more about their abilities and skills. Being recognized can increase loyalty as well as the desire to stay.

7 Steps to Retaining a Good Chief Accountant

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