The Value of Transparency to Your Accounting Practice

The most reputable and successful accounting practices have a culture of transparency at their core. The more opportunities for transparency are embraced, the better the opportunities for development and growth are.

This happens as people at all levels of the practice act in an authentic manner. There are several important benefits to be had from ensuring that a transparent culture exists.

Engaging everyone in the team

If members of the practice team do not feel as though they are part of the conversation, they are likely to disengage. This has a detrimental on individual performance as well as the performance of the practice overall.

The best practice owners and managers understand that sharing information across the practice is not detrimental. In fact, it gives people a sense of inclusion and improves levels of engagement. It also increases their sense of caring and respect for those who are leading and improves their interest and investment in the practice overall.

Creating an open culture

Having an open culture in an accounting practice leads to effective two-way conversation. If everyone in the team feels supported and respected, and they have the channels available, they share their opinions and concerns. The implementation of a 360-degree feedback process can be especially useful if it’s used in the right way.

The best leaders are open to this type of feedback because they understand that value can come from anyone in the practice, at any level. A transparent and open atmosphere means that people are not afraid to share this type of feedback for fear of repercussions. This helps leaders to improve and has a positive impact on how the practice is run.

Increased understanding of different perspectives

Perspective plays an important role in making and understanding decisions in an accounting practice. If members of the practice team do not understand why a decision has been made they may come up with their own incorrect scenarios that could lead to resentment.

Likewise, if managers and owners do not have the perspectives of people who work at the practice, they may not have all the necessary information to make the best decisions.

Having a culture of transparency in place means that leaders are able to discuss the reasons for decisions. Other members of the practice can provide their input and can also make suggestions for other changes that may be beneficial.

Having this type of environment, where different perspectives are understood and respected, means that everyone can contribute to the ongoing success of the practice. This is beneficial as it provides access to a wide range of ideas and opinions that could uncover opportunities that have not previously been identified.

As practices strive to succeed in what is a difficult environment right now, it’s more important than ever to promote transparency across the practice. Doing so creates a supportive and engaged environment and encourages innovative and creative thought that is beneficial from a strategic point of view.

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