Seeking Advice: Navigating the Complexities of a Solo Accounting Role
Hello everyone,
I find myself in quite a unique situation as the sole person managing the “accounting” responsibilities in my office. Essentially, I handle almost everything that doesn’t involve construction or manual labor. Currently, I’m juggling approximately $12 million in accounts receivable annually and $10 million in accounts payable. My tasks also include overseeing ten credit cards that collectively amount to about $100,000 per month in spending. In addition, I manage accounts payable for nearly 200 vendors, with most on net 30 terms, although the larger ones are on net 10th terms, which is a relief.
On top of these duties, I handle all our insurance needs, a particularly challenging task in this industry. Recently, I transitioned to remote work, and it’s been quite overwhelming—almost like everything’s falling apart around me. Have any of you found yourselves in a similar situation? If so, I’d love to hear your thoughts and organizational tips that might be helpful.
While discussing personal finances isn’t my favorite topic, I’m generally satisfied with my salary. However, I’m curious—what kind of compensation would you expect for a role like this?
Thanks in advance for any advice or insights!
One response
It sounds like you’re wearing a lot of hats in your current role, managing both accounts receivable (A/R) and accounts payable (A/P), as well as handling complex insurance needs. Managing all these activities remotely can certainly pose challenges. Here are some tips to help you stay organized and efficient, along with some thoughts on compensation:
Organizational Tips
Expense Management: Tools like Expensify or Concur can help manage credit card expenses more effectively by allowing you to track and categorize expenses in real-time.
Prioritize Tasks:
Daily and Weekly Planning: Allocate specific times for key tasks such as processing A/R, A/P, and insurance activities. Prioritizing daily and weekly tasks can help you stay on top of deadlines.
Automate Where Possible:
Automate repetitive tasks like data entry using tools like Zapier or Microsoft Power Automate.
Vendor Management:
Create a vendor database that includes payment terms, contacts, and historical transaction records. This can be managed through CRM software or even a well-organized spreadsheet.
Insurance Tracking:
Use a dedicated tool or spreadsheet to track all insurance policies, renewal dates, and contact details. Calendar reminders can help ensure you don’t miss critical renewals.
Communication:
Regular virtual meetings with teams or vendors can ensure everyone is on the same page. Tools like Zoom or Microsoft Teams can facilitate these interactions effectively.
Documentation:
Compensation Consideration
When it comes to compensation, the appropriate level can vary widely depending on geographical location, company size, industry, and specific responsibilities. However, by evaluating these factors, you can ascertain a ballpark range: