Deadlines

Deadlines are a key part of any workplace, but they are undoubtedly present in the accounting industry. In this article, we look at how to demonstrate your ability to meet deadlines, why deadlines are so important and what the consequences of missing them. We also share some simple tips to help you manage your time more effectively, so you meet your set targets every time.

Why is a deadline so important in accounting?

There are a quite a number of reasons for why your ability to meet deadlines are so critical in accounting. Set targets for completing accounts and tax returns for example are set by the government – failing to meet these will have you in breach of the law and can result in financial penalties.

Submitting information on a timely basis is also important as accountants have several stakeholders (e.g. shareholders, employees, government, suppliers, customers, investors, banks, and loan providers) who need up-to-date information to be able to make informed decisions. For example, banks will use a business’ latest accounts to determine whether to approve a loan, whilst suppliers may want to see this information before agreeing on credit terms.

Businesses may likewise have contractual obligations which require deadlines to be met, such as for banking and landlord reporting. Failing to do this would be a breach of contract, and in extreme cases can result in the bank recalling their loan or a landlord ending its lease.

Similarly, if you work for an accountancy firm, keeping to time goals is important to help manage client expectations. If everything runs smoothly and deadlines are met, then it’s likely they will continue to work with you in future years. Missing targets doesn’t set a good impression and can cause clients unnecessary stress.