3 Essential Traits of Highly Effective Managers

What traits are common among highly effective managers? What can you do to get the best performance from your team?

New technologies and work models are changing the ever-evolving world of finance and accounting. While there is no single magic formula for management excellence, here are three traits you can adopt to stay ahead in 2024.

1. Build Trust Through Clarity

Highly effective finance and accounting managers understand financial principles, accounting standards and regulatory requirements. However, technical expertise only goes so far without solid communication skills.

The most effective managers can paint a picture of the organization’s financial health and strategy to finance professionals and non-finance stakeholders. In management, solid communication includes:

• Providing regular, transparent updates on financial performance and goals
• Clearly defining roles, tasks and expectations for your team
• Offering constructive, timely feedback to foster continuous improvement

Clarity builds trust, which fosters team cohesion and motivation.

2. Master the Human Side of Leadership

Top managers create a collaborative environment that recognizes team members for their contributions and motivates them to do their best work. When you approach management from a team-building and talent development perspective, you inevitably see opportunities to leverage and develop your most valuable resource — your people.

Mastering the human side of financial leadership includes:

• Regular check-ins to gauge team well-being
• Showing genuine interest in their team members’ professional growth and personal challenges
• Cultivating an environment where people have safe avenues to share their options and ideas
• Recognizing and celebrating individual and team achievements

3. Embrace Technology for Enhanced Management

Highly effective finance and accounting managers embrace technology to enhance their leadership capabilities. While there is a balance between jumping on every new gadget and trend and identifying tools that streamline operations and facilitate workflow, the right technology makes your team more productive and effective.

Here are some ways to embrace technology:

• Use advanced financial software and tools to automate routine tasks like bookkeeping, payroll, and financial reporting
• Use data analytics tools to organize financial data into valuable insights
• Implement collaboration tools that enable seamless communication and teamwork, regardless of location
• Provide access to training resources and encourage a culture of skill development, growth and improvement

Build Your Future-Ready Finance and Accounting Teams

The qualities that define excellent financial leadership continue to evolve, but the core principles remain constant. By mastering clear communication, adopting a talent-development mindset, and embracing technological advancements, you can lead your finance team to new heights of success and satisfaction.

Whether you’re a leader looking to enhance your skills or an organization seeking top financial talent, Century Group is here to help. Our deep understanding of the finance and accounting sectors coupled with our extensive network of professionals uniquely position us to connect you with the leadership talent needed to thrive in this new era.

Contact us today to start building your future-ready teams.