Regardless of size, every company must hire accountants to handle the numbers efficiently and correctly. The common mistake that businesses make is that they hire someone to simply process the financial statements instead of an accountant with the right expectations. A great accountant should be multi-faceted, and not just a numbers cruncher. They should focus on gathering financial data in order to improve the company’s overall financial future.
So what should you be looking for in an accountant? They should add value in more than one way. If your current accountant or past accountants have never given regular reports that include and offer advice about how to wisely invest, trim costs, and eliminate unnecessary spending- then you should revisit the employee pool. Swapping numbers in and out does nothing to fortify your financial future.
Despite what you may think, timeliness is just as important as the ability to account. Submission of documents, paperwork, and taxes all need to be done in a timely matter to avoid fines and to keep your company in the government’s good graces. A lazy accountant isn’t a successful one.
It is obvious that accounting needs vary on company size, but there are certain things that may be going undone if you don’t have a multi-faceted accountant. Such as: succession planning, appropriate filing for taxes of higher earning businesses and proper tax planning. Small and large companies need an accountant to be a sounding board and help decide whether investments or products are worth the expenditure.
An accountant should also be a great planner. They should be able to generally consult you in any and all areas of business development. From internal controls, cash flow and inventory prices to skewed records, the accountant is the first person who should be able to offer advice and fix the issue. Also, be aware that your accountant should be able to network. Referrals should flow in and they should assist brokers, small businesses, attorneys and even new customers in certain business doings.
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