Accountants are no longer confined to “bean-counting” tasks. The days of pocket protectors and short-sleeved shirts with ties are long gone. Now, accountants are viewed as superheroes (or violent hitmen if you’ve seen the Ben Affleck movie, The Accountant) who save businesses from financial risks and lead monetization efforts.
Having an accountant by your side as you make business plans for the future is the best way to ensure you are protected from any potential financial dangers. An accountant’s detailed knowledge of trends or tax laws, and his or her fiscal expertise in general will take down any villainous threats that could be looming on the horizon.
Not all businesses need a traditional accountant, but having someone on your team who really knows finance can help you in a variety of ways. They can act as an advisor who can improve ineffective operational systems that cut company margins. If you are showing quarter-over-quarter growth, you may not be aware of any waste in the design of company procedures. An expert in money management will be able to easily spot inefficiencies and find ways to lower expenses or increase sales.
I realized my accountant was my hero when I began to have more and more time at work after delegating to him. Even though I had accounting knowledge, I needed to concentrate on running other areas of the company. As a CPA and CEO, I knew I had an advantage over other CEOs when it came to financial planning, but I didn’t want to devote too much of my workday to those tasks. An accountant can help with anything from preparing client proposals to pinpointing risks in need of mitigation. A skilled accountant can find missed deductions or help avoid a costly audit by carefully preparing tax filings. And with the changing times, accountants’ roles are also evolving every day.
The Changing Role Of The Accountant
Obviously, key accounting tasks like bookkeeping remain a focus. But technological advancement has prompted a shift away from strictly dealing with numbers to providing broader services that not only calculate, but also analyze. Now, accountants can act as specialists in many areas of business, and clients are welcoming this type of support.
Not all accountants wear capes and wield calculators. Let’s look at some of the undercover financial superheroes:
- Business Analysts: Accountants are constantly working with data, like the company’s profits and losses. This data is one part of a larger puzzle. Look for a specialist who has the ability to see the details and the bigger picture. The powers of a business analyst can help you synthesize the company’s data and determine how different initiatives fit together. A good business analyst needs to have a strong background in accounting and a knowledge of programming languages like Python.
- Entrepreneurs: Throughout an accountant’s career, they will experience different business needs and meet all sort of clients. An accountant will start to see the gaps for products or services that don’t exist. And that’s exactly what happened to me: I was a CPA and entrepreneur when I saw a niche that had a need. By having a strong understanding of financial implications when starting a business, accountants can become very successful entrepreneurs. So if you have aspirations to become a entrepreneur, start with a foundation in finance.
- Investor Relations Specialists: Accountants make great investor relations specialists because of their background in finance and their ability to quickly understand and strategically communicate all elements of the company to different audiences. Look for an investor relations specialist with top-notch communication, analytical and reporting skills if you struggle with clear communication between your company and investors. Not all businesses need this type of specialist.
- IT Specialists: Like many other things in this world, a lot has changed with technological advancements. Software and information systems play a critical role now more than ever. And in order for any business to be efficient, they need to integrate IT into their business. An accountant's knowledge and experience with multiple IT systems can offer companies valuable insight that can increase efficiency. IT specialists can advise and guide a business on its IT choices and ultimately save the company money by creating more effective systems.
You might not think you need an accountant in the traditional sense. But there are so many ways financial know-how can benefit your company. A CPA will be able to fit into most positions, given their experience and expertise. Even if you don’t have an immediate need, consider opening a line of communication with a CPA who you may want to bring on in the future, at least part time. If your business is growing, it's a smart choice.
