The championed role of accountants as financial auditors (and business interpreters) is one that is as old as water.
Ever since man took the concept of accumulating wealth and converting it into long-term prosperity, accountants have been trusted oracles providing advice – and in the process, accrued both reverence and influence.
Unfortunately, because of the mystery surrounding the interpretation of numbers, some people don’t understand exactly what it is that we do, and as such, may not see us as worthy strategic partners. They think that accountants are just about numbers and taxes and this should not be the case!
Accountants perform a laundry list of collaborative roles that you should be aware of – most of which can help strengthen your business endeavours. The following are some noteworthy roles to take into consideration:
Provide competitive insights and advantages
One key component of staying afloat in today’s turbulent business waters is knowing how well you’re doing in comparison to your competitors. Surprisingly, most people don’t look to their accountants to glean this type of vital information.
Accountants can provide various cost intelligence and sales reports that offer a small business owner, for instance, a crystal clear picture of the lay of the land. This data provides a weighty business barometer to uncover insights and deliver proficiencies to stay competitive in any sector.
Offer educated business predictions
Considering our well-versed understandings of your business and its surrounding corporate landscape, professional accountants are in a enviable position – one that not only enables us to reduce fiscal wastes or excesses but also, to make strategic budget recommendations that can translate into business growth and income.
Price consultants for goods and services
In this era of the information age where ‘Prosumers’ (professional consumers, who due to the Internet, are now well informed about business actives) are incredibly price conscious. The price determination of one’s goods and services is a complex venture: setting a price too high can lead to alienation, setting it too low is simply bad for business. A conundrum indeed!
With our access to data, accountants can help in determining the right pricing strategies to help businesses achieve and even surpass corporate objectives.
Facilitators in the event of a succession
Accountants play an instrumental role in assisting clients to create and execute a succession plan – both personally and in a corporate sense. We take a collaborative approach and create the optimal financial situation to facilitate a smooth and successful transition.
Pairing of potential partnerships
Accountants are additionally in a strong networking position and able to make recommendations regarding prospective partners and associations that might be beneficial.
Whether you need additional funding or expertise, we are often well positioned to play “matchmaker” providing introductions and helping negotiate the best outcome for your business
Now you know. Your accountant is more than just a numbers guy.
Our most successful clients see us an extension of their own business and as a trusted advisor – someone to help with strategy and advice as well as compliance and taxation.
If you don’t know what to do when it all blows up around you or what your next steps should be when things are going smoothly – consider asking your accountant.
Here’s some additional reading to help you get more out of your own accountant.
Be brave and audacious – demand more of your accountants and hold us to a higher level of competency; you and your enterprise would be better for it.