An accountant brings a lot of value to the company with experience and expertise. There was a time when the job of an accountant was limited to just numbers. But, nowadays, who will find small business accountants who actually come to the company premises and observe each detail of operations and processes and provide their valuable guidance and insights.
What should my accountant do for me?
1. Motivate you to launch a startup
Once the usual business processes are set, your current business doesn’t need much attention from you. If you have the budget you can start a new business on startup, if your accountant motivates you to do so.
2. Assist you with business strategy
There are numerous moving segments in business, your accounting and guide you and help you in sorting out the priorities.
3. Maintain a steady cash flow
Even a very established business can undergo a loss, if they face shortage of money at a wrong time. A steady cash flow is a business essential.
4. Advice and pacify you
There are situations in business when you may need an advice, an accountant is a person you can always look up to for guidance.
5. Minimise your debt
The higher debt, the more the interst. The company’s earnings are wasted in the cycle of these debts. The accountant aims to to clear all these debts.
6. Clear all the unpaid invoices
It is the responsibility of the accounatnt to clear all the invoices outstanding by the name of the company, so that you don’t get penalised for late payments.
7. Prepare and submit loan applications
There are certain documents that needs to be prepared for procuring loan from a reputed bank. The accountant and help you in applying and submitting the loan application.
8. Prepare a yearly budget
Each company must prepare an annual budget to ensure they do not overspend on facilities and other services.
9. Help you in recruitment
The accountant even helps you in recruiting candidates in the finance department. On top of this, they analyse the previous offer of the candidate to make better offers.
10. Helping you out with the cloud accounting software
Accounting software can be complicated for other employees. The accountant helps to train the other employees so they can submit the data on time.
11. Manage and track the inventory
Inventory management is a crucial task as you must make sure that you do not run out of capacity and do not over-hoard at the same time.
12. Make sure that the business processes are cost-effective
The cost of business may surge very quickly, because of any of the following factors:
- Storage – physical or IT
- Energy resources – electricity, gas, utilities
- Manpower – staff (and downtime)
13. Automating a lot of tedious practices
Numerous data collection activities are redundant and tedious for other company employees. An accountant aims to automate the forms related to payroll and other crucial details so that the employees don’t waste much time.
14. Adding value to the business
Some accountants are really optimistic and motivating personality. They not only aim to keep up the spirit of the company owner high, but also take regular sessions to motivate other employees of the company to reach their goals.
There are numerous reliable and knowledgeable Accountants. It is just that you need to find the right candidate for your job. The key is to be very transparent during the interview and ensure that you and your potential accountant are on the same page. Discuss the job roles and responsibilities clearly as an accountant.
If hiring a remote or outsourced accountant, you need to discuss the tools and software he uses. They must be similar to the ones used in your firm so he can get in the environment comfortably. If you need help getting the right accountant for your needs, you can reach out to us at 123finacials. We cater to any accounting and financing needs. We try our best to provide you with the best solution in the town.