One of the best ways to ensure business success is by keeping healthy finances. All revenue and money spent on bills will need to be accounted for, payroll and tax responsibilities will also need to be met in a timely manner. Unfortunately, the task of properly managing the finances of a business can be quite complex and overwhelming.
This is where a business accountant comes in. In addition to making sure that all your finances are in order, the right business accountant will use their knowledge and experience to offer tax and financial advice, help you make wise investments, help map out your business’ growth, and work towards achieving them.
So how do you hire an accountant that is right for your business? Here are some of the top skills to look for.
There are typically two types of certifications to choose from; CMA(Certified Management Accountant) or CPA(Certified Public Accountant). While both types of accountants achieve their licensing through passing exams and meeting educational requirements, the type of work they do totally differs, and you will need to understand this difference in order to determine which is best for your business. CMAs can meet your daily accounting needs while also taking up an active role in management.
They also tend to have more experience with strategic analysis, performance auditing, and decision-making. CPAs, on the other hand, serve better as financial advisors since they undergo extensive training and can offer services like taxation, auditing, regulation, and reporting. Simply put, CMAs are better at managing, while CPAs are better at advising.
Accounting is a field where you can only perfect your skills through practice. This means that when hiring an accountant for your business, you should be on the lookout for a professional that has been in the field for several years (5 years or more) such as local accountants Epsom Sloane Winckless. It is also crucial that you ask to see their portfolio to see the number of clients they’ve had over those years.
It is important to note that not all accountants will have the same type of industry expertise or experience. For example, an accountant that has had several years of experience working with large corporations may not be well suited for your small start-up. Go for an accountant that has experience with handling your type of business.
Tech-Savvy And In Touch With Current Industry Trends
Like many other industries, accounting is currently going through a transformational period, and technology is revolutionising the way accountants now work with client’s data. It is, therefore important that you go for an accountant who is up-to-speed with the latest trends in financial technology and digital workflow processes. They should have a sound understanding and experience with; real-time financial reporting, cloud accounting software, app ecosystems and other cloud-based accounting tools that are readily available.
Contrary to what most people think, accounting isn’t a solitary profession. In fact, being able to effectively communicate numbers is a key skill your accountant must possess since they will most likely work collaboratively with other sectors of your organisation. The best accountant is one that can generate and present their reports in terms that can be easily understood by individuals outside their profession.
Every business owner has concerns and requirements that are unique to their business. This means that in your search for a new business accountant, it is important to look for a professional that will patiently listen to and understand your business needs before tailoring their services to match those needs. These personalised services ensure that you are not getting a one-size-fits-all approach that won’t work for your business. Instead, a unique system will be designed to meet your short and long-term business goals.
Flexibility and adaptability are something that all businesses require. Your business accountant must be an individual who is capable of embracing the various challenges that come with business growth, changing economy, changing technology, and industry trends.
Hiring a business accountant greatly influences the financial success of your business and, as such, shouldn’t be taken lightly. The above are some of the top skills you should be on the lookout for, as they will ensure the continued success of your business.