When you first started your business, being a jack of all trades was just part of the formula. But if you are to be successful over the long term, you need to fill certain key business roles. One of the roles that can provide much-needed expertise is an accountant or accounting coach who can add more value to your business growth. Not just submit your taxes.
While there are plenty of software packages that can make bookkeeping and accounting easier, as your business grows, so too does the need to have even more clarity and confidence in your overall business numbers. Partnering with a professional can make meaningful improvements to your process and support stronger financial decisions critical to your success.
Here are some things to consider when searching for the right accountant or Accounting Coach for your business.
Deciding if you want to hire someone in-house or go with an outside firm is a choice you can make to match your individual needs. As your business grows you want an accountant who can manage your taxes and run reports, but also can contribute valuable insight into what those reports are telling you to help improve your overall financial health and ultimately be more profitable.
If you are asking yourself, “Am I in the right financial situation to hire a new employee?” an Accounting Coach or outside firm may be right for you. Hiring an Accounting Advisor can help you decide when will be the right time to hire based on your numbers. So each new hire, accountant or other, is done with confidence.
While smaller businesses might do well with a tax specialist to prepare their tax returns, a company that is facing growth should look for outside help for a multitude of accounting tasks and consultation.
Some things an accountant or financial team can assist with and provide value to include:
- Preparing financial statements such as balance sheets, income statements, and cash flow statements
- Analysis of your financial health
- Problem-solving advice
- Savings recommendations
- Cash flow efficiencies
- Tax return preparation
- Account maintenance
- Variance analysis
- Bank reconciliation
- Fixed asset accounting
Understanding where you need help will make it easier to find an accounting service or accounting advisor that can fill in your gaps.
When hiring an accounting service or accountant, you should consider their qualifications and how they apply to your particular business. Industry expertise provides insights that generic or less experienced accountants might lack. Working with someone whose background is directly related to your industry makes them a valuable partner who can help your business grow.
Also, consider the size of your accounting firm. A small firm might be more attentive, providing personalized service to suit your needs. Asking colleagues for referrals and reviewing the accountant’s online reviews can give you insight into a firm’s strengths and help you decide who to call. The experience and goals of the firm are important factors for a successful partnership and the key is to find the right fit for all parties.
You want your accounting firm to keep your books clean, everything up to date and your taxes prepared. But unlocking your financials in a whole new way can contribute to some of the most important growth your business will ever see.
A Business Coach or Accounting Coach can help empower you to understand your business financials in an entirely different way. They will help you set up your financial dashboard so you can find the most important information easily and be able to confidently know what it’s telling you and what to do next.
An accounting partner is great to check necessary boxes, but a Business Coach or Accounting Coach can help you build a new relationship with your financials to bring clarity, confidence and control to your business decisions. Ask yourself if you simply need reports run or you want to create an accounting system that starts working for you. If it’s the latter, then look for a partner who can bring more to the table than spreadsheets.
A great partnership with an accounting firm or Accounting Coach opens up the dialog to make improvements in operating costs, minimize tax liabilities, recommend investment opportunities and more. And a great partnership will ensure that you, the business owner, is informed and in control. Your goals set the requirements for the accounting team and the results should be reviewed regularly.
Ultimately you are responsible for your company’s financial health. However, if you are careful in selecting your financial team, you can find strong partnerships that allow you to enjoy improved cash flow and growth.
Consider teaming up with us through our Business Compass Program built to empower business owners like you to go beyond the profit and loss statements and balance sheets and understand the business financials in a whole new way. Stronger business financial decisions can be made with this clarity, confidence and control of the numbers.
Our 12-month program, built using the Fix This Next approach, walks you through tackling the biggest challenge your business is facing right now and once that is fixed, we help you move on to the next area needing improvement.
Connect with us for a free 30-minute introductory call to see if accounting coaching with the Business Compass Program is right for you.
Looking for more information to bring clarity, confidence and control to your business financials? Visit our Entrepreneur’s Guide to Accounting for more valuable articles like this one.