Discover the importance of hiring a proactive and innovative accountant for your business. Learn how they can alleviate your workload, manage your finances, and ensure compliance. Find out where and how to find the perfect accountant who understands your specific needs.

Maximizing Your Financial Potential: Why You Need a Proactive and Innovative Accountant for Your Business 

Is your business going through some rough times? Taking the wrong steps at the wrong time? Do you need some guidance and unburdening?  

Maybe you’re having trouble keeping it together, dealing with the products, marketing, clients, and employees.

Well, then you’re more than ready to hire an accountant. And not just any accountant. 

You’ll need a good and dedicated one who knows the job, but is there one for you without you needing to beg for a shred of information? 

You’ll need a good and dedicated one who knows the job and can provide resources like a chart of accounts excel template without you needing to ask.

You’ll need someone willing to take your business seriously and manage it like a real professional. 

You’ll need someone who’s proactive and is always learning new stuff. That’s a necessity in today's world. 

It’s not uncommon for small or medium business owners to delay hiring an accountant in the wild belief that they can cover all the work. 

Besides trust issues or saving money, what can be your excuse for not helping your business and yourself? 

You’re not sure what to look for. 

Let us help you with that!

Here we’ll explain what accountants do, what it means for your business, and how to find exactly what your business needs.

Keep on reading!

What’s an Accountant’s Role?

When we imagine an accountant, we typically see a clerk working behind a computer, typing or doing calculations as a long stripe of numbers falls to the ground from their calculator.

Well, those times are long gone. 

For the sake of your business, you need to recognize that accountants are now much more than just tax calculators.

An accountant is a professional who manages your finances, including payrolls, invoicing, and tax returns. 

That’s the person who knows about all your business transactions. Additionally, the accountant is familiar with all the rules and regulations, which can prevent you from unintentionally breaking any of them.

Also, one of the key advantages of having an accountant is their ability to help maximize your business' profits and save money. Accountants have the expertise to analyze your financial data, identify cost-saving opportunities, and suggest strategies for increasing revenue. They can provide valuable insights into budget planning, expense optimization, and identifying areas for growth.

Moreover, accountants possess the knowledge to navigate complex tax regulations and uncover potential tax deductions or credits that can reduce your tax obligations. By effectively managing your finances and ensuring compliance, they help mitigate financial risks and avoid penalties that could negatively impact your bottom line.

Now what does this imply for you and your company?

Hiring an accountant can take a lot of work off your back. Even if it seems like not too much work right now, in no time your new small business will hopefully soon expand, and the amount of paperwork will be too much for you to handle. 

Hiring an accountant offers significant benefits beyond relieving your workload. They become your financial partner, working diligently to maximize profits and save money for your business.

You’ll soon need a helping hand, and who can be better for that than an accountant? 

Of course, you’ll need the best possible candidate for your type of business.  Further on in this article we’ll share some bits of advice on how to find your perfect candidate.

But first, how can hiring an accountant save your business money?

How a Proactive Accountant Can Unlock Your Business's Financial Potential

A proactive accountant is a key asset in maximizing profits and achieving financial success for your business. Here's how their expertise and guidance can benefit your business financially:

1. Profit optimization: A proactive accountant has a deep understanding of financial strategies that can help maximize your profits. They analyze your financial data, identify areas for improvement, and offer valuable insights into cost reduction, pricing strategies, and revenue enhancement. By implementing their recommendations, you can optimize your profitability and drive sustainable growth.

2. Financial forecasting and planning: Planning is crucial for financial success. A proactive accountant helps you create realistic financial forecasts and strategic plans tailored to your business goals. They assess market trends, project future cash flows, and identify potential financial risks. By having a comprehensive financial roadmap, you can make informed decisions, seize opportunities, and mitigate potential pitfalls that could impact your profits.

3. Expense management: Controlling expenses is essential for maximizing profits. A proactive accountant scrutinizes your financial records, identifies unnecessary costs, and suggests cost-saving measures. They help you streamline operations, negotiate favorable vendor contracts, and implement efficient budgeting practices. By effectively managing your expenses, you can improve your bottom line and boost profitability.

4. Tax planning and optimization: Taxes can significantly impact your profitability. A proactive accountant stays up-to-date with tax regulations and identifies legitimate deductions and credits that can minimize your tax burden. They strategize tax planning approaches, ensuring compliance while maximizing tax savings. By optimizing your tax position, you can retain more of your hard-earned profits.

5. Financial analysis and performance tracking: Monitoring your financial performance is vital for maximizing profits. A proactive accountant provides regular financial analysis, highlighting key performance indicators (KPIs) and benchmarks specific to your industry. They help you understand the financial health of your business, identify areas for improvement, and track progress towards your profit goals.

6. Financial risk management: Proactive accountants help identify and manage financial risks that can impact your profitability. They conduct risk assessments, implement internal controls, and develop contingency plans to mitigate potential threats. By safeguarding your financial assets and minimizing risks, you can protect your profits and ensure long-term financial success.

7. Strategic decision-making: Informed decision-making is crucial for maximizing profits. A proactive accountant serves as a trusted advisor, providing financial insights and data-driven recommendations. They help you evaluate investment opportunities, assess the financial viability of new projects, and make sound strategic decisions. By leveraging their expertise, you can make informed choices that drive profitability and financial success.

By partnering with a proactive accountant, you gain a dedicated professional who is invested in maximizing your business's profits and financial performance. They bring a wealth of knowledge, strategic guidance, and financial acumen to the table, empowering you to make informed decisions and navigate complex financial landscapes.

With their support, you can unlock your business's full financial potential, achieve sustainable profitability, and set a strong foundation for future success.

How to Find the Best Accountant For You

Now that we know everything about your need for an accountant, let’s check out the ways and places to find one. And a good one. 

Like when hiring any employee, it’s good that you spend some time and do some research on the topic. Here are a few things you can do to make sure you’re making the right choice:

1. Determine what your business needs from an accountant

2. Do thorough research on the accountants offering

3. Look for the right places

4. Use pre-employment testing such as Quickbooks online test

5. Meet your prospective accountant in person

1. Determine what your business needs from an accountant

This is something we’ve already spoken of, but as for everything else in business, the most important is getting clear on what you need and want. 

When you’re all set up like that, it’s easier to get the right services and get the best results from them. 

Reconsider all your business needs and determine what you want from an accountant. 

Is it bookkeeping, payrolls, and doing taxes, or do you need more, like risk analysis assessments and conducting forecasts? 

2. Do thorough research on the accountants offering

After determining what your specific needs are when it comes to accounting, the next step is research. 

Like with everything in life, when in doubt, ask Google! 

On sites like Trustpilot, you can see ratings and reviews for the accountants that are listed there. 

Check the references of accountants nearby and see if any of them match your requirements. 

Also, spread the word among your friends and see if you can get some recommendations. 

3. Look for the right places

Remember, simply putting terms like “good accountant” into Google won’t be very helpful. 

For the finest outcomes, you’ll need to know where to look. 

Where should you look first, exactly?  

If you are in the US then The American Institute of Certified Public Accountants (AICPA) or the Accounting and Financial Women’s Alliance (AFWA) might be good places to start. 

These organizations provide resources, networking opportunities, and access to qualified professionals in the accounting field. Exploring their membership directories or seeking recommendations from their members can help you find accountants who are committed to professional standards and ongoing education.

In the United Kingdom, there are several professional bodies and organizations that can help you find a good and proactive accountant. Here are a few notable ones:

• Institute of Chartered Accountants in England and Wales (ICAEW): The ICAEW is a leading professional organization for chartered accountants in England and Wales. Their website provides a directory of qualified members that you can search through to find suitable accountants for your business. 

• Association of Chartered Certified Accountants (ACCA): The ACCA is a global organization for professional accountants. They have a directory of members in the UK that you can access to find qualified accountants who have completed the ACCA qualification.

• Chartered Institute of Management Accountants (CIMA): CIMA is an organization focused on management accounting. Their website offers a directory of members, allowing you to find accountants with expertise in management accounting and business performance management.

• The Institute of Financial Accountants (IFA): The IFA is an organization specifically for financial accountants. They have a directory of qualified members who specialize in financial accounting and can assist with financial reporting, taxation, and related areas.

These organizations provide resources, professional standards, and networks to help you find qualified and proactive accountants in the UK. It's worth exploring their directories, reviewing member profiles, and considering recommendations from professionals associated with these bodies. Additionally, seeking referrals from other business owners or conducting online research can also assist you in finding a suitable accountant for your specific business needs in the UK.

4. Use pre-employment testing such as Quickbooks online test

Now that you’ve found some prospective candidates that match your needs, it would be best to run some pre-employment testing with them. 

That way, you’ll get to know them better, and the testing results will help you a great deal in deciding which one to hire. 

You can do that by conducting a Quickbooks online test or some others you find. 

This test is easy to use, and the results you’re getting will be more than satisfactory. 

It’s software intended mainly for processing accounting data for small and medium-sized businesses.

We suggest applying pre-employment testing whenever you're hiring for a variety of reasons, the most important of which is that you can see exactly what knowledge level your potential hire possesses and how it's used in some real-world job challenges. 

5. Meet your prospective accountant in person

Even after every test and research you’ve put your future accountant through, meeting in person will be the final test. 

Today’s communication is based mostly on remote video or telephone conversations, but when you’re putting all your business secrets in someone’s hands, you’ll want to meet that person face-to-face. 

That way, you can give it one last check, and it’s way easier to discuss future strategies and make plans when you’re sitting and talking to a person than to be on some Zoom or other video conference.

Later, you can use all the power of today's technology, but the initial meeting should be done the old-fashioned way.

What to Look for in a Good and Proactive Accountant 

What are the specific qualities a good accountant should have?

There are a few, but the most important is to be proactive. What does it mean?

“Proactive means taking action to make changes yourself rather than reacting to things that happen.” - Cambridge Dictionary, business English

This is a definition of the term; let’s explain it a bit closer. 

As for the definition, a proactive accountant has to be constantly learning and developing themselves. 

Also, that means being a problem solver and not afraid of new technologies. 

That means that you can rely on your accountant in every aspect and even expect some advice on how to improve your business or where and how to cut expenses. 

Isn’t it great? 

Besides this, here are a few major qualities an accountant has to have: 

• Having a strong work ethic

• Being trustworthy and reliable

• Being well organized

• Being detail-oriented

• Think of money as numbers

• Great communication skills

When you’re conducting pre-employment testing, pay attention to all these attributes and features. 

One that’s particularly interesting but also very important is the ability to think of money as numbers. 

We usually attach emotions to money, whether they’re positive or negative. 

For an objective financial report and budget planning, it’s crucial to be able to detach yourself from those emotions and refer to money as simply a means of getting things done. 

A good accountant is that kind of superhero, and those are their superpowers.

The importance of having an innovative and proactive accountant

We've already discussed the numerous advantages of hiring an accountant for you and your business in this article. 

Just to mention a few:  

• Time and money saving

• Good advice based on your business progression

• Compliance with the law and regulations

• Reduced stress for you

• A professional to work with

Besides all this, we can name a few more brownie points that a good accountant can get you:

• Optimizing any available tax deductions to lower your tax obligation

• Keep you up to date on changing tax regulations

• Informs you of opportunities for boosting your business 

• Helps you understand financial data for making good management decisions

In business, the rules are pretty simple: either you grow or you’re going down. 

If you want to succeed, help is out there, and now you know where and how to find it.  

An accountant is a necessity for every business, big or small, because, with the help of professionals, your carefully nurtured business seed will become a beautiful big tree for you and your family to enjoy. 

 

Before you go…

Here’s a look at the services an accountant can offer your business.