When people think of the type of person an “accountant” is they often conjure up the image of a boring, uninteresting, quite bland person who enjoys adding up numbers on a calculator. This perception can hold some truth, but the reality is there is so much more than this to a successful modern accountant.

The role of an accountant requires a lot of qualities, and any successful and professional accountant should have all of the following. Firstly it is essential to be organized and accurate. That is just the nature of the work, and when you are trusting them to file your accounts and produce your financial statements, you want to receive a reliable service.

Furthermore, traits like being ethical with a strong importance placed on integrity, is essential. With several high profile cases in the media over the last decade resulting in controversy, it is important to have an accountant you know will follow all regulations. You wouldn’t want to be caught up in a scandal due to dishonesty or corner cutting, even if it saves money in the short term, the fines and penalties enforced against you would be much greater.

The misconception of the boring accountant is damaging to the profession, and differs greatly from the reality. Accountants are often a standing pillar to the success of a business, and without the work they do very few companies would be successful. Their role in organizations can be misunderstood. With playing such a key part in understanding the finances, they are one of the best placed employees within an organization to advise how to further grow the business.

Effectively, the way an accountant can be used to benefit your business falls down into two categories. The first is to maintain the accounts, ensure everything is correct and filed on time. Generally what most people traditionally use an accountants services for. While the other is to act in a managing capacity or advisory role to help your business grow. Both aspects are incredibly useful.

 

Benefits of Maintaining Accounts

Having your accounts maintained benefits your small business in more ways than you may think. Initially you may feel the biggest benefit is that you will have everything filed correctly and on time, allowing you to avoid harsh penalties by the government. However, the financial statements and information an accountant produces can be used to allow your company to make informed decisions. It plays a crucial role in the planning of the organization and allows you to set financial goals that can be worked towards.

It is crucial to have a full understanding of a scenario before you make any decision. Having a strong idea of the financial position of the company will allow you to refine your goals and make the right choice. If you are seeing heavy growth, your strategy may need to be tweaked if your financial information cannot support it.

Alternatively by having an up to date and accurate overview of your financials, it can help you secure further funding to expand. Banks and lenders like hard data to support their decision, even if you are already successful, if you don’t have the proof the lenders won’t take the risk.

The bottom line is that accurate accounting information is required to be kept by companies. Often smaller businesses are running on fine margins and feel the expense of hiring an accountant is too great. However, by hiring a professional, you will save significant amounts of time you can then use to focus on the core revenue generating activities of the business.

 

The More Modern Accountant Services

As previously mentioned, there is a trend being seen causing the role of accountants to change. It is becoming increasingly common for companies to look to hire accountants to act in a management position. With financial data being a driving force behind the success of a company, having the knowledge and experience of an accountant to make decisions relating to the organizations strategic, operational and financial goals is extremely useful.

The numbers on the paper aren’t just simply numbers. An accountant understands the intricate relationship between the activities the business carries out and each financial aspect. Furthermore, with all the key qualities like integrity and trustworthiness, they are reliable to act in the best interests of the company.

Conclusion

Overall there are a lot of different ways an accountant can benefit you and your small business. Some may only see the benefits of having their accounts maintained, others may wish to get a more comprehensive service and use their professional judgement and opinion. Regardless, it goes to show that the job role of accountants is more than just the commonly thought “number cruncher”. As the business world gets increasingly more competitive, it becomes more important than ever to surround yourself with the information needed to make informed decisions. While the traditional services accountants offer will always have their place, the future looks to provide a more integral role in the world of business.