Until recent years, there was a common misconception about the accounting profession that our services were only needed during tax season. This was not true in the past, and certainly is not true now. Many businesses and organization leaders are seeing the benefits in engaging with accountants throughout the entire year. With today marking International Accounting Day, now is the time to remind our clients just how much we have to offer outside of audits and tax compliance.
From having a comprehensive understanding of finances and supporting our clients in times of tough decision making, to providing assistance in navigating the pandemic relief landscape, the professional services we provided over the past 19 months have reinforced the importance of having experts like accountants on hand to assist with financial questions in uncertain circumstances. As the role of the accounting profession continues to evolve to encompass more strategic advisory services, different qualities and measures of success have risen to the top of the checklist when client leaders select an accounting partner.
As we continue to work on behalf of our clients and demonstrate our value to their organizations, here are four key attributes to consider as we continue to enhance our reputation as trusted business partners:
Accountants know the ins and outs of business
A good accountant brings a strong understanding of business and operations to the table that often exceeds that of other professional partners. Combined with an intimate understanding of the organization’s financials puts accountants in a unique position to provide guidance on critical matters consistent with the specific needs, goals and abilities of an organization.
Accountants bring solutions-based thinking
Oftentimes, business interactions with accountants are at specific times of the year and limited to specific situations related to audits and compliance. While accountants are skilled in these areas, limiting the working relationship to these basic tasks can hinder future advisory possibilities and potential expansions to the professional relationship. In the worst cases, it can hinder the success of an organization.
Conversations with accountants should be solution-based and occur on a regular basis throughout the year. Items for discussion should include recent or relevant regulatory changes, strategies for the future and proposed solutions. This can strengthen the professional relationship between accountants and other key decision makers in a business, specifically fostering strategic discussions and enabling success.
Accountants have a depth of knowledge on the latest regulatory requirements
In a constantly changing regulatory environment, compliance can be a real challenge for businesses. But accountants are always in the know. Our profession requires us to continuously monitor relevant federal and state laws and regulations to stay current on the policies and procedures that organizations need to implement to remain compliant, and it’s not always just focused on the latest accounting pronouncements. This was more evident than ever over the past year as client organizations worked through pandemic related assistance and regulatory changes. From the Paycheck Protection Program (PPP) loans, Employee Retention Tax Credits (ERTC), Shuttered Venue Operators Grants, Restaurant Revitalization Fund Grants and more, accountants served as knowledge experts and consultants providing relevant financial and regulatory information to assist businesses.
Accountants offer diverse skill sets
The accounting industry may often seem laser-focused on accounting, audit and tax services, but accountants themselves offer unique backgrounds and advisory skill sets that are well positioned to assist any business or organization through thick and thin. The diverse experience that an accountant provides brings valuable advisory abilities to the table, whether your business needs to increase profitability, maximize operational efficiencies, minimize organizational risk, or solve complex business problems stemming from regulatory compliance issues. There often is not a more knowledgeable, experienced and trusted professional partner in a client’s network.
As accountants, we have continued to prove value in countless ways over these past 19 months, and our role as key business partners has been crucial for many of our clients’ successes. The expansion of our advisory roles has helped guide businesses with everything from securing loans and applying for tax credits to transitioning to remote work environments, restructuring their workforce, temporarily closing their doors and safely reopening. And we did it all while still providing our core accounting, audit and tax compliance services — truly expanding the role of what it means to be an accountant.
