What makes an accounting experience exceptional?
An exceptional accounting experience occurs when both the client and the accountant trust each other, work harmoniously, and when there is a mutual understanding of the numbers and the meaning behind them. Clients should be able to readily access and rely upon the provided financial information.
Accounting goes beyond debits and credits—it is about gathering details, interpreting data, and creating a story with the information to show the profitability and growth of a company.
What can happen when an accounting service falls behind?
When accounting services fall behind, efficiency and operational standards also fall behind. There are several risks such as:
Many times, I have seen both accounting and bookkeeping services that are 3-6 months behind, or even longer, cause a lot of issues. Most notably are the late tax filings with the CRA which cause penalties and daily interest to accrue and compound. Once paid this can seriously affect cashflow.
Without proper, accurate, and up-to-date financial information, you may not know how well or poorly your business is being run—you may be running a large deficit in your operation. This could cause the business to fail, and you could miss opportunities to flourish or even the chance to properly allocate resources to striving departments.
At times, lenders and investors will require financial data to ensure their investments are performing well. However, if you are not able to produce evidence of success, then can leave—along with your working capital.
What is your approach to efficiency?
The first step towards efficiency is taking time at the beginning of the initial meeting to fully understand the business, their needs, and requirements. Then, it’s time to create a gameplan that works well with both the firm's and client’s resources.
From there, we continue to have an open line of communication so that we can meet that demand and exceed expectations.
What is the most satisfying part of your role as an accountant?
The most satisfying part is being able to interpret our client's raw business data and transform it into a greater picture. I use this to educate them on their business successes and future opportunities. Most people only focus on the balance in their bank account and determine profitability and growth that way alone whereas the savvy business owner understands there are many different key factors besides the bank account balance.
When I can take my time to fully understand how a business operates and talk to the client about their vision and mission, I can help quantify the financials of their business. It brings a lot of joy not only to me but also to the client since their dreams are becoming reality.
To start living Life. Beyond Numbers. ™ and inquire about obtaining our services, please click here.
Published by Elite Accounting Inc.
© 2021 Elite Accounting
Attribution-NoDerivatives 4.0 International (CC BY-ND 4.0)