The primary aim of any business is to drive profit. Making a business profitable requires strategic and financial expertise that sometimes small-scale businesses and start-ups may not possess. At times, even large-scale and developed businesses need extra financial support. For this outsourcing the accounting function to an expert costs less than hiring an in-house accountant because that kind of expertise comes with six-figure salary expectations that can greatly inflate other overheads.
MYM Accounting & Business Consultancy is a boutique accounting firm that specializes in providing end to end Accounting, Bookkeeping and Business Advisory services. As your local accountant in St. Ives and greater Sydney, we have employed the use of the latest technology and have also automated many core services, hence making it more profitable for companies to hire us instead of hiring an in-house accountant.
Companies are taking their financial matters to accounting firms and CFOs either for the long term or to help see the company through a crucial time. In both cases, CFOs and specialist accounting firms are offering services that free up time and resources for organizations helping them to manage the business more effectively and increase their revenues.
How do you decide which company to use? With so many accounting firms in the market, what are some of the key things which you should consider? This article explores the three most important traits that a good accounting firm should possess and offer to their client.
When outsourcing your accounting, you’re placing your trust in a company with your financial information hence communication and transparency are of primary significance. A strong accountant will keep you informed and will be proactive in their communication. You need to know where are your finances are going, the current financial health of your company, the trends that are coming to light among other things, and for all this, communication is key.
Effective communication skills mean that the accountant should possess adequate technical capabilities and can interpret financial jargon. When evaluating an accountant or an accounting firm, make sure you assess how effectively they can communicate complicated accounting concepts and whether their communication even makes sense to you and your team, especially for those who may not be from the financial background. An accountant who can interact comfortably, and get their ideas across clearly to a layman is an asset. This skill should be among the top items on your evaluation checklist.
Don’t settle for less. Being left in the dark or struggling to get a reply when it comes to your company’s data is the worst thing that you can do for the health of your business. You must prioritize transparency, open communication, and access to real-time financial dashboards and analytics.
- Sense of Leadership:
A strong and efficient outsourced department has a sense of leadership and can step up and take care of your accounting needs, maybe even better than you because a specialized expert can do a better job than a business owner who has many hats to juggle.
As your local accountant in St. Ives and greater Sydney, We work alongside our clients and become their business partner. We empower small business owners, entrepreneurs, sole traders, visionaries and pioneers to make better and informed decisions by providing them with the right financial insight, accurately and regularly.
An accountant should be able to guide you in terms of the latest technology, best practices, and also make recommendations that are customized to your brand to increase its profitability. At the same time, the accountant should also possess the leadership quality to communicate good and bad news with grace, confidentiality, and a solution-oriented approach.
- Eagerness to Grow:
If you would like to outsource your operations, look for a firm that is committed to growing and expanding its professional base. A result-oriented accounting specialist continues their education and is committed to their professional development. Remember, staying on top of their game is what will make their work worth it for you.
As your local accountant in St. Ives and great Sydney, MYM Accounting & Business Consultancy is committed to continuous learning and development. We pride in training our employees with new regulations, policies, and technology related to the accounting services that can facilitate in making your business more profitable, more organized, and goal-driven.
If you are looking to outsource your company’s accounting to an accountant, make sure:
- The accountant exhibits open and effective communication skills. The accountant must be transparent with you, and respectful of your right to know what is going on with your financial figures at any given time.
- The accountant is responsive and efficient
- The accountant is offering not only their service but also their time, feedback, and making sense of the data for you
- They are treating your business as their own and staying up-to-date with the latest technology and also keeping you up-to-speed with what your data is showing
- They guide you in terms of best practices and what you need to do in your business to improve profitability
Disclaimer: This is a generic Information & post; content about the services can be changed from time to time as per your requirements and contract. To get the latest and updated information, contact us today or visit our website.