If you're looking for an accountant for your company, you've probably had a checklist of requirements in mind to guarantee you're receiving the best pros available. Of course, any business owner desires characteristics such as:
- Very well-organized
- Pays close attention to details
- Has a good sense of time management.
- Adaptable
- Intuitively communicates
- Worked very hard
But aren't such attributes expected of practically everyone you do business with? At Scrubbed, we believe there are additional attributes that your accountants should possess that are more particular to the finance industry and that will assist ensure your company's success.
HE HAS A WIDE RANGE OF KNOWLEDGE
Accounting is more than merely adding and subtracting numbers in a ledger. Accounting has a lot of moving pieces, and sometimes startup entrepreneurs aren't even aware of all of them. In fact, we believe that competent accountants* are most beneficial when they tell you what you don't already know, allowing you to identify areas for financial improvement that you were previously unaware of.
Your business accountants should be able to deliver a wide range of services due to their expertise diversity. You don't want to go to two different accountants* for your chequebook management and taxes. Scrubbed is glad to provide the following services:
General ledger maintenance, bank reconciliation, purchase-to-pay, order-to-cash, cost accounting, inventory system support, financial reporting, and payroll setup and support are all examples of accounting and bookkeeping.
Financial modelling, pitch decks, transaction consulting services, and financial planning and analysis are all examples of corporate finance.
Tax planning, state and local taxes, tax support services, and income tax preparation and filing are all examples of tax compliance and advisory services.
Professional assistance includes SOX (Sarbanes-Oxley) compliance, audit support, controllers, and buy-side and sell-side transaction counselling (mergers and acquisitions)
HAS EXTENSIVE EXPERIENCE
Experience is the only way to adequately provide a diverse range of services. You want to know that your accountants have successfully completed these responsibilities in the past.
The best approach to see if an accountant* has experience in the areas you need is to look at their website (do they have one, don't they?) first. and then in your initial meeting, to inquire about specifics. Any accountants* you're considering should be able to provide testimonials or references from prior or current clients.
It may be tempting to hire an accounting firms with more experience, believing that they will have the knowledge you require. While you don't want a business with exclusively new graduates, senior accountants may not have the experience you need.
Some near-retired accountants may have started their careers in law or real estate, or spent more time in management than in accounting. A young organisation with a lot of experience will frequently provide you with a lot of hands-on background knowledge as well as the energy to get the task done for you.
COLLABORATES WITH YOUR INDUSTRY
Your accountants' knowledge and experience should include your specific industry. While a prospective accounting firm should ideally have experience with a variety of industries, they must have worked with yours.
An accountant who primarily works with automotive shops, for example, is unlikely to be familiar with the intricacies of cannabis accounting. Make sure to ask any accountants* you're hiring if they've worked with a company like yours before.
If you need a specialist accountant for your business, it's more crucial that they have experience in your industry than it is to find an accountant who has worked with thousands of customers but none in your industry.
KEEPS UP WITH INDUSTRY CHANGES
The capacity to stay current with industry changes goes hand in hand with an accountant* who understands your business area. Naturally, you'll expect your accountant* to be aware of any new tax laws or financial regulations that may influence your business. However, you also want them to be aware of industry trends such as employment data, salaries, outsourcing, significant new legislation, and recent mergers and acquisitions.
APPRECIATES THE VARIETY OF BUSINESS SIZE
Have you tried approaching accountants before only to discover that they only work with large worldwide conglomerates? Or, on the other hand, have you discovered that certain businesses don't comprehend the complexities of anything more than a small office?
Your accountants should be competent to handle a wide range of business sizes. Why? As a result, they'll be able to change and grow alongside you. If a sudden inflow of cash propels you out of startup zone, you don't want to have to switch accountants in the middle of the process. If you're a major corporation, you don't want to give up your current accountants if you establish a new firm.
Understanding diverse business sizes goes hand in hand with being at ease in various foreign business settings and marketplaces. Scrubbed, for example, has headquarters in both San Francisco and Manila, giving them an advantage by being conversant with both Asian and American corporate environments.
APPLICATION OF THE MOST RECENT TECHNOLOGY
It's ideal for your accountants to have as diversified a background as possible, as well as one that is precisely aligned with your company. It's even better if they can use cutting-edge technology to improve your accounting processes. You will not only save money in the long term, but you will also know that there will be less errors and that you will be able to keep up with your industry and competitors.
Scrubbed uses the best software platforms and understands how to integrate them with your IT and current company operations to provide the most frictionless accounting possible. The following are some of the most popular programmes and platforms we use:
- Xero
- Expensify
- Gusto
- Greetings, Systems
- Bill.com
- Cin7
- QuickBooks
This allows us to perform all of the functions described above, as well as others. We make it our mission to ensure that if you want accounting services, we will deliver them and execute them properly.
