3 things you must share with your accountant

With the evolution of cloud-based accounting, forward-thinking accounting firms have had to evolve the suite of services they offer. It was reported by Accounting Today that by 2026, “the global market for accounting software will have a value of $11.8 billion”. What does it mean for you as a client and how can your accountant help?

Technology has made accounting human-less. Data capture and organization are being done by bots. This trend will continue to evolve.

Having said that, accounting will not be human-free. Instead, forward-thinking accountants have embraced a new role. Today, your accountant is in good stead to be a GEO – growth executive officer.

Over 4 in 5 small businesses will make it past the 5th year if they work with an advisor. If you are not engaging your accountant as a GEO, think again.

Before you do that, there are 3 things that you must share with them.

1. Vision and mission

Unless your accountant is aware of them, they’re unable to contextualize the numbers. They remain compliance figures. Make your numbers work harder and better for your business.

Beyond seeing the numbers as red or black, they can gauge how close or far you are from achieving your vision and mission. They can offer appropriate advice.

2. Point of differentiation

A fundamental knowledge your accountant has is the difference between your selling price and the cost of production. It is an estimate of your earning.

With a deeper understanding of your point of difference, they can determine if they are at the right levels. Without knowing it, they are at best second-guessing or using competitors as a guide. Neither is ideal.

3. The business environment

Your accountant is running a business too. They are adept at understanding the impact of the business environment. Share with them yours.

With a macro perspective of your business environment, their recommendations aren’t theoretical. They are plausible courses of action that can be acted on quickly. Staying agile is a critical competitive advantage.

How can your accountant help?

To learn more about how we ensure your business’ financial security in the modern age of accounting, get in touch with a team member at Sydney Accounting today. Call us on (02) 9810 3222.

1. (Accounting Trends of Tomorrow: what you need to know, Forbes, 13 September 2018)
2. (Accounting Trends For 2019: what advisors need to know, Hubdoc, 21 December 2018)