As stereotypically shown in movies and tv shows, being an accountant isn’t just crunching numbers or working with basic financial data. The prevalence of the responsibilities of an accountant is second to none when it comes to the management of a business. Many business owners, no matter how small or big, rely on their accountants to handle their financial data which includes assets, liabilities, equity, income, expenses, and cash flow.
An accountant is an expert who is answerable for keeping and deciphering monetary records. Most bookkeepers are liable for a wide scope of account-related assignments, either for singular customers or for bigger organizations and associations utilizing them. An accountant must have a bachelor’s degree or an associate degree in financial data. Accounts don’t just sit around all day keeping data, their job includes more than meets the eye.
Some responsibilities of accountants are:
Although an accountant’s responsibilities are completely dependent on the kind of organization they work for, that doesn’t mean they vary too much, the many common responsibilities of accounts are:
Ensuring accuracy and legitimacy:
An accountant holds the key to a business’s financial data. The fate of a company’s monetary gain or loss is in the hands of an accountant. From making sure that the data is as accurate as it can be to checking if it is legitimate and is compliant with the applicable laws and regulations.
Accountants aren’t just supposed to interpret data concerning finance, they are also supposed to make financial reports that can help the business succeed, and not only that, an accountant heavily prioritizes that the organization they are working for are paying their taxes by preparing tax returns which include income, expenses, and other relevant financial information.
Assessing financial health:
For many companies out there struggling with monetary gain, an accountant is their best bet to get back on track. An accountant can come up with operations regarding liquidity, solvency, profitability, and operating efficiency, which will help a company in the long run.
Predicting & Analyzing:
No one can know what the future holds for them, but for fortune 500 companies like Amazon or Google, the future is the least of their worries. From having their accountants set up plans for the future, they can now focus on their present and strive to get better each day. An accountant can analyze risks and predict what the future holds for the finance of a company.
These are some of the many responsibilities that accountants have, having an accountant for your business is completely necessary for such a competitive era.
Do accountants come cheap?
To hire people that can have a significant impact on the growth of your company doesn’t come cheap, according to a survey done in 2019, accountants earn somewhere between $51,000 to $129,000 depending on their experience.
An accountant having good credentials or additional certifications other than a bachelor’s degree in finance is always a good bet, not only can they provide your company with their many services, you can trust them not to do the opposite of what they’re supposed to do. An accountant’s skill set, other than their responsibilities, are not to be undermined either.
Some of these skills are:
Accountants aren’t just your average employees, part of their job is to pay extreme attention to detail, details that most would overlook, an accountant will take into account as it might come in handy. Analyzing financial data isn’t an easy task, going through so much information can be troubling, but for professional accountants making a mistake isn’t an option. As mistakes concerning finance don’t come cheap, neither do accountants.
Communication and Mathematical skills:
Accountants are very approachable as part of their job is to listen to their managers or clients, gathering facts and other information to make a presentable report is what accountants excel in. Accountants also have exceptionally good math skills so they can analyze data and come up with plans to have the organization they work for or their client succeed.
It’s the skills and responsibilities of accountants that make them a significant part of a growing business, nothing good comes cheap.
How can a small business grow quicker?
In such a competitive world, most people are looking to invest in businesses or start one of their own. Apart from helping out in the long run, a business is like another home, it’s something an owner can be passionate about and can get the motivation to do more with their lives than just sitting around working a 9-5 job.
But then again, nothing good comes cheap, does it? For small businesses to grow, they have to take on various challenges that aren’t exactly cheap, but they’re necessary. Some of these challenges are:
Having a proper finance plan:
Most new businesses start with a social media campaign which might seem like the right move, but it doesn’t deliver on its promise. An online accountant will ensure that you have a proper financial plan that’ll determine how your business can achieve its goals and objectives within a timeframe. This’ll allow you to expand your horizons without having to worry about your cash flow running dry.
Having the right wingman:
Not every business needs a typical chain of command, for small businesses having the right set of hands is much better than having extra unnecessary hands. This is where online accountants come in, setting you up with financial plans, and ensuring that your business is eligible for the long run while also building up the legitimacy of your business in case it ever gets audited.
Why should one hire online accountants?
Entrepreneurs need assistance now and again, particularly with regards to accounts, similar to finance and expense following. There are many accountants available who can work in-person or over the web. In any case, there is one alternative that might be best for entrepreneurs on a careful spending plan. This feasibility comes with hiring online accountants, accountants who are accessible anytime, anywhere. For small business owners, hiring online accountants might just be the best opportunity you get for your business to succeed and grow quicker.
Hiring an Online Accountant in Canada
If you’re looking for an online accounting firm in Canada to handle your small business finances, look no further than the expert team at Kinden Accounting & Advisory Services. Book your no hassle-free consultation with us today!