Today, November 10, is all about accounting and accountants. As we celebrate International Accounting Day, let's take a look at the role accountants play in today's businesses.
Why accountants matter
An accountant in today's fast-paced world has a lot of responsibilities. Business owners have come to rely on their accountants not just to keep their books immaculate for tax day, but also to provide financial advice and strategy.
Here are few ways accountants help businesses:
Forecasting: If you've ever wished you had a crystal ball to see the future, accountants are the next best thing. It takes a trained eye to turn balance sheets and cash flow statements into financial decisions.
Bailing you out: Modern bookkeeping is designed to keep errors in check, but human error can still occur. Even a minuscule mistake can cause trouble during an audit, but an accountant can help catch those errors before they get to that point. Better safe than sorry!
Freeing up your time: Business owners already wear many hats. One day you're guiding the engineering team and the next day you're a marketer. Do you really want to keep track of every change to the tax code also? Luckily, accountants are always up-to-date with current financial requirements and trends.
Optimizing your finances: An accountant can tidy up your finances, identify areas where you're losing money, and help you take steps to remain debt-free.
Guiding your decisions: Accountants can help you stop making crucial business decisions based on rumours and suggestions. An accountant's calculated advice helps you make informed decisions every step of the way.
How today's technology is shaping accounting
An accountant's job is tough. Fortunately, with the technology that's available today, accountants can cut down on some of the mundane parts of their work and focus on providing expert financial guidance.
Cloud services lead the charge: With online tools leading the way, accountants can detach from traditional desktop-based bookkeeping systems and collaborate with their clients and colleagues remotely using secure, shared reports.
Real-time data for real-time decisions: A couple of decades ago, accountants had to get paper bank statements and prepare financial reports manually before they could help their employers make decisions. Now, most bank feeds can be automated, and reports and statements can be viewed in real time as transactions happen. This instant financial data makes all the difference for quick decision-making.
- Expanding the horizons: As technology evolves, so does the role of accountants. Cutting down on data entry with smart accounting software can take away the busywork from accounting, giving accountants more time to focus on other responsibilities like financial planning and budget allocation.
If you're a business owner who employs an accountant or a team of accountants, today would be a good day to show them some appreciation for the hard work they do all year long. And if you're looking to hire an accountant or bookkeeper, check out the Zoho Finance Advisor Program, which helps you connect with financial professionals who are partnered with Zoho.
And, of course, to all the accountants and bookkeepers out there: thank you! Businesses just wouldn't run the same without you. Happy International Accounting Day!