Accountants Reengineering Processes
Last week we discussed the importance of including the finance department in your company’s Operations team and the value accountants bring to your organization. Accountants can be a proactive force within your organization instead of being the reactive solution. The following examples show how accountants not only add value to your team, but also reengineer processes to help your company function more efficiently.
Your accountant can help your company analyze and streamline your current billing processes, enabling you to get invoices out sooner and payments faster. This will not only improve your cash flow, but it may also reduce interest expense from borrowing on a line of credit. If your accountant works with the mentality that “this is the way it’s always been done”, then your company will miss out on crucial opportunities for growth and improvement.
Accountants are also able to help their clients with credit card processing. When a company credit card is used, a receipt must be obtained, matched to the charge on the credit card statement, assigned an accounting code and entered into the accounting system. Accountants can help a company streamline this process and identify fraudulent charges that have been disputed, making it easier for the company in the case of an IRS audit and saving their client thousands of dollars.
As you can see, accountants have the potential to help you manage your business better. They should be monitoring company trends, helping forecast, analyzing past events and giving advice on how to operate more efficiently going forward. Rather than simply giving you numbers on a piece of paper, your CPA should suggest ways for your company to build better processes and take advantage of the opportunities presented to your company. They should help you find grants, analyze your tax returns and continuously make suggestions for the improvement of your organization. If your company’s current CPA is not going above and beyond, contact us today. We can help your company operate more efficiently and become the successful company you are destined to be.