Accountants are known for doing the kind of necessary but dry work that others would rather not touch – meticulously recording every penny spent and earned, keeping balance sheets and profit and loss accounts up to date, preparing tax returns, and generally immersing themselves in a life of spreadsheets, statements and figures.
There is, of course, a technical side to accounting which makes the experience and know-how of a professional accountant much sought after. But there is much more to it than technical expertise and being prepared to throw yourself in the financial mire where others fear to tread.
Talented and skilled accountants can add value to a business in a wide variety of ways that reach well beyond bookkeeping. Choosing the right accountant can mean adding invaluable skills in planning, problem-solving and all-round business advisory to your team. It’s a decision that can save your business money, improve the financial efficiency of your operations and boost profitability.
But how do you lock in such benefits when choosing a new accountant? Here are the top five qualities to look for.
1. Industry Expertise
This is the number one thing that differentiates straight-down-the-line bookkeeping services and firms like Xeinadin that are committed to becoming an integral part of your success. Every industry, every sector and, let’s face it, every business is different, and financial success depends on understanding and working with those unique traits. An accountant with a deep knowledge of your industry can offer tailored advice and solutions. They can help you navigate industry-specific regulations, identify potential tax savings, and provide insights into market trends.
2. Proactive Approach
The best accountants don’t sit and wait to crunch numbers on their client’s instructions. They take professional pride not just in maintaining records of the financial present, but in spotting opportunities for improvement and growth going forward, or areas of concern that should be addressed. And they are proactive in making their recommendations. An accountant who takes the initiative to suggest tax-saving strategies, streamline financial processes, or explore growth options can be a valuable asset to your business.
3. Strong Communication Skills
Effective communication is essential for a successful accountant-client relationship. It’s key to accountants being proactive in their approach, especially if their advice requires having sensitive conversations or involves significant changes in approach. Look for evidence from client testimonials that mention the quality and consistency of communication. You want an accountant who can explain complex financial matters in clear and understandable terms, who is tactful and collaborative in their approach, and who is responsive to your inquiries and provides timely updates without needing to be prompted.
4. Technological Proficiency
The accounting industry is rapidly evolving with the adoption of new technologies. Proficiency in using the latest accounting software and other digital tools is now an absolute must for top accountants. Knowing how to use the right technologies in the right way can streamline processes, improve efficiency, and provide better insights into your business performance.
5. Range of Services
Finally, we’ve talked about the value-add in accountancy lying in services that reach far beyond plain bookkeeping. It’s important, of course, to hire someone who can deliver the job you need doing right now. But even if that centres on tax returns and preparing management accounts for the present, having other options available can save you the trouble of looking for another firm if and when you need different services. There are also benefits in having potentially more complex services, like financial auditing and corporate recovery, delivered by people who already know your business well.
Across accounting, compliance, financial advisory, auditing and tax, Xeinadin provides a broad range of professional services to businesses large and small. With specialists working in nine different industry sectors, we can provide the kind of tailored, specific, proactive assistance with all aspects of financial management that will help your business thrive.
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Get in touch with us today to find out more about why choosing Xeinadin is the right decision for your business.
