Accounting Firms Can Be Your Second Set of Eyes
Avoiding Blind Spots: How Accounting Firms Can Be Your Second Set of Eyes
Have you heard the expression, a fish can’t see the water it’s in? Fish are surrounded by water, making them blind to its existence. Likewise, nonprofit executives and business owners can become blind to their everyday situations as well. These blind spots may become an unchanging fact of life that can hurt your organization’s ability to grow and prosper – unless you give yourself the appropriate “nudge” to see outside of your comfort zone.
So, how can you see more clearly? A second set of eyes can help your business or nonprofit operate at its best. When it comes to your back office operations, a review by a reputable Accounting firm can be the difference between a “floundering” and a successful organization.
Why Have Someone Else Involved?
Your business/nonprofit needs to adapt as it matures. At first you may need minimal fine tuning of core workflows as you learn what does and doesn’t work. Later, you’ll likely require a more significant reengineering of your accounting operations and systems as you takes on more clients, customers, members, and/or service and product offerings. You alone may find it hard to see the changes needed because you are too close to the day to day activities and more focused elsewhere. While you keep up with the latest ways to enhance customer/client service, an accounting expert is focused on knowing how innovative accounting technology can improve your back office functions, both in terms of efficiencies as well as security measures. As a second set of eyes, we can work with you to understand steps in your workflows and the value each step brings, culling out outdated and unnecessary procedures which waste time.
What Are the Benefits?
Having a competent, professional accountant can make a big difference to your organization’s success, as he/she can help you:
• Review your Profitability and Gross Margin for opportunities to increase your bottom line
• Identify operational efficiencies through enhanced work flows, saving you time and money and increasing collaboration in your office
• Integrate and automate systems to minimize data entry and errors
• Clarify and streamline your Standard Operating Procedures to help you scale up as you grow
• Identify stronger internal controls to protect your assets and enable more timely and accurate financial information to make better business decisions
• Move to a paperless environment to increase mobility
What Are the Areas Where a Second Look Would Be Helpful?
An example of where a second set of eyes can be extremely valuable is in your use of technology. An accounting technology expert can assess your payables, receivables, payroll and financial management functions to see what’s working well and what can be improved upon. This assessment will include a review of how integrated all of your systems are to achieve maximum efficiency. Given that technology is constantly changing, a regular assessment is prudent; your accounting expert can advise you if there are better solutions out there than your current system(s), and on the best fit for your practice. Accounting technology firms work in this space on a daily basis and have their fingers on the pulse of existing solutions, including hands-on testing of various apps, so they can advise you accordingly.
Having an independent review of your practice can help you realize efficiencies you didn’t know were possible. Become a fish out of water; Open your eyes to new, previously unseen possibilities!
How Consultance Accounting can help: Consultance leverages exceptional talent, proven processes, and top technology platforms to deliver timely & accurate financial solutions that help small and medium-sized organizations improve productivity, increase profitability, and achieve their goals. We use cloud-based technologies that integrate with each other to streamline the process. Contact Us if you have questions and/or need more assistance.