ACCOUNTANCY BEYOND THE NUMBERS with Hayes Knight

When is an Accountant not an Accountant?

Some ten or so years ago, post university but pre too much responsibility when I was in my dating prime, I became all too well aware of the professional stereotype that goes along with a career as an accountant.

Before long I took to introducing myself as a “business improvement specialist” if for no reason other than it got a better reception with any media consultant, journalist, pilot or advertising executive - those with the more socially acceptable, intriguing and exciting careers.
But in today’s fast paced and dynamic business world I defy the stereotype that all accountants are conservative, boring and nerdy library dwellers. Maybe this generalisation has been true in the past, but I believe there is a new breed of accountants emerging who provide valuable and meaningful information and advice to help grow and improve businesses. Can an accountant be dynamic, forward thinking and innovative? Can a leopard change its spots? Hell yes!
Imagine this, an accountant who no longer just reports historical data, but analyses information to help you develop a better and more efficient business. Imagine an accountant who advises you on changes or improvements and can work with you to set out a strategy and a plan to achieve your goals. And, imagine an accountant who can not only budget what the coming year might bring, but assess how different variables, scenarios or changes will impact
on this.
Well, believe it or not this vision is reality, and today plenty of accountants act as a key advisor to their clients, taking a pivotal role in planning and developing business strategies. Their role can include assessing and implementing new projects, analysing costs and benefits of different ventures and strengthening internal systems, all of which builds real value in the organisations that they advise.
So, what should you be looking for to get the most value out of your accountant? Business experience is key, and to get the most from the relationship you should be looking for an accountant who has “lived a little”. By that I don’t mean twenty years’ experience preparing tax returns on the kitchen table, but some real life experience in the commercial environment. Look for someone who has worked on clients similar to your business, within your industry, or has developed a relevant area of specialisation or expertise. Also consider the networks and resources available to them as these are their “toolbox” to draw upon. You need someone who has proven ability to help people take their business to the next level, and someone who can bring an independent view to your board room.
Reference checking will allow you to verify their experience, reputation and service delivery through their track record. Take the time to consider carefully whether they have the necessary skills and experience, and look to develop a long term relationship with your accountant as a trusted advisor. Over the years a good accountant will become invaluable, particularly as they get to know the intricacies of your business history and current operations.
I believe there is hope for us accountants yet and that we can break the old stereotype. And let’s be honest, it could always be worse… its better than being an investment banker on the New York exchange right now.