You might not think of your accountant as some sort of bean counter, better suited for the Dark Ages than for the Age of Information. Most folks, after all, recognized the error of that thought years ago.
You also might not think of that same accountant as a trusted business adviser. But you should.
Gone are the days when your accountant would just sit down with the company ledger and crunch numbers. An accountant is able to offer so much more now, especially in this economic state.
Need to evaluate your inventory turnover, to analyze what is selling, what is not and why? An accountant can do that.
What about an examination to make certain that all available credit lines are being used or that capital needs are being met? An accountant can do that, too.
And, of course, there are taxes, an area where there has been so much evolution that one industry expert says he estimates the number of allowable tax incentives and minimization techniques has more than doubled during the quarter of a century since he analyzed his first set of financial reports. Another expert says the number has more than tripled during that period. Whatever the actual amount of exponential growth, there is no doubt that accounting is more complicated, and more important, than ever.
“When there is a change in the environment, it is a great time for the leadership of a business to sit back and reflect on strategic priorities,” says André Schnabl, managing partner, Atlanta office, Grant Thornton LLP. “I think one tends to do that on a fairly regular basis, once a year or once every couple of years, but I do think one should do it whenever there is a shift in the environment.
“As you do that, one looks to business advisers and brings them into that dialogue.”