How to Elevate Accounting from a Cost to a Wealth Building Tool!
Picture this... A person on your team shows up to work every day smiling and energized. They do their work meticulously, and keep you apprised of what they’re finding. They quickly spot when there is a cost savings for the company, and they often offer input on how profit could be increased. They are like the gatekeeper of your company and you rest easier at night knowing they will let you know if anything is out of place. They also communicate with the team and give voice to the company culture you are building. They are one of your most valuable players- a true star!
Don’t you just love that person already?
Don’t you just want to be them????
That could be your accountant!
It really could! And if it isn’t right now, you’re not alone. It’s because there is a problem- and it isn’t with you- and it isn’t with them.
It's with the ENTIRE discipline of accounting!
This week we’re talking about elevating the discipline of accounting so that accountants feel more fulfilled in their work and business owners get a true return on investment for the money they spend on accounting.
Accounting is NOT just a necessary evil! Or just a cost of doing business!
In school, all the way through my masters in accounting classes I was taught the tasks to complete accounting. How to record all the transactions. How to reconcile all the accounts. How to assemble the financials. But then what? Nothing. No thought to the bottom line. No instruction on how to help the team make good decisions based on that information. No guidance in how to OFFER GUIDANCE to the owners. And THAT is the way forward. We can't assume owners or operations teams understand what to do with the numbers. We need to show them. And THEN the accounting team will get the recognition we all crave. When WE step out and offer more value! In the current system, we aren't being asked to do it. Most people don't even know we're capable, but WE ARE!!!!
The work we’re already doing puts us right on the verge of making such a big impact on our companies, but it's up to us to take it a step further and offer the extra value.
The financial statements aren’t helpful if businesses aren’t using them monthly to make decisions.
As a business owner and accountant, both of these groups are my people and I am passionate about helping both!
The great news is, when the discipline of accounting is elevated from cost of doing business to wealth building tool- everyone wins!
So your tip for the week if you’re an accountant is to look for ways to add value and help the team win so that your contribution is recognized and utilized.
Your tip for the week if you’re an owner is to brush up on the financials and learn how you can pull that extra value from your accounting team, and these little videos are a great place to start!
Or send them my way and I’ll help them step up and lead with value in a way they weren’t taught in school and never knew to ask!
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