Let’s get real... running a business has enough day-to-day challenges. From minor to major issues, you just never know what might pop up. Luckily, with an internal accountant on your team the challenges are foreseen and more manageable. So, what exactly is an internal accountant and how can they benefit your business?
First and foremost, an internal accountant is a skilled financial professional who manages and oversees the day-to-day financial operations of the business. A major benefit of hiring a well experienced accountant is it ensures that all financial records are accurate, up-to-date, and compliant with local, state, and federal regulations. This helps to protect the business from potential legal, tax, and financial issues.
Another advantage of having an internal accountant is that they can help the business become more organized and efficient in the financial/accounting processes and systems. Having the right financial systems in place will provide necessary reporting and analysis. This will help the business leaders to make more informed decisions to help drive the business toward its financial goals. No matter what those goals may be, it is crucial to use data to help you meet those goals.
It starts with the basics such as bookkeeping and reconciling all accounts. Once there is a balance sheet and income statement that we can trust then as a team we determine which KPIs (key performance indicators) make most sense for your company/industry. This reporting can lead to decisions to help increase revenue, decrease fixed & variable expenses, and increase cash flow. Having an internal accountant is essential for the long-term success of any business, no matter how big or small. Accounting is the language of business so work with an accountant to help you learn that language.
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