Why You Should Take Your Accountant off the Bench
Everyone needs an accountant. As a business or individual, consider your accountant an essential partner in tracking and understanding your personal finances. But even the best accountants aren’t weather forecasters; they can’t do more than describe what’s already happened with your finances unless you invite them to the table in a more meaningful way. Fully incorporating your accountant’s specialized knowledge into your financial strategy is the best way to effectively plan for your financial year, but the task can feel daunting if you don’t know how to use them properly.
A good team member pulls their weight and makes impactful contributions with their expertise. The truth is that accountants can be key players in making meaningful and strategic financial decisions in your business, but if you’re leaving your teammate on the bench, how can you expect them to flex their financial know-how and get in on the action? It’s time to get your financial strategy up to snuff by using your accountant correctly.
Financial management done right
Syzygy accountants operate as fully-fledged advisors to our clients’ management teams to effectively help business leaders strategically plan and make well-informed decisions. In order to do that, we need to understand each business’s mission and goals to provide the right tools and support. Regardless of who your accountant is, it might be helpful to answer some of these questions for yourself to help your accountant better serve you:
What metrics are you using to measure success?
How do you define success?
What is the ideal rate of growth for your company?
In the coming year, what are your key initiatives?
The answers to these questions will help your accountant understand your business and better serve your needs. Do you need someone agile to keep up with a rapidly growing company? Or do you need your accountant to assemble a puzzle of independent components? Figuring out the answer to these questions is the starting point for your accountant to get the lay of the land. At Syzygy, we’re all about striking the right balance between protecting your financial assets and making room for your business to function as seamlessly as possible.
A tailor-made approach
Determining the proper method of financial reporting and accounting is crucial to better serving your business management style and helping you make smarter financial decisions. Standard financial reports and accounting address many questions, but project-based reports and accounting are better suited for media production and other project-based businesses.
Accounting is not a one-size-fits-all service. Depending on your specific business model, your accountant should be able to develop the best methods for reviewing your financial history and strategic future forecasting. For example, if you’re in production, your revenue is more influenced by projects’ momentum rather than the overall market, so you’ll most likely end up with project-based reports. Seeing how film ventures stack up against each other will give you more practical insights into your business as opposed to getting a snapshot of a financial quarter.
Syzygy delivers
A good accountant listens, asks questions, and offers advice on how to deal with business struggles and growing pains while simultaneously getting excited alongside you about your business’s success.
As a complete accounting resource, Syzygy provides accounting data while helping you understand how to strategically invest your business’s capital to meet your financial goals. There are more integrated ways to approach financial decision-making, and that all starts with knowing what your accountant is fully capable of and utilizing them to the best of their abilities as an amazing resource for you and your business team.