Accountants are not all about maintaining and updating the company’s records for every financial year, assessing the company’s financial status, and auditing, or filing taxes.
The role of accountants is not just confined to the department of accounts only; they can instead enter into the territory of business advisory and assist companies and clients on a progressive track of profitability and goodwill.
Let us have an overview of the scope of the role of an accountant as an advisory-
- Accountants can aid their clients to maximize their profits.
Do you know that there is always a hidden cost in foreign exchange and FX rates laid down by the bank? Banks always conceal quite a good mark up on FX rates. Likewise, subscription services are levied over foreign exchange. These hidden costs adversely affect the business’ profitability by declining profit margins and eventually, the liquidity in the business concern.
An accountant can unveil these hidden costs and help a business to avoid paying for such hidden costs.
- Accountants can help a business to go overseas or global.
Global expansion is not an easy task, and financial services in foreign markets are the big hurdle that restricts companies or clients from opting for international expansion. Do you think it is an easy task to set up a bank account overseas and tackle time zone challenges? No, it is rather challenging.
But an accountant can be of great help in getting the financial services activated in places like the UK, US, and overseas without wasting much of time of yours and let the business establish and earn at earliest.
- Enhance the productivity of companies
New–fangled technology has enabled accountants to get away from the piles of account books and get things done more effectively, fast, and flawlessly. It is thereby reducing the probability of errors and unwanted cost to the business.
Technology is a boon to accountants as their task gets over in comparatively lesser time. This is how they can pay attention to value-added projects and help their clients or companies procure more all-inclusive productivity.
- Accountants can help in switching to agile and easy to execute systems.
The technological advancement from the stage of manual maintenance of accounts to incorporating software systems has paced up the flawless work in the company, along with getting things done swiftly. Accountants can guide companies to switch to agile and straightforward to execute systems and, in a way, assist companies in using their resources more competently.
Adopting an all-in-one kind of solution can help small and medium scale companies (SME’s) minimize the waste of time and better use of resources to achieve the targeted profits.