What is the Accountant's Role?

Thea Foster, Added Value Corporation Pty Ltd - specialising in accounting firm management and marketing.

 

A wise accountant once told me, "I work as a Project Manager for my clients".  He went on to explain how he spotted issues and opportunities for clients.  Then he used special outsource service and product suppliers, to assist clients.  He managed the whole process, leaving clients to continue to run their business.  In this way he was constantly involved with clients, meeting a variety of needs and building their business.

As clients turn to accountants to resolve more and more complex issues, it is critical all accounting firms have the resources or contacts to help.  Difficulties occur in small firms where it may not be possible to have an internal team who can meet all client needs.  A larger firm may argue that is why businesses need to deal with them, rather than a smaller firm.

Accountants as project managers

The answer for smaller firms would seem to be, act as a Project Manager for clients.  Have a great network of trusted service and product suppliers, then use these to meet client needs.  This should make it much easier to retain and attract clients.

Clever two/three proprietor firms often arrange to split work amongst themselves, rather than to split the client list.  In this way efficiencies are available and clients become aligned with the whole firm, not just one partner or manager.  There is now a trend for firms to establish a separate SMSF section, with a manager or partner in charge.  Efficiencies arise because other personnel don't have to be totally up to date on all SMSF requirements and processing software.

Accounting firms supply the usual accounting, tax and audit.  Then of course there is wealth management, these days most firms have some arrangement to support clients with advice in this area.  For some firms, they choose to refer clients to an outsourced supplier.

A myriad of business issues

New businesses entrepreneurs are also looking to their accountants to help with a variety of other business issues, including:

• Obtaining venture capital
• Support through succession planning
• Ideas to improve management and administration
• Guidance on marketing
• Eliminating waste in production processes
• Designing appropriate bonus arrangements for sales staff
• Developing employment contracts and avoiding workplace litigation
• Support with IT applications
• Applying for and recording business intellectual property

Luckily for accountants, the solution for one major need is now available through Workforce Guardian. Clever accountants know specialist expertise is needed.  They have been using Workforce Guardian for their own and clients' needs, so as to be sure to comply with the requirements of the Fair Work Act 2009.

Ideally a firm will have selected outsource suppliers covering all of the above requirements.  Then they can provide considerable value adding services, whilst becoming a comprehensive supporter of client businesses.

Interestingly, some larger clients look to accounting firms to supply the complete outsourced CFO role.  The clever firms meeting this need have developed processes and specialist teams to provide an efficient and timely service.  There is an argument normal compliance staff are not suited to the outsourced CFO role.

Firms use their support network when pitching to new clients, when providing extra services to existing clients and especially to show they can meet requests for support from existing clients.  Luckily, modern technology enables the efficient delivery of services via specialist websites.  Existing and prospective clients expect their accountant to know the appropriate web based options to assist.

 

Disclaimer

This article is intended to provide commentary and general information. It should not be relied upon as legal advice. Formal legal advice may be necessary in particular transactions or on matters of interest arising from this article. Workforce Guardian Pty Ltd (www.workforceguardian.com.au) is not responsible for the results of any actions taken on the basis of information in this article, nor for any error or omission in this article.