How to Get the Best Out of Your Accountant

Simon Massey, North West Regional Director says: “One of the main problems UK businesses now face is that many failed to prepare for the difficult times the economy is now experiencing, leaving those companies now in financial turmoil. As a result, this unfortunate lack of foresight has contributed significantly to a record number of businesses collapsing, across the region and nationally.

To date the North West alone has reported a 29.1 per cent rise in business failure and the knock on effect of Britain’s weakened industries has left both multinationals and SMEs fighting to survive.

“Therefore, now is a crucial time for firms to take effective steps to either appoint or retain a good financial team to support business operation and help ride the wave of recession which has already capsized so many.

“A good in-house accountant can be a firm’s most valuable asset, but only if the right candidate is appointed. In addition to having the necessary qualifications and experience required for the role, companies need to ensure that the candidate matches the business culture. This should be ascertained during the recruitment process and often needs a third party, such a recruitment consultant, to provide the objective view required for a match.

“By achieving such a marriage, employee motivation will significantly increase, boosting productivity and essentially benefiting a business’ bottom line, which in turn will strengthen a company’s resilience to the credit crisis.

“A further area for a firm’s consideration to get the best out of its accountant is to review its training and development opportunities. In a time when there is a temptation to cut costs, one area that shouldn’t be sacrificed is training. By investing continually in a company’s financial team it can ensure their skills and capabilities are strong, which will not only benefit a firm’s business operation, but also help retain valued staff members who will be able to drive a company’s direction forward.

“In conclusion, the secret to getting the most from an accountant is to appoint one that fits a company’s specific needs and with ongoing employee development a business will reap the benefits.”