Business strategy? Competitive strategy? Business planning? Who will you approach for advice? Your answer could be CEO, CFO or marketing director. What if accountant could be your answer to that as well? We explore the reason why you might need an accountant and how accountant could help in your business journey.
- Planning
Business planning is a routine in managing a business. Setting sales target, marketing strategies, budget allocation are those examples, and accountant should be included in the process of business planning.
As accountants, we were trained to analyse data, forecast and provide useful input for your business planning. We take into consideration the economic condition, market trend, tax implication in our quest to assist in your business planning. - Decision making
Decision making, the next step after planning. A question of which course of action to take or which option is the best to take.
Here is when detailed study of each option should take place and accountant is the person to look for. As example, we provide the data on the opportunity cost should option A is chosen rather than option B. - Cash flow management
Started from business planning to decision making, the next is the business process or the business operation. Each business function could be well taken care of by each department and for finance department, it is accountant.
One of the main functions of finance department is the cash flow management, it encompasses from monitoring of collection to payment arrangement, which is so important that it can affect the outcome of a business project.
A good cash flow management drives the business into next level of success and in times of difficulty, it is a “lifesaving” measures for business. - Compliance
Running a business is challenging, and it is not only to make profit. To ensure a business is profitable and running smoothly, compliance with laws, rules and regulations are important.
Incompliance or conduct which against the law may cost hefty fines as well as reputational risk. Business reputation adversely affected when incompliance with laws become an adverse publicity.
As accountant, it is our responsibility to ensure that the business complies with the laws, rules and regulations. We ensure appropriate controls are in place for compliance purposes by setting the timeline for report submission, updated with latest changes in law and communicate on the compliance requirement to all in the company. - Synergy
Nothing is greater than having a group of supporting staffs in the quest of achieving our business objectives. The interaction between different departments and functions are important to achieve the synergy of working together.
By combining the expertise of each department, such as finance department and marketing department, it reduces the business risk, increase awareness for threat, create opportunities and possibilities. A foundation that all businesses should have.