Every business has its core activities which is the main purpose of the organization. For example, for a garment manufacturer, creating clothes is its core activity. However, apart from the core service, there are a lot of other auxiliary activities which are meant to support the overall functioning of the organization. This could include marketing, maintaining an IT infrastructure, invoicing, employee welfare department etc. All these services are essential for the smooth functioning of a garment factory, however the core business activities remains manufacturing clothes.
Similarly, when it comes to human resources, every company has a core team who is responsible for most of the business activities. The core team is the one who enables the company to grow to its true potential and provide solutions to challenges faced by the organization. Of course the contribution of each and every employee of a business is important but it is your core team who will ensure that the business is on the right track.
While your core team will mainly consist of senior management, your accounting firm is very much part of this team. A lot of business owners mistake accounting as simply bookkeeping and treat it as a chore. Something they have to do to keep the organization running but do not pay as much attention as they should. However, it is a serious mistake. If you want your organization to truly grow and excel, your accounting team needs to be a part of your core team.
Today accounting is much more than simply maintaining the books of accounts. A genuine accounting firm will be able to provide you with a host of services which is essential to any business. Your accounting firm is the one who will be able to give you valuable insights into the financial planning of the company. They are the ones who will be able to look at your accounts objectively and suggest the best ways to proceed. Obviously your accounting firm will also be responsible for tax planning and maintaining a healthy balance sheet.
It is rightfully said that the human resources of a company is its most valuable resource. Any business that has followed that motto has tasted success. As a matter of fact, good human resources can turn around a potentially sick company while a poor choice in staff could result in even the best products or services failing in the market. For the success of your organization, you need to ensure that you work with a team who is dedicated, of the highest integrity and can provide valuable insight to your business. The firm you work with for your accounting and financial planning requirements must have these qualities and is as important as any other senior member of your business.
Always keep in mind that your core business team can make or break your company’s fortunes. Your accountants are very much part of this team and you need to be wise in working with the right accounting company. Especially in the current economic scenario, any edge you can get over your competitors could mean a lot for your company’s future.