Monthly Archives: May 2017

No Longer Can Your Accountant/Bookkeeper be Mere Number Crunchers

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The role of the Accountant/Bookkeeper/Controller in a small and medium sized enterprise (SMEs) has been gradually evolving over the years. It used to be the role of your Accountant/Bookkeeper to put in place the people and systems to handle the accounting functions such as general ledger, accounts payable, accounts receivable, budgeting, tax compliance and financial statement preparation. The role of the old school Accountants and Bookkeepers was to preserve your assets by minimizing risk and getting the books right, by running a tight financial operation that is efficient and effective.

However, if you happen to own or run a small to medium sized business today, you probably need a very different type of individual in the Accountant/Bookkeeping’s chair.  No longer do you want mere number crunchers; you want Accountants and Bookkeepers who can provide insight into business issues ranging from new product development to product production and distribution.

A good Accountant/Bookkeeper can have a great in impact on a company’s success especially today when a small and medium sized business needs to keep up with ever changing technology, expanding or contracting markets, every changing government regulations and a turbulent capital market environment.

Your Accountant/Bookkeeper’s biggest contribution to your company’s success in not backward looking function of overseeing the company’s accounting.  Your Accountant/Bookkeeper’s prime function in todays fast pace world should be forward focused, acting as a key strategic and tactical advisor to you and your business.

If you own or run a small to medium sized business and your Accountant/Bookkeeper are focused on preserving your company’s assets, call Inter-gration CPA today and see how we can help you grow your business.

Inter-gration CPA

info@inter-grationcpa.com

(905) 702-8080

Why does my small to medium size business need, a Bookkeeper, Accountant, Controller, or CFO?

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When you think about Bookkeepers, Accountants, Controllers and CFO’s you would be hard-pressed to describe the differences between each role.   This is for good reason. In today’s fast pace and every changing world you need a partner who can be it all to your small to medium sized business.  We hope to try to successfully define the difference between each role and provide you an alternative to the traditional way of doing business with your Bookkeeper, Accountant, Controller and CFO.

The function of a Bookkeeper is to record the daily transactions of the business in a consistent way.  The Bookkeeper is responsible for building a strong business foundation by producing invoices and managing the receivables from customers, processing payroll, recording expenses and processing payments.

The function of the Accountant is a natural progression from Bookkeeping.  Once a Bookkeeper has master the basic record keeping it is a natural to progress to prepare company financial statements, analyzing sales, costs and operations, completing income tax returns.

The function of the Controller is a natural progression from Accountant.  When an Accountant becomes really good at accounting and financial reporting and they have developed the ability to manage several activities and supervise people, then this person has established the skills needed to be a controller.

The function of the CFO is not necessarily a natural progression from the Controller role.    As the CFO you must know accounting, financial reporting, and taxation; however you must have a broader skill set.  A CFO has to have an understanding of the operations of the business, how the financial system inter-relates with operations, be able to see the big picture and help the business achieve its objectives.

Given technology advances in the field of accounting, the role of the traditional Bookkeeper, Accountant and Controller has changed considerably however the role of the CFO and other speciality advisors have become even more important.  In today’s world with a click of a mouse a company can either rise or fall, the role that the traditional CFO plays has become the most important relationship your small to medium size business needs to fill.

At Inter-gration we provide you with an integrated solution for your bookkeeping, accounting, controllership and CFO needs while incorporating specialists in the areas of Taxation, Audit, Legal, HR, IT, Insurance as needed and when needed.   We focus on understanding the needs of you and your business, just like a family doctor does with your physical health.  We make sure that your company’s day to day health is taken care of and when a special situation arises we utilizes the skills of specialists to ensure your business receives the expert’s advice it needs.

No matter what size of business you own having an integrated solution for your bookkeeping, accounting, controllership, and CFO can save you time and money over the traditional way of acquiring these services.  Contact us today to find out how we can help you and your business succeed. info@inter-grationcpa.com or 905-702-8080