Recognizing Your Accountant's Dedication and Expertise.
As businesses navigate through the complexities of managing finances, accounting partners play a critical role in providing the necessary expertise and guidance. They work tirelessly behind the scenes to ensure that financial statements are accurate, regulatory requirements are met, and business goals are achieved. Despite their importance, accounting partners often go unrecognized and under-appreciated.
It’s essential to show more love and respect to accounting partners for their hard work, dedication, and contribution to the success of a business. By doing so, we can strengthen our relationships, improve collaboration, and ultimately achieve our financial objectives with greater ease and efficiency.
Did you know accountants and CPAs are leaving the profession in large numbers? According to a recent Wall Street Journal article, over 300,000 accountants over the last two years have quit and either retired or moved into other careers.
Why the Mass Exodus?
Starting accountants are generally paid much less than their professional counterparts and their salary growth is slow.
To become a CPA (there are about 600,000 in the U.S.), you must take additional post-graduate courses, and these courses are expensive.
Accountants rarely work a standard 40-hour week, especially early in their careers. (Depending on the type of accounting work done, it can be normal to work 60-80 hours a week for weeks at a time.)
For those who choose to pursue a CPA license, there is additional time needed both for post-graduate education and for exam studying. For those who are already a CPA, an average of 40 hours of continuing education is required which is a lot to ask when you’re working 60-80 hours a week!
Some of the work accountants do has been replaced with technology. The work that’s left to do may not be the skills some accountants have learned over the years, and they are unable to stay in their position.
The ability to navigate multiple complex technologies has become a requirement for accountants. This can be both difficult and overwhelming. It’s a different skill set than the accountant is best at, and some accountants have found they can make more by moving over into the IT department instead of the accounting department.
So, Why Does This Matter to Me?
It may be harder to find either a good external or internal accountant for your tax, audit, or accounting needs. This means you may settle for someone who doesn’t do the job you need them to do.
The professionals you find may cost more than you are able to pay - especially for smaller businesses. Note that it is able to pay, not willing to pay!
What Can My Business Do
If you have good accountants around you, be grateful and do what you can to keep them. Don’t be a difficult client who never responds to emails, “forgets” to send needed items for months, and expects last-minute turnaround from their accountant. The difficult clients will be the first ones let go when the accountant decides to make changes.
If you have accountants as employees, value them. So often, these team members are not seen as valuable, since they don’t bring in revenue. Good accountants can prevent larger problems that cost you a lot and can also guide you during difficult times. They often touch all parts of the company and can bring you a perspective that you may not have thought of.
Showing love and respect to your accounting partner is essential for a healthy and successful business relationship. Accountants work hard to keep your finances in order, navigate complex regulations, and provide valuable insights to help your business thrive. By showing appreciation for their efforts, you can strengthen your partnership and foster a more productive and fulfilling work environment.
Remember, a little bit of love and respect goes a long way, and it can make all the difference in building a lasting and rewarding relationship with your accounting partner. Looking for more help with your business? Reach out to us!