Why accountants are the most important people in a business

You know it, and we know it. Accountants are a vital cog in any business machine. A recent study by Wasp Barcode Technologies found that accountants are widely considered the most important professionals in a business.

Companies large and small depend on accountants for so much more than taxes and payroll. An accountant is a business guardian angel – an adviser, legal expert and strategic consultant all rolled into one. Here are just some of the reasons that accountants are regarded so highly:

1. Accountants save time

This is pretty obvious. Even if a business owner feels they have a good handle on the financial paperwork, or have accounting software in place, it still takes time to calculate and file their financial information. With an accountant to take care of it, they have more time to focus on other aspects of the business.

2. They are the key to financial success

Make no mistake, well-kept books can mean the difference between financial success and disaster for any company. An accountant will make sure all financial information is visible, organised and accessible. This provides the foundation for better data analysis, to forecast income, prepare for losses, and plan strategically for the future.

3. They are year-round financial advisers

It’s all too easy to think of accountants as really only coming to life at month end close and during tax return season. But accountants are a vital source of information and advice for making critical business decisions on a weekly, even daily basis. As they are somewhat removed from the day to day running of the business, they can offer a new perspective based on the bigger picture, giving guidance on applying for business loans, providing solutions to problems or even new business ideas.

4. They provide useful insights from other businesses

A seasoned accountant will have worked with a broad range of companies, and will have a good idea of the best practices that worked for similar companies, as well as what didn’t work! That sort of insight is hard to come by and could be considered priceless.

5. They will always know better

There’s no doubt about it, accountants will always know best when it comes to working out what a business should be paying in tax and what is deductible, ensuring that it stays compliant and does not overpay. Plus, as changes to regulations and laws are always coming in, accountants will be one step ahead of business owners in their knowledge at all times because, hey, that’s their job.

So, next time someone asks why you chose to be an accountant, tell them it’s one of the most important jobs in the world!

Kayleigh Ziolo is a freelance journalist and writer based in Ireland.

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