In Pursuit of Profit
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![]() What is a fractional accountant and when do you need one? It may sound cliched, but fractional accountants are whatever you need whenever you need them. Fractional accountants are the “a la carte” version of accounting professionals. These financial professionals can be hired to do any number of financial functions, handling everything from financial reporting and cash flow management to tax preparation and internal controls. They can do part-time work, project work, and interim assignments while working on-site, off-site, or a combination of the two. Essentially, a fractional accountant can provide as much or as little work as you need. Most often though, fractional accountants are brought in to assist existing accounting teams, work on special projects, and supplement software systems. ![]() We see a variety of circumstances in our practice at ASP, whether it be outsourced consulting needs, or an organization growing and needing to consider a fulltime resource. Our recruiting efforts are responding to those fulltime needs daily. The pandemic has shifted the business landscape significantly, making strong financial leadership universally important. Small companies that previously had their CEO at the helm of financial operations have realized that they need a fulltime controller to oversee their accounting operations and staff. With the increased demands of operating during financially uncertain times, CEOs need to focus on their core role of running the company overall (pivoting and shifting as needed), while entrusting another professional with the financial management of the company. As a result, hiring a fulltime controller is no longer optional these days with the following business trends occurring: ![]() Your accountant just gave notice, what do you do now? Hopefully, your accountant gave you more than the obligatory two weeks, but regardless of what the timeframe looks like, the steps are the same:
Time is of the essence in this situation, especially if it coincides with a closing period or tax season, so you should get started immediately! ![]() When looking to hire management-level financial roles, it is crucial to understand the current recruiting trends that will affect your ability to hire the right candidates. So, what are we seeing so far this year? Today’s employment market is like nothing we have seen before. Accounting and finance professionals continue to be in high demand despite unemployment figures being up in other professions, but recruiting has changed significantly over the last year. Effective recruiting right now hinges on utilizing digital tools, reimagining job requirements, prioritizing career growth, providing the right employment incentives, fostering a positive workplace culture, and utilizing a professional recruiting firm ![]() Many business owners worry that their accountant may not be up to par. This is especially true when business owners do not have strong financial acumen themselves. They wonder if their accountant is truly acting with the company’s best interests in mind and whether they have the skillset needed to do the job well. But without significant financial expertise, business owners often do not know what to look for to quell their concerns. Instead, many just focus on the day-to-day needs of the business and hope the financial leadership of their company is being handled effectively. This is a big mistake. A lack of connection to the company’s financial operations can land a business owner in trouble quickly if an accountant has misrepresented their experience or lacks key financial knowledge. In other instances, an accountant may have all the requisite qualifications, but lacks the work ethic or integrity to do excellent work for their employer. So, how does a business owner know if their accountant is doing a good job? 3/15/2021 Do You Need a CPA?![]() Recruiters play a unique role in the hiring process for accountants and other financial personnel. We are tasked with fulfilling a hiring manager's requirements and are also deeply in touch with the reality of the candidate market. Often there is a gap between the two that we must navigate. In finance and accounting recruiting, one request we frequently receive is that candidates hold active CPA licenses. This requirement has come from all industries, all size companies, and all positions from staff accountants to CFOs. Understandably, most companies desire the best person for their position for various reasons – from wanting the most intelligent person to wanting someone to do their taxes to just wanting someone more trustworthy. But do you need a CPA on your accounting team? 12/21/2020 Will Technology Replace Your Accountant?![]() As business technology continues to get more sophisticated, business owners may wonder if an accounting software can simplify their staffing needs while still providing high-quality bookkeeping and financial reporting. Accounting software companies would have you believe that managing your books is as simple as generating customer invoices, adding receipts for your expenses, and linking your bank accounts. And while software can certainly streamline these day-to-day operational activities, the question still remains, are these types of platforms a true substitute for your in-house or outsourced accountant role? So, can you replace your accountant with some shiny sleek software? 11/17/2020 Is Your Accountant an Advisor?![]() Today’s business climate requires more skills from your accountant than ever before. In the past, small businesses would typically only employ a bookkeeper to handle their basic finances. As these businesses grew and their financial needs became more sophisticated, they would hire an accountant instead, or retain a CPA to assist with tax matters and assume that was all they needed to succeed. However, transitioning from a bookkeeper to an accountant is only the first step in bringing on the financial personnel that will help fuel your company’s growth. Successful companies need someone that will not only manage cash flow and provide accurate forecasting and reporting, but also offer sound advice. Having an accountant that can do the job is essential but having an accountant that can act as an advisor can really give you a competitive advantage. So, how do you know if your accountant is working for you? ![]() 2020 has been a year of disruptions and reactions. Companies have reacted to supply chain interruptions, new regulations, shifting market demand, and staffing issues, among other challenges with some faring better than others. Marcus Wagner explains, “Because of COVID-19, businesses and their accounting departments are going through a cycle of shock (and maybe some denial), survival, learning and adaptation. For those of you who haven’t done so yet, it’s critical to begin the shift into the learning and adaptation phases as quickly as possible so we emerge stronger as a result." Adapting has been critical thus far and will continue to be as we move into 2021. An adaptation mindset allows your business to respond to current challenges and anticipate future disruptions to generate better financial outcomes. Companies with accounting teams that adapt quickly can minimize revenue loss during a downturn and capitalize on revenue opportunities faster during a recovery period. 8/20/2020 How to Hire an Accountant Fast![]() We see it every day – businesses that put off hiring an accountant for too long. By the time they come to us, they have finally hit the breaking point, and now they need someone immediately to get their books in order and implement strategic financial planning. They ask questions about how quickly an accountant can be onboarded and approach the hiring process with panicked urgency. |
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5/11/2021