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How Accountants Help Your Corporation Make Smart Financial Choices

Israel is the seventh most expensive country in the world. This means that businesses need to be especially smart with their financial decisions. It is crucial to have clarity over the finances in the company and understand the money implications of potential projects. Savvy business owners know that running a business smoothly, effectively, and with as few issues as possible is managing the books well.

But how does a company hire accountants and which ones?

Whereas the talent gap among skilled IT workers is much talked about - according to the Israel Innovation Authority, there is an estimated shortage of 12.5K to 18.5K IT workers, there is also a sizable lack of talent-market fit among the back office employees.

In this blog post we will share with you which types of accountants and financiers are especially valuable to corporations now and what you can do today to find them.

Tips to help you determine an accountant to benefit your business

Determining which accounting disciplines your company needs is very important. Yet, it’s not like choosing a doctor when you’re feeling unwell. Because choosing an accountant must happen before the business feels ill. Since accountants help make smart business decisions it’s best to have financial experts in the fields that are crucial for your business.

Business leaders or the CFO need to analyze the corporation's goals, activities and ambitions and ultimately decide whether a general accountant will cover the accounting needs. Or a more specialized expert - like a forensic accountant - is needed.

Choose from 6 types of accountants and contribute to corporate goals

  • General Accountants. These are the general practitioners of the accounting field that can do any job but may lack specific knowledge that is valuable for a high-tech or niche business. Can double as a bookkeeper.

  • Management Accountants. Are responsible for understanding the profitability of the company, evaluating risk, making budgeting recommendations, and communicating with external stakeholders. Companies in need of extra expertise during a high-growth mode should consider hiring a management accountant on a contract basis or full-time.

  • Cost Accountants analyze all costs and the spending structure of the business. They can be hired full-time or on a contract during a cost-cutting project for recommendations on efficient cost reductions.

  • Project Accountants will work on a specific project, preparing invoices, expense reports, reviewing billable hours. They particularly add value in corporations with multiple projects as they can make recommendations on future projects and streamlining work.

  • Forensic accountants are experts in investigating incidents of fraud, bribery, money laundering and embezzlement by analyzing financial records and transactions, tracing assets, and more. They are indispensable in banks, insurance companies and government agencies.

  • Industry-specific accountants. Some businesses with ambitious goals for growth and disruption search for accountants that already know the specifics of the sector. Specializations in demand for accountants are major retailers, governmental agencies, manufacturers, technology firms, biotechnology companies, and environmental organizations.

Five qualities to look for in accountants to empower your company

1. Education and training

Most employers make it mandatory to have a bachelor's degree in finance or accounting in order to qualify for a job in corporate accounting. Some employers might also want them to have the Certified Public Accountant credential.

2. Constant learning

Accountants need to have both - a strong grasp of the basics but also show eagerness in keeping themselves relevant and up-to-date. Laws, regulations, and taxes get reviewed all the time. Accountants must stay abreast of the latest news, developments in their fields as well as latest technology. As companies evolve, they need to have staff that evolves with them and continues to add value in the long-term.

3. Ethics, trustworthiness and reliability

Accountants deal with the finances and confidential data of companies. That’s why their ethics, integrity and trustworthiness are valued above other characteristics. They must know right from wrong, have the integrity and reliability to ensure confidential information is secure. Recommendations of previous clients and employers also play a vital role.

4. Deep knowledge of the corporation’s field

While general or entry-level accounting may share the basics, additional requirements in specific fields can be expected from a more top-level accountant. To truly help make smart financial choices, the accountant must have a good grasp of the industry and niche of the business. Understanding the requirements, goals and the way the business is run is important for accounting that is a valuable asset.

5. Knowledge of software

Modern companies use accounting software, which is generally cloud-based and can automate the work associated with accounting tasks. It can differ from client to client and evolves with time. Knowledge of specific software and its principles is expected of a modern-day accountant.

6. Creativity

Many don’t think of accounting as a creative job, but it is. In fact, these days, accountants need to be creative in developing fresh ideas and strategies to solve complex and unique issues of our ever changing world.

How to bridge the talent gap and find accountants?

There is indeed a lack of accountants with the specific knowledge in the field that your company may be looking for to best suit its ambitions. Yet, there are ways to have just the right talent fit.

Your company can hire project or management accountants when there is a need for them in the business cycle. It is also possible to retrain the existing staff especially if the accountants your company has hired are eager to keep learning.

At Step Up Finance we help corporations find accountants and retrain the existing in-house talent.



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