You may not think of accounting as a creative endeavor, but great accountants are, indeed, creative. To fully leverage your company's potential, don't just hire an accountant; hire a creative accountant.
Many business owners view accounting as a “drag” on their business. Digging down into the numbers and regulations on which your business is built may not be as intriguing or glamorous as setting a marketing strategy or delving into business intelligence metrics.
However, successful CEOs look at the skills accountants possess as an important ingredient for their growth. For government contractors, a good accountant can be instrumental in producing pricing and cost accounting strategies that assist with business capture, better project reporting, and wealth building.
While you may not typically think of accounting as a creative endeavor, great accountants are, indeed, creative. Regardless of the field or industry, creativity involves looking at an issue with a unique perspective and then inventing new ways to work with that issue.
To be creative, one must be in command whether it be playing musical notes or analyzing financial numbers. Genuine creativity is what separates the piano bar player, who simply performs others' contemporary creations, from Beethoven, who had a mastery command of musical theory and used his gift to create entirely new music.
So, is your accountant a piano bar player or a Beethoven?
CEOs need to view potential accountants not as someone who is there to fill a regulatory role. They should truly leverage the accountant as an instrument for their wealth building.
Specifically, creative accountants will have a clear understanding of the Federal Acquisition Regulation (FAR). FAR is the principal set of rules that include, among other things, the cost accounting requirements, which covers how costs are accumulated for contracts that are being performed by the contractor.
Creative accountants also understand cost behavior as well as how to optimize the cost accounting principles to be very beneficial to your company’s business model. These accountants can do much more than crunch numbers; they can enhance your company's success in a major way by leveraging their solid knowledge of tax policy.
Here are four more ways a creative accountant can be leveraged to build your business:
- Tax Assessments
Creative accountants will always stay one step ahead in making sure your business is compliant and stays out of taxation troubles. They will leverage taxation breaks as they occur so you can make the most of your money, not just remain compliant.
- Business Assets
A creative accountant sees the big-picture view of your business, not just the financial details. He will become familiar with and handle your business assets, including the total ledger balance, its detailed credits, its profits, and its losses. He won't just crunch the numbers, but he will provide advice on how to maximize monetary resources and has specific insight into your company's financial position as well as ideas on how to leverage it.
- Business Planning
Likewise, a creative accountant can advise you and perform business reviews of the key financial reports you use to make important business decisions. He can also appraise the viability of future projects with gain and loss forecasts. Essentially, the creative accountant will serve as a trusted partner in growing your company through his knowledge of the intricacies of regulations and finance.
- Technical Financial Systems
The most creative accountants are skilled at applying the latest technical aspects for accounting, such as with software like SYMPAQ SQL that enables efficient statements and reports. This knowledge can be helpful in all areas of your business, depending on how well-rounded your accounting software is.
Don't hire someone who can just talk the talk. Complex government contractors who operate in a hyper-competitive environment need an accountant who can truly walk the walk. Be sure to vet potential accountants not only for their accounting skills, but also for the creativity that comes with a full command of their profession.