Because accounts play a vital role in your company’s success, it’s important you have the right professionals in place at all times. When accounting tasks go unfulfilled, your company has a harder time remaining productive and achieving its goals. Fortunately, you can partner with consultants to temporarily fill vacant roles. Here are the top 6 times you’ll need to hire an accounting consultant.
1) Planned and Unplanned Absences
When accounting professionals take vacation or sick days, go on maternity or medical leave, suddenly resign, or leave positions vacant for other reasons, you may need to hire an accounting consultant. Absenteeism results in lost productivity, lower employee morale, higher payroll expenses and other issues. Having a consultant come in helps prevent coworkers from taking on additional responsibilities that lead to staying later at the office, not finishing their own work and increasing stress levels.
2) Busy Seasons
You may need to hire an accounting consultant during quarter- or year-end and other busy seasons. Bringing aboard a consultant provides you with the flexibility of having additional workers when needed, paying wages without benefits, and letting consultants move on to other opportunities. Because consultants need less training to complete their work, they’ll quickly start producing results and relieve your staff from having to take on additional duties. You may also benefit from bringing in a consultant who performs specialized work that your staff isn’t qualified or willing to complete. In addition, you’ll be better equipped for meeting deadlines and improving your bottom line.
When preparing for or conducting tax or other types of audits, it may be in your best interest to secure an accounting consultant. For example, the consultant can verify the accuracy of financial reporting and the systems in place for recording and storing financial data. The consultant can also ensure financial activity is being correctly reported and uncover inefficiencies and breakdowns in the reporting process that may lead to cash flow shortages or other issues.
4) Financial Planning and Analysis
An accounting consultant can assist your company with FP&A. The consultant will understand your entire decision support process and efficiently contribute to components of the process. The consultant will also analyze data and related facts to provide insight and support for decision makers and other stakeholders.
5) Financial Reconciliation
You may require an accounting consultant for your company’s financial reconciliation. Proving that documents and account balances match ensures the money being spent matches the money leaving an account when a fiscal period ends. This helps prevent financial statement errors and fraudulent activity.
6) Mergers, Acquisitions, and Divestitures
Bringing aboard an accounting consultant may be helpful during M&As or divestitures. Among other benefits, the consultant will understand applicable regulatory requirements, consider tax implications related to forms a transaction may take, and model and/or critically evaluate business valuations to help ensure proper financial analysis and decision making.
Partner with us!
These are the 6 times you’ll need to hire an accounting consultant. To fill all of your accounting staffing needs in Western Canada, reach out to Mercer Bradley!