Because accountants 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 temporary or contract accounting professionals to fill vacant roles as needed. Here are the top 6 times you’ll need to hire an accounting professional.
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 a temporary accounting professional. Absenteeism results in lost productivity, lower employee morale, higher payroll expenses, and other issues. Having a temporary professional step in helps prevent coworkers from taking on additional responsibilities that lead to staying late, unfinished work, and increased stress levels.
2) Busy Seasons
You may need to hire temporary or contract accounting professionals during quarter- or year-end and other busy seasons. Bringing aboard contract professionals provides flexibility — having additional workers when needed, paying wages without benefits, and letting temporary staff move on to other opportunities when the workload decreases. Because these professionals need minimal training to get up to speed, they quickly start producing results and relieve your staff from taking on additional duties. You may also benefit from bringing in a contractor who performs specialized work that your staff isn’t qualified or available to complete. In addition, you’ll be better equipped to meet deadlines and strengthen your bottom line.
3) Audits
When preparing for or conducting tax or other types of audits, it may be in your best interest to secure a contract accounting professional. For example, the contractor can verify the accuracy of financial reporting and the systems in place for recording and storing financial data. They can also ensure financial activity is correctly reported and uncover inefficiencies or breakdowns in the reporting process that may lead to cash flow shortages or other issues.
4) Financial Planning and Analysis
A contract accounting professional can assist your company with FP&A. The contractor will understand your entire decision-support process and efficiently contribute to its components. They’ll also analyze data and related facts to provide insight and support for decision-makers and other stakeholders.
5) Financial Reconciliation
You may require a contract accounting professional for your company’s financial reconciliation. Proving that documents and account balances match ensures the money being spent aligns with 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 a contract accounting professional may be helpful during M&As or divestitures. Among other benefits, the contractor will understand applicable regulatory requirements, consider tax implications related to the forms a transaction may take, and model or critically evaluate business valuations to help ensure proper financial analysis and decision-making.
Looking for Temporary or Contract Accounting Support in Winnipeg?
These are six common situations when hiring a temporary or contract accounting professional can help keep your business on track. To fill all your accounting staffing needs in Winnipeg, reach out to Mercer Bradley today.
