Expansion Of An Accountants Role As A Strategic Business Advisor

Expansion Of An Accountants Role As A Strategic Business Advisor

By Janita Kapoor

The accountant’s role has evolved over the years.

Modern accountants are now expected to be actively responsible in effective decision-making, growing profit margins, predicting future scenarios, amongst many other things.

The industry today sees accountants working in various businesses in different positions, influencing growth of companies big and small.

An accountant’s role varies, with their incredible analytical capabilities, years of practical training and a sharp eye for detail provide useful insights through reports, while keeping financial data up-to-date.
They also ensure a company’s compliance with local laws & regulations and help entrepreneurs prepare for complex tax situations, which can be extremely crucial when expanding into new territories.

Through valuable inputs on subjects ranging from management of financial resources to cash flow, tax or audit; accountants today, can be found working as CFO’s, financial analysts, CEO’s, finance directors, management accountants etc. Hence, it comes as no surprise the accountant’s role has evolved into one of a business advisor.

Accountants being privy to the inner financial workings of their clients’ businesses, often form close working relations with business owners and with a reputation for shooting straight, they are highly trusted by their clients.

For many, this experience has cemented their roles as trusted business advisors, creating new opportunities to grow their own business beyond basic accounting functions and develop new revenue streams.

Professional accountants will play key roles in a future that requires skills in strategic thinking, addressing sustainability, supporting innovation and driving the digital agenda forward, making accountants indispensable as independent business advisors in the area of business contingency plan in the coming years.