The end of the year is time to prepare your company for the coming year and report the financial gains and losses from the one that is ending. This process generally requires assistance from accounting professionals who specialize in reviewing the financial changes from the beginning of the fiscal year to its end. However, finding these professionals can be extremely difficult due to the high demand their services generate. This means, to get ahead of the demand, you should be taking preemptive measures to ensure you are in the best possible position when the end of the year comes around.
Getting hold of a highly sought resource when it is most in demand will only lead to disaster as you will be competing with everyone else who needs the resource as well. It is sort of like going gift shopping on December 24th. Instead, the smartest move is to develop a full-time relationship with an accounting firm for a year-round partnership. Having an existing contract with an accounting firm ensures that you are always prepared when the time comes to compile all the earnings and costs your company experienced over the fiscal year.
It also means you will not be forced to scramble for an accountant that might charge a small fortune for their last-minute services. It is essential that you do not put off finding an accountant for too long. By the time January rolls around, most accountants will be strictly committed to their current employer until April. Therefore, their services will remain unavailable to your company until then, so beginning your search as soon as possible remains the best possible decision.
To keep your financial reports smooth and straightforward, even if you found an accountant at the last minute, you would be wise to tend to your outstanding records and clean them up. Make sure that all records of your company’s transactions and earnings are appropriately organized so accessing the information is an easy matter and the information can be appropriately filed without any chance of delay.
When cleaning up your financial records, do not recklessly delete any information, even if it is out of date. Instead, store old information in a separate folder from newer information and keep things organized so they can find the information they need. Of course, old information can still be accessed if necessary.
You should also provide the accountant with all the relevant data and information immediately rather than dividing it into pieces for them to work through in stages. The sooner they can work through all the information, the less likely they are to miss deadlines.
When you find the accounting team you need, do not be afraid to ask any questions about taxes or financial paperwork. If you leave questions for too long about essential details regarding your firm’s financial status, your accountant might be left scrambling to deal with it before the deadline. In addition, producing a high-stress environment due to a lack of communication can cause the accountant to become averse to working with you in the future and cost you a long-term partner.
When working on getting ahead of the accountant shortage at the end of the year, the best possible advice is to make sure you have an accountant standing by well in advance and then generate the most seamless work environment. This not only ensures you have the professional you need on time but makes the idea of continuing to work with you and your company a more appealing prospect for them.
If you are still struggling to find accounting professionals, consider contacting us at Itac Solutions. Our mission is to provide professional talent for any number of roles and positions, including accounting. We might just have the solution to your accounting woes.