Accounting executives play a vital role in a company or organization. They support financial goals by ensuring accounting effectiveness through financial reporting and internal control management. Additionally, they oversee financial procedures and are abreast with tax codes and accounting regulations. In this article, you’ll learn about the different business benefits of hiring an accounting executive.
Benefits of Hiring an Accounting Executive – Overview
Account executives are vital for all organizations. If your accounting executive resigns, you can’t just give the job to anyone. You have to look for an individual with adequate experience, an excellent background, and a good work ethic.
Although it’s common to fill vacant positions with permanent employees, there are times when the hiring process takes longer than usual. This is fine in most cases. However, some companies may not function well if they don’t have someone as important as an accounting executive on their team even for a short period.
Immediate recruiting for accounting leaders then becomes a must in such situations. This is possible with the help of firms that can hire a temporary or contractual accounting executive while your company’s still searching for a full-time employee who’s qualified to take the position.
So, what are the benefits of hiring an accounting executive?
Adds Great Value Through Financial Reporting
Financial leaders and professionals specialize in creating insightful reports that add great value to businesses. Companies need accurate financial statements to give a clear understanding of the direction that the enterprise is taking and to make smart business decisions. Accurate financial reporting also helps identify business opportunities and build trust in order to gain more investors, lenders, vendors, and clients.
Here’s how an accounting executive can help with financial reporting:
- Reduces Business Tax Burden: With the help of an accounting executive, a business can reduce its tax burden by maximizing deductions and taking advantage of possible loopholes and tax breaks.
- Keeps Accounts Tax-Ready: An account executive conducts regular financial reporting to ensure settlement and resolution of all your corporate accounts before you report your taxes.
- Identifies And Reduces Errors: If a business is struggling to keep financial statements up to date, an accounting executive can supervise and teach staff on how to check mistakes to promote business growth.
Helps Address Financial Fraud
The pandemic has had a tremendous impact on accounting firms’ revenues. While you can always rely on the expert accounting staff members on your team, it’s a good idea to also have an accounting executive. They will be able to assess your accounting firm’s business operations and results to detect and resolve financial fraud.
Boosts Overall Productivity
Each industry has various sets of duties for accounting executives. Some examples include drafting summary reports that concern key issues a company’s upper executives should review. An accounting executive assigns projects to departments and verifies that all accounting-related departments are following company protocol.
In addition, an accounting executive presents accounting results and issues to upper management and executive committees. With all of these tasks that an accounting executive can handle, a business can benefit in terms of overall productivity as a result of their contributions to the company.
Optimizes Accounting Systems
With the expertise of an accounting executive, a business can achieve an optimized and simplified accounting system. These professionals are highly knowledgeable, skilled, and experienced in using various accounting software systems, helping small businesses and large companies alike develop a new system for bookkeeping, purchase and sales orders, and other accounting activities.
Here’s how an accounting executive can help optimize business accounting systems:
- Upgrades traditional and obsolete systems to cloud-based accounting systems
- Trains employees on how to track bills in accounting systems
- Helps create automatic payroll and invoicing
- Supervises accounting staff members in using new accounting systems
Boosts Organizational Impact
Since an accounting executive manages a division, business unit, or corporate function, they ultimately help boost organizational impact. Accounting executives develop strategic initiatives and steer businesses in the right direction through their leadership experience and acquired business acumen.
Managing taxes, bookkeeping, and financial analysis can be tedious if you do them on your own or entrust them to people who aren’t qualified for the job. Accounting executives can help companies accelerate revenue because they make business operations a lot easier. They do so by overseeing accounting activities and training accounting employees to become experts in doing their duties and responsibilities.
How to Find the Right Accounting Executive
If you’re looking for an accounting executive for your business, you can source either an interim or full-time accounting executive through various job search portals. Referrals from trusted people and organizations can also be a good source of information.
Specifically, executive search platforms are now available to help companies with recruiting and talent acquisition. They help businesses find the best people to fill accounting executive posts and other key business positions. Some of these positions include the following:
- Chief Accounting Officer
- Chief Financial Officer (CFO)
- Vice President Revenue Cycle
- Director Revenue Cycle
- Vice President Of Finance
- Direction Financial Planning And Analysis (FP&A)
- Director Of Finance
- Director Of Accounting
- Senior Financial Analyst
Benefits of Hiring an Accounting Executive – Summary
Hiring an accounting executive allows companies to get the finance and accounting support they need. This will enable them to maximize productivity and efficiency as well as attain their business goals. If you currently don’t have an accounting executive, you can make the search less stressful with the help of a reliable executive search company.
For more articles like this one detailing the benefits of hiring an accounting executive, be sure to visit the small business section of our site.