Thursday, April 10, 2008

Lesson 12: How to Detect a Crappy Accountant

According to my professor there is only one existing accounting joke in the whole world. I think there are more, but she was just trying to make a point that accountants are stereotypically quiet, un-humourous, and serious people. Stereotypes are all fun and games, but when you start to use them as a point of measure in the hiring process or in standardized testing, I object. When running a business it is essential to motivate your employees by allowing them access to their score. Business is like a basketball game, if you don't know how you are doing based on the numbers, then it is impossible to play the game. Well, perhaps you could still play the game, but it would much resemble Drew Carry's "Whose line is it Anyway?" In order to have an accurate score you should be familiar with basic accounting principles and hire an accountant. Finding a good accountant is essential to score keeping. Here are some tips that were imparted to me by a veteran accountant, professor and established owner of her own firm:
  1. If you ask them how they got the numbers and they tell you that it is too complicated for you to understand, fire them.
  2. If you ask them for an analysis and he or she says they will get back to you in a week, fire them.
  3. If you ask them for advice on improving your numbers and they just shrug their shoulders, fire them.

Good accountants will be familiar enough with how they arrived at their data; so much so that they will be able to explain it to you on your terms. Good accountants are punctual and know how to meet deadlines on your terms with in reason. Good accountants will be open to helping you out on your tax related matters rather than being a tool that just cranks out numbers. If you come to them for advice about improving your scores, they should be willing to help you out with some tips.





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