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Team vs Solo Accounting Approach

By November 1, 2019 No Comments

Team vs Solo Accounting Approach

There is no “I” in team. Why should one of the most important aspects of your business be left to one person when a team could handle it more effectively? For many companies utilizing a single accountant, issues of availability, accuracy, and a myriad of other reasons may arise – due to the availability of a single individual. Here are a few reasons why the team approach will be beneficial to your business.

No Down Time

Your business doesn’t stop while waiting for reports, so why should your accounting team? A team of dedicated specialists can remove the issues of gaps and delays in reporting and communication compared to having a single accountant. If an important accounting issue comes up and the solo accountant is out to lunch or is out sick, what happens? Your business will no doubt face the consequences of an unavailable accountant. A team approach to accounting will eliminate the stress of not having anyone available when you need them the most.

More Accurate Data

Two heads are better than one approach applies when it comes to managing accounts. Having the ability to have the information vetted by a team of accountants will ensure fewer chances for inaccuracies on your account. Fewer errors, less time researching, means more time to focus on growing and increasing profits for your business.

Greater depth of Accountability

Issues and problems are part of doing business. A collaborative effort in tackling issues can speed up the resolution to the problem allowing you to get back to other business matters. With an accounting team, there is accountability at every step to eliminate wasted time in solving issues. Preventing accounting issues can also go a long way in easing the stress and worry of running a business.

Time is Money

A dedicated team compared to a solo accountant can speed up the process of analyzing business and accounting metrics into usable, easy to follow reports. More is less in this case. The more accountants involved, the less time it takes to extrapolate useful and meaningful data to support your business.

Collaboration

With a team of highly skilled accountants that collaborate and work towards a common goal for your business, you can aspire for loftier targets. Ideas are shared between the group to maximize time and resources so you can focus your time and effort into planning, preparation, and execution to reach those targets.

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