How Much Mathematics Does a Successful Accountant Need to Know?

Accounting Math Mathematics Accountant Successful

Mathematics & Accounting

When most people think about accountants, they usually assume that accountant have to be these highly talented mathematicians in order to do their jobs effectively; however, most successful accountants will tell you point blank that mathematics has little to do with accounting. In fact, most accountings you meet will be the first to tell you that they hate math. So how competent does an accountant need to be in math in order to be successful? Probably just as much math as you know.

The skills that are most important to a successful accountant include but are not limited to:

  • Arithmetic
  • Quantitative skills
  • Industry knowledge
  • Accounting software knowledge
  • Basic math
  • Knowledge of your business expenses
  • Knowledge of any of your recent purchases

Out of all of these skills, it’s important to note that you need to have more quantitative experience more than anything else. By having this quantitative experience you will be able to take your company to the next level with little to no true understanding of math as one typically conceives of it.

When looking for an accountant, don’t ever base your hiring decision on whether or not your accountant is good at math. A good accountant is well-rounded and you want to make sure you have a balance of all vital skills in order to be successful.

Still unsure of what skills related to math that your accountant needs? Leave your thoughts and comments in the section below and let us know how we can help take your accounting to the next level.

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Can Your Accountant Be Your Auditor?

Audit Auditor Accountant Accounting Finance Business

Accountants & Auditors

Accounting can be a tricky topic, especially when you’re preparing to hire an accountant in the near future. Hiring can get tricky because those who are certified to be accountants are not necessarily well versed in your particular industry. In fact, your accountant can occasionally offer you expertise in areas outside of accounting; however, keep in mind that sometimes you simply have to learn how to draw the line.

One particularly tricky area is auditing. Many accountants work full-time as auditors but it’s important to note that if someone be working as your accountant, he or she cannot work as your auditor. Why, you may ask? It’s quite simple.

Responsibilities of an Accountant

An accountant’s primary responsibility is to make sure your business is functioning correctly in every area of financing. By contrast, an auditor’s primary responsibility is to make sure your accounting records are kept accurately. Your accountant cannot keep your finances in order and also check for accuracy at the same time. If your accountant were to operate in such a way you can be certain that an accident would occur at some point down the line.

What Course Should You Plot?

What’s the best course of action? Choosing to hire both an auditor and an accountant. Hiring both will ensure that your team has the requisite types of capability and it will also guarantee that when tax season arrives you won’t have any unpleasant surprises should an audit take place.

Have you ever tried to hire your accountant to be your auditor? How well did that work out for you? Probably not very well. Leave your comments below.

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Three Tasks Your CPA Should be Completing on a Daily Basis

Daily Task CPA Accountant Company Responsibility

Daily Tasks of Accountants

Contrary to popular belief, Certified Public Accountants (most commonly known as CPAs) don’t always look the same for different businesses. For example, a small carpet cleaning business may not have the same needs as a Silicon Valley start-up company which has recently received a large investment from a venture capitalist firm. Because of this fact, the day to day responsibilities of a CPA can look very different depending on the circumstances of the individual case; however, even though their responsibilities may vary, here are three things all CPAs should be doing on a daily basis whenever they’re employed full-time for a company:

Balancing Expenses

Are you constantly spending money in all forms―cash, check, credit card or even automatic withdrawal? If so, it may be a wise idea to make sure your CPA is balancing those expenses on a daily basis to ensure that you’re not spending money that you don’t have in your bank account. Careless spending continues to be a problem for businesses across the world.

Finding New Growth Opportunities

One important task which accountants can assist any business with is searching for growth opportunities. Because your CPA is constantly looking at your finances they can easily identify opportunities for growth, whether it derive from buying an additional product or item or even hiring a new employee.

Documenting All Financial Records

Whether they do it using a filing cabinet or saving it onto your company’s hard drive, you will want to make sure that your account is documenting and organizing all of your financial records to make sure you’re not losing track of important documentation that you will need during tax season.

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Four Skills to Look For When Hiring Your Next Accountant

Accountant Skills Job Financial Business

Accountant Skills

Hiring an accountant can be one of the most difficult decisions your company can ever make. Hiring a good accountant can send the financial future of your business headed in a brighter direction; hiring a bad accountant can cause you to have nightmares.

Here are four skills you should look for when hiring your next accountant. Making sure that your accountant has these skills will help ensure the best possible future for your business.

Punctuality

Ever heard the quote that “time is money, and money is time?” That’s actually a fact. Time is money, and if your next accountant doesn’t value time and often shows up to meetings late, then they will not value your money. Punctuality is undoubtedly a skill you want your next accountant to possess.

Visionary

Believe it or not, a good accountant must be a visionary. Yes, a visionary. In order to take you and your business finances to the next level, your accountant must be able to see at the next level. A good accountant can literally look at where you are today and envision where you can be tomorrow with a bit of guidance.

Good Listener

Every good accountant listens before speaking. In order for an accountant to know what your financial goals are, how you wish to accomplish those goals, where you’ve been in the past and where you want to go in the future, he or she must first stop and listen. If an accountant always cuts you off or always speaks and never lets you talk, those are clear signs that your accountant doesn’t value you as a client.

Inquisitive

An accountant could easily look at your bank account and assume they know how to get you out of debt and into prosperity but a good accountant never assumes without evidence. Instead, a good accountant always remains inquisitive, asking questions that will help them do their job better and to get a better understanding of why your finances are as good, bad or mediocre as they are.

What skills do you look for in an accountant? Leave your comments below.

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  • Huddleston Tax CPAs / Huddleston Tax CPAs – Bothell
    Certified Public Accountants Focused on Small Business
    19125 N Creek Parkway #120 / Bothell, WA 98011
    425-242-3836

    Huddleston Tax CPAs & accountants provide tax preparation, tax planning, business coaching,
    QuickBooks consulting, bookkeeping, payroll, offer in compromise debt relief, and business valuation services for small business.

    We serve: Tukwila, SeaTac, Renton. We have a few meeting locations. Call to meet John C. Huddleston, J.D., LL.M., CPA, Lance Hulbert, CPA, Grace Lee-Choi, CPA, Jennifer Zhou, CPA, or Jessica Chisholm, CPA. Member WSCPA.