Now is the time for personal resolutions. An extremely important moment to hit the refresh button and look for opportunities to change and improve your company. If you own an accounting firm, have you thought about what resolutions you will be making this year?
The accounting industry continues to evolve. One of the ways it is changing is through the advancement of technology. According to EBizCharge, the accounting industry is trending toward the adoption of cloud-based systems which means accountants need to begin adapting to this change. This technology automates tasks in order to make the accountant’s job easier.
The industry is also forcing accountants to adopt new skills. Accountants will need to focus on understanding alterations to business requirements and processes, and efficiently tracking customer thoughts and behaviors.
Moving forward, some of the most essential skills for accountants will include experience in financial forecasting, financial analyses and cash flow projections. The greater the expertise in these skills, the more value the accountant will bring to the industry and their clients.
Given the new developments within the industry, it is essential that business owners for accounting firms take a step back and evaluate what they want to accomplish in 2023. The new year is a great time to make resolutions for your company. Here are some resolutions to consider as we begin the new year:
1. Review/update your financial plan — It is essential to continually review your financial situation regardless of whether 2022 was a positive one or not for your business. Where do you see yourself and your business in five or 10 years?
Are you on the right path toward obtaining these goals? These past few years have allowed us all to re-evaluate our business’ needs versus our wants when it comes to our budget. Look at your spending over the course of 2022 and use it as a base to create a budget for the upcoming year.
Continually reviewing your financial situation and updating it where you see fit is critical to actually achieving these goals.
It is also important to realize that there are financial professionals who can assist you through this process and can construct a financial plan that allows you to implement financial strategies today that will help you reach your goals in the future. Do not hesitate to set up quarterly meetings with these professionals.
2. Care for your people — Your employees will be more than willing to speak up for what’s right and support the business’ decisions and initiatives when they know the company cares about them.
One way to show additional care is by reviewing your workplace benefits. Workplace benefits are constantly changing, and the pace of change is quickening. If you haven’t surveyed employees in the last two years, consider doing so now. Find out what they need and where you can help.
3. Remind yourself that culture is caught, not taught — Business leaders need to communicate their purpose and goals clearly, and back it all up with action. Words can rally people around a cause. But it is essential that you practice what you preach to your employees.
4. Collaborate more and build trust — Work even closer with your stakeholders (for example, customers and suppliers) this year. More time spent with your stakeholders will reveal more opportunities for your business to grow, make a further impact and create more wealth.
5. Commit to create values for generations in the long-term — No matter the business, no matter the industry. Remember, that your business should be part of the solution—and not the problem—for society.
Brian Landis
Sean Hagerty is a financial advisor at UBS Wealth Management USA. With four interdependent divisions, it operates around the world. If you would like to learn more about tips for your business in 2023, he can be reached at sean.hagerty@ubs.com.
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