An exceptional accountant delivers value beyond mere number crunching; they should be strategic partners who are integral to a business’s success. A proficient accountant possesses the financial acumen to navigate the complexities of running a thriving business, proactively seeking avenues to leverage tax savings, assisting entrepreneurs with maintaining vigilant oversight of the business’s financial well-being and much more.
Overlooking the significance of selecting the right accountant can prove to be a costly oversight for businesses. Over the years, countless entrepreneurs have admitted to me that they choose their accountant primarily based on proximity, neglecting to inquire about crucial qualifications. This oversight can lead to errors, resulting in unnecessary tax liabilities, declining cash flows, increased audit risk and likely contributing to the alarming statistic published by the U.S. Bureau of Statistics that nearly half of all small businesses fail within their initial five years.
Consider the case study of Eldon Drug Company. After purchasing the business in 2013, the owner selected an accountant located nearby but who lacked specialized knowledge of the pharmacy industry, ultimately leading to critical inaccuracies in financial reporting and tax filings. Upon transitioning to Rx Advisors upon a recommendation by their banker, these errors were promptly rectified, resulting in tax refunds exceeding $79,000!
An exemplary accountant operates proactively, offering ideas and strategies tailored to alleviate tax burdens and enhance cash flow. They remain abreast of evolving tax legislation, offering constructive insights and adjusting strategies to optimize financial outcomes.
Critical differentiators among accountants include their industry specializations, proactive planning approaches, technological investments facilitating seamless interactions with clients, and fee structures.
Conducting thorough interviews when selecting an accountant is imperative yet often overlooked. To aid in this process, we offer insights in our article, “10 Questions to Ask When Choosing an Accountant.”
Active engagement in monitoring the ongoing financial health of one’s business is paramount. Savvy entrepreneurs routinely examine the businesses financial statements, prioritize ongoing education, and ask questions to maximize the benefits of their accountant’s expertise.
So, as you evaluate your accounting needs, realize that the true cost of an accountant extends beyond convenience. With industry specialization, strategic planning, a deep tech stack and value-added pricing, there’s a better way.
Learn more about how Rx Advisors can optimize your pharmacy's financial health. To view additional success stories like Eldon Drug Company, we invite you to visit our website and explore our case studies.
Rx Advisors is a division of Fleming Advisors, LLC and has earned a reputation of being one of the nations premier tax & accounting firms for independently owned pharmacy's.