Why Top Executives are Utilising the Part Time Chartered Accountant

Any business owner with a Chartered Accountant on their team is already at a competitive advantage to other small businesses. Why? Many small business owners make use of either book keepers and clerical staff or they run the company financials themselves. Whilst this may provide monthly financial statements, what is missing is sufficient insight into the financial well-being of the business overall. Historically, the only time small business owners engage an accountant of any form is once a year at financial year end when their tax return and potentially audit needs to be done.

There is a growing trend worldwide where top executives are utilising part time chartered accountants on a regular basis. These chartered accountants can prove to be an extremely valuable asset for small business owners to help them grow their business, without depleting the companies financial resources. They are used part time, which means they are an affordable resource to the business. Chartered Accountants, by their very nature, are experienced and highly qualified financial experts and business practitioners. They are able to provide advice and guide company owners and management on how best to grow their business and place them on a sustainable growth path.

Essentially, by utilising part time Chartered Accountants, small business owners can focus on ‘the business of business’. As an owner of a small business knows, budgets are usually tight and due to the constraints of that tight budget many small business owners assume the role of financial manager, sales manager, HR manager, procurement manager and marketing manager. By outsourcing the financial aspect of the business to a trusted and reputable part time Chartered Accountant, small business owners are able to free up valuable time so they can focus on making sales which in turn generates earnings for the business. There are a few highly regarded companies in South Africa that specialise in outsourcing financial talent on a part time or interim basis.

 

What benefit does a part time Chartered Accountant bring to a small business?

 

1. Experience:

Chartered accountants have come through a rigorous regime of training and examinations, followed with significant practical experience, upon which they draw for your benefit. Part-time chartered accountants have years of experience from which to draw and are able to provide companies with valuable advice and insights and can provide a platform that escalates business potential.

 

2. Operational efficiencies

CA’s have experience with regards to working capital management, margin improvement, Systems/Staffing/Controls and reporting quality.

 

3. Strategic Input

CA’s are able to undertake financial forecasting, financial modelling, scenario planning and sensitivity analysis for a small business. They able to advise on risk assessment, mitigation and issues surrounding capital structure, the overall cost of capital and investment strategies.

 

4. Taxation

Chartered accountants have a good understanding of tax frameworks and are able to provide support in determining and saving on tax for the company.

 

5. Company Law

Chartered Accountants, have a deep and thorough understanding of mercantile and company law. They are able to handle the legal aspects of contracts, viability of new projects and investor relations.

 

6. Cost saving

Why employ a full time Chartered Accountant when they are only needed three days a week? Engaging a part time Chartered Accountant enables top management and business executives to get the best possible financial advice at a fraction of the cost of employing a full time Chartered Accountant.

 

7. Flexibility

Part-time Chartered Accountants are able to tailor-make a solution that suits your company’s needs and budget. They are able to effectively assess a company’s financial status and have a deep understanding of the value and need of fractionalised expertise.