Leverage Accountants’ Brains, Otherwise Regret

On the L.A.B.O.R. day, we are urging each of the readers to leverage their accountant’s brains, otherwise, we are sure, you will soon regret not having done so!

Here’s why.

First a bit of a background why I am writing about accountants. Because I work with them day in day out. I speak with them day in day out. And I continue to be amazed at their “build”, even after 10 years in the accounting services profession.

Why Do We Continue to Get Amazed by Accountants?

  • The sheer IMPACT accountants can make (if you let them) on your life is phenomenal. Let me give you an example: A tax resolution accountant that I know of brought down IRS demand of a client from over $ 200,000 to about $ 5,000. How? She knows the laws. She knows how to represent to IRS. But her most impactful trait? It is her innate belief that she must use her experience, expertise, and existence to create something worthwhile for her clients. Yes. She genuinely believes that she exists to help mankind! Many other professions would “share the spoils” but not accountants and it is not because some laws prohibit accountants from doing so but it is because accountants are people with the highest integrity and they are happy to live by the words they give in their “engagement letters”.
  • Accountants are called the “Most Trusted Advisors” for some reason (if you haven’t done so off late; speak with your accountant, heart to heart,  and you will know why). There are accountants who have convinced banks not to force sell off businesses that were in doldrums because the accountants understood the intrinsic strength of their business models. Example: A distressed business which was up for sale in $ 5 mn. was allowed to continue operations, thanks to the Accountant’s relentless representations, to finally get acquired at $ 5 bn. (billion, with a “b”) years later.
  • It is not just the “financial” impact that your accountant can advise you about. One of my clients, a restaurant accounting specialist, figured out why a particular restaurant was having a hard time maintaining profitability. Not just because the accountant “understands” the financial statements, but it was because the accountant understood the “restaurant business and industry” so well the it was easy for the accountant to know that the “leakage” was “artificial” and the person stealing the inventory ran away within days after the accountant asked very uncomfortable questions. It is not just the financials that your accountant understands, many a times your accountant will be your “north star” helping you navigate your business.

The list of impacts accountants make can go on and on. If your accountant hasn’t (yet) helped you navigate your life better, just ask. We are sure you will be amazed with what you learn.

You will regret if you don’t leverage your accountant’s brain

Think for a moment. If your accountant can advise and guide you to save or make more each year, how much will be the total cumulative impact in your lifetime? Not all businesses can go from 5 mn. to 5 bn. cited in the example above but you get the idea of the “potential” of your accountant’s brain. Leverage it. Otherwise, I am sure, you will regret one day.

In future, when you think of Labor Day, think of your accountant.

So, pick up the phone and speak with your accountant, now!. Get advised. Get Amazed. Get Ahead in your life!

To All Accountants: Hats Off to You! Your “labor” is making an impact in improving the lives of every person whose fruits of labor you ensure to protect and nurture; and advice them to turn their potential into performance.

Happy Labor Day to Accountants and to Those Who Leverage Accountants’ Brains!

 

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