Meanwhile, the audit team of six is getting flustered in the conference room built for four. Not to mention it always feel like it’s either Antarctica or the Sahara Desert in there. What if, just what if, the client’s accounting team actually operated a lot like an audit team and understood all of the weird auditor terms we use like roll forward and PBC and open items and tickmarks? Wouldn’t every audit engagement be like a dream? We may even be profitable again at these engagements.
Focusing on Core Competencies
Now this is not a battle cry for every accounting practice out there to start an outsourced accounting department. It is my vision on how the new outsourced accounting model will transform the lives of the entrepreneur and accountant, and my perspective on the benefits that this paradigm shift will bring to us simply by allowing us to focus on each of our own core competence areas.
In the new knowledge economy, it is no longer about being a one-stop-shop or being all things to all people. It is about finding your core competencies, finding your passion and becoming really kick ass at it. Entrepreneurs will return to doing what they do best, building businesses, only this time they will be equipped with better financial insights to help them navigate through the rough sea of entrepreneurship. Accountants? For once we will have a real shot at being relevant in the world of business again. Then, we can move on to bigger and better things.
W. Michael Hsu, CPA.CITP, is the founder and owner of DeepSky Accounting (www.DeepSky.co) in Irvine, California, and a frequent speaker at professional educational events and conferences. He has organized his firm around the concept of virtual accounting services, providing business clients with an option for replacing their full in-house accounting departments.