Guide for CPAs: Auditing Financial Statements to Enhance Business Value

Accounting and finances may not be an exciting task to look forward to in a business, but it certainly is the most critical of operations. Financial documents contain sensitive information about an organization that drives its performance. The daily work of a CPA usually demands to prepare audited financial statements for external users or senior management professionals. All business decisions are made on the basis of quantitative information, results of efforts put in, and these decisions are taken by the management of the organization.

As the tasks of CPAs continue to be interrupted by technological advancements and new tools, it is imperative to try and adapt a few of these resources in this digital age. With sophisticated software like QuickBooks, integrated with cloud technology lets you Access QuickBooks remotely, which is a huge bonus in the modern business world.

Adapting to technology is one new way to deliver value for accounting professionals. To survive in this shifting landscape, one has to continuously improve themselves from record keeper to business advisor and then to a business partner. The important thing is to constantly change, and provide action-oriented information based on financial information, that can be used to make impactful decisions.

The following points can be considered as a base on which CPAs can deliver enhanced value from financial statements:

1. Trendsetter

Financial information is usually based upon the operations that have already happened. But to review cash statements and identify a pattern or trend of the flowing cash can help the organization make better decisions for business growth. The ability to efficiently catch up on a pattern and make impactful reports can set you apart from others. Explaining these trends and opening a communication channel with the management can open a door to high-level decision-making opportunities.

2. Business in Focus

After studying numbers and their terminologies for so long, it is a comfortable area for CPAs as they rely on these technical terms to explain financial phenomena. But your focus should also be on the business side of operations. Keeping your end users in mind, work on delivering the critical information and reports in a format understandable to them, and thus increasing the value of the accounting information provided. QuickBooks Remote Hosting can be of huge help when working through reports in your free time.

3. Work the Technology

Countless articles have already been written describing the importance of integrating technology and new applications in accounting. While many of us may not be inclined to change their traditional ways, but these developments do have a lot of potentials to enhance your productivity as an accounting professional. With the incoming change in the accounting landscape, one should be working towards increasing their value and functionality. Sophisticated applications like QuickBooks can be a huge help.

Many CPAs analyze financial statements and make reports on a daily basis. Not just treating this as another activity, accountants can focus on what more value can be given by the reports. This practice can help professionals land a space in the higher level decision-making process.