Ecommerce Playbook: Numbers, Struggles & Growth Turn Your Accountant Into An Asset
Sep 12, 2024
Taylor, an accountant who recently spoke at an accounting conference in Toronto, discusses the vital connection between accountants and marketers. He shares tips for entrepreneurs to better leverage their accountants, emphasizing the importance of timely financial reporting and insightful analysis. Taylor highlights transforming P&L statements into decision-making powerhouses and advocates for cash flow forecasting as a fundamental tool. This conversation reveals how accountants can strategically support business growth by fostering collaboration and enhancing financial clarity.
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Prioritize Speed and Materiality
- Demand fast financial reporting, ideally within 15 days of month's end.
- Prioritize speed and accuracy that materially impacts decision-making.
Accountant's Instinct for Detail
- Accountants tend to prioritize minute details over speed.
- Discuss with your accountant what is truly "material" for your business decisions.
Understand Your Financials
- Review all three core financial statements monthly with your accountant.
- Ask questions about every line item until you fully understand them.