Risk Management and Your Accountant
Progress = Risk
Progress involves risk, and risk management has become a common theme in modern business. Our accountants at Shaw & Associates can take a lead role in working to examine and manage the risk for your business.
Accountants and Risk Management
People often think that an accountant’s job is just to do your taxes. But it is so much more than that. For example, a good accountant also assists with risk management. As noted on topaccountingdegrees.org,
“One of the core competencies of the accountancy profession is improving the internal control program of an organization in an effort to managing and reduce risk. While some staff accountants may only be responsible for basic tasks, accounting managers and other lead professionals will play a role in designing, planning, implementing, executing and even monitoring risk managing activities and programs….
“The accounting profession has changed dramatically. Now, accountants are more than just number-crunchers who are stuck at a desk writing reports and balancing the books. In addition to this, an accountant is a strategic partner within an organization that specializes in risk management and helps to protect the company resources.”
Step-By-Step Financial Risk Management
The first step for the decision making involved in risk management is to keep your bookkeeping up to date—you can’t figure out where you want to go if you don’t know where you are! When your books are up to date, the next step is creating accurate, comprehensive, and easily understood reports for you, the business owner.
After that, we can sit down with you and look at what your potential financial risks are for your specific business. Once we have a good handle on the risks you are facing, we can work out plans to mitigate these risks and run scenarios to show you the outcome of different decisions you can take. We will also monitor how things actually play out and suggest course corrections to keep you on the right track.
Safe, Controlled Growth
You want your company to grow in a controlled, safe fashion—Shaw & Associates is your partner in planning the path to a more successful future with managed, foreseeable risks.
Contact Shaw & Associates Chartered Accountants for accounting help you can count on. One complimentary meeting with us will put you and your business on a more profitable and positive path.