Oct 11, 2020
Accountants suck, your accountant is taking 50 thousand dollars a year of your hard-earned money & he still dares to ignore your calls!!!
It's not just that, he's also not that accurate. Studies show clearly that accountants have an average accuracy rate of around 70%*. Still, you can find a well organized young man who really cares about your business to be very details oriented, but chances are that you couldn't find that unicorn.
All of that is just a small part of the problem, the main problem with accounting is related to decision making. You see, financial statements are NOT an exact science as they would like you to believe. GAAP-based financial statements are fair but still, the opportunities for bias clearly exist*. If your accountant was the one who is doing those reports, he will see different things from what you will see, especially if he never built a business in his life. He will most likely confuse you further by reporting for example that your office is costing you much less than it is actually is, he won't count out small stuff like coffee & cleaning supplies as office expenses. That is if he even was counting everything right, most likely he's not.
What I said above is a small problem if you really trust your accountant, and you give him access to all information, AND he is really knowledgeable in both areas; accounting and business. But sadly that is almost never the case. We saw that first hand while dealing with tens of small businesses around the world. Accountants do more harm than good.
If you don't relate to what I am talking about, then most likely your accountant is not really an accountant but a bookkeeper. In that case, I suggest you fire him right now because there is a $15 per month software than can do his entire job. No, not accounting software but something that is entirely different, it's called Veryfi (look it up).
If you can relate to what I was talking about. Then you realize that this can't go on forever. Even the big 4 accounting firms say the same, they admitted on several occasions that the way things get done right now is flawed and can't go on forever*. Proven by the increasing number of billion-dollar companies that commit accounting fraud while being audited by Deloitte and Earnest & Young at the same time.
What is needed here is a shift in the way we think, and a change of who we should rely on to do our accounting:
Shift The Way You Think About Financial Statements:
Stop looking at them as if they were absolute truths. They are just one pixel in the picture. Looking at them is just like looking at the rearview mirror while driving, you do it sometimes, but mostly you keep your eyes straight ahead looking at the road. And the sad truth is that reports are not as clear as a mirror, and not as reliable as your eyes.
Stop relying on accountants and book-keepers, they cost too much & achieve so little. We are working on an Ai (artificial intelligence) that can completely replace your full-time accountant. And it doesn't cost much. Don't ignore this, you can get your accounting expense to go from $50k to $5k in a few days............ click here to learn more about it.
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