Okay, I know.
Do you feel a cold chill anytime someone utters the word ‘budget’?
Well, it doesn’t have to be like that.
And it can be made ten times easier.
By getting a management accountant to help make those tough decisions.
A management accountant.
A highly educated, professional, creative individual whose job it is to crunch numbers and help your company to perform better.
They aid you in budgeting, planning, risk managing and basically anything confusing to do with money and numbers.
They work along-side you to make the most of your team and help to organise the financial aspects of your company.
Listen - I get it.
You have long days, you’re constantly concentrating on many important things at once, that sometimes certain things fall through the cracks.
The last thing you want to do is mess up your finances.
That’s where a management accountant can help.
They are brought in to solve all your financial problems and help you to move forward toward a healthier spending regime.
Last year one of our biggest clients were finding it impossible to budget around the demand for their product, the budget for the supplies they needed and payroll on top.
Their yearly budget was stretched so thin they had to cancel their office Christmas party.
They took our advice and hired a management accountant.
Within five months they had enough left in the yearly budget to splurge on the biggest Christmas party the company had ever seen.
And we all know the horrors of taxes, right?
You think you have it all sorted and suddenly you realise you forgot about taxes and even more payments that have to be made.
Well by hiring a management accountant you can say goodbye to all that hoopla and focus solely on the more important parts of your job and company; the clients.
So, interested in saving you and your companies financial problems?
Or maybe you just want some help on crunching numbers and saving thousands...
Then read on.
The question you should be asking is “what can’t a management accountant do for me?”
They can’t help you win the lottery or do heart surgery.
But they can save you from financial sabotage.
Do you have the time or patience to go through and sort out your companies budget?
But a management accountant does (and will) and save you so much money in the process.
They aren’t there to boss around your accounting department.
A management accountant is there to help with financial statements, company budgeting, taxes, supervising accounting staff and many other money saving techniques.
I’m sure you don’t need to be told how important budgeting is.
But prioritising budgeting is one of the fundamental ingredients to making a company flow smoothly.
The company budget allows you to pay attention to reducing costs, improving profits, cash flow and investments.
And a lot more.
But do you really have the time to properly go through your companies budget and make sure you’re making the most sensible decisions?
Do you really have the time to make sure your accounting staff are up to scratch and making the best decisions for the company?
Then let a management accountant help.
You can trust your faith in them to do what’s best for the company financially.
You need to utilise everyone's skills to their utmost best, and this requires understanding their strengths and weaknesses.
Including your own.
You know you aren’t the best at accounting, that's not your job.
So delegate it to someone else.
Whose entire job revolves around saving you and your company money.
A management accountant can do a lot for your business, hiring one is an investment that pays for itself.
Management accounting started in the early 1800s
Steel companies needed a system in which to monitor their assets, thus the management accountant was born.
This question is one of the most important for literally anyone looking to hire someone for a job.
A hospital wants to hire the best doctors.
A zoo wants to hire the best keepers.
A flea circus needs the best fleas.
Okay - that last one was a bit weird.
But you know what I mean.
You want to hire the best person for the team, so how do you do that?
Anyone could call you up and tell you they’re a management accountant.
I could tell you I’m a management accountant.
Would you believe me?
How would you know?
Always check an applicant's qualifications and references.
It’s all good passing top of your class, but what does that really mean when you enter the real
Okay, maybe not “nothing.”
At least until you have some professional experience.
And here it’s the same principle.
Most, if not all, management accountants should hold a Chartered Institute of Management Accountants (CIMA) certificate.
Obtaining a CIMA in management accounting is rather difficult.
First they would have to have completed a CIMA in Business accounting.
They need a masters (or similar) in accounting.
And a number of other qualifications on top of all that.
So yeah, they take it pretty seriously.
Obtaining the CIMA qualification means they have successfully completed a degree in management accountancy.
If they don't have one, it's possible they’re trying to cut some corners.
Of course, you’d interview someone before hiring them.
You don’t need me to tell you that.
But look out for more than just whether or not they’ll get the job done.
Obviously, you want the most qualified person for the job, but this person is going to be looking after your finances, working with you with budgets and creating a close working relationship with you.
So make sure you’re confident with your choices.
Tell them how you work, how your accounting department is run, how involved you are, what you expect them to do and achieve.
Ask them relevant questions to the job, enquire how they would go about solving a problem.
Just make sure the shoe fits, and likewise offer up information to the applicant so they’re sure they’re the right shoe.
That was...a weird metaphor.
You know what I mean.
Choosing the best person for any job can be daunting.
So make it as easy for yourself as you can by knowing who your ideal candidate is.
And make exactly what you’re looking for clear to all applicants.
Again, a no brainer, I know.
Check the references of any potential employee.
Theoretically, anyone can obtain any degree, but it doesn’t mean they’re actually any good in the field once they’ve left university.
So it’s always best to thoroughly check references when it comes to such an important office role.
You wouldn’t want a mediocre accountant for a crucial role such as this.
So check with their previous employees first.
Be confident that they are the right fit for you.
Read More: The Management Accounting Basics
New technology is always up and coming.
It’s a never-ending cycle of once you’ve mastered one thing, the upgrade comes out.
And you have to learn it all again.
It’s the same with the internet.
There are thousands of ever-changing platforms in which to reach (and be reached) by others.
So stay up to date with them.
Do you have any relevant programmes that help with accountancy?
Are they due for an upgrade?
Is there a new programme you can download to help with accountancy?
Try and stay up to date with any trends that may appear in the accountancy world.
Social media is a fountain of information.
And it’s not just all about the Kardashian’s.
There’s a whole community of accountants using Twitter to communicate and network.
It can be as simple as searching a hashtag.
It’s difficult to not drop the ball with growing trends, but if you keep a tight hold you’ll always be one step ahead.
And once you’ve built a working relationship with your perfect management accountant, you’ll realise it’s all worth it.
Janet Jackson and Mick Jagger both studied accounting at college.
Hiring a new employee obviously means an extra expense for the company.
A new body means a new salary.
And it’s no different when hiring a management accountant, I won’t lie.
The average management accountant starts at around £2k a month.
But these people pay for themselves.
The money you’ll be saving means you could afford to hire another management accountant.
Not that you’d need one.
(But at least it means you can buy an extra round at the pub)
You can’t put a price on perfection.
You could even look for something less temporary.
Freelance management accountants are out there.
If you think you would benefit more from a less personally involved management accountant, as in someone who doesn’t need to come to the office, then maybe it’s time to consider a work-from-home management accountant.
It’s all about what’s right for you and your company.
Try researching your options, don’t make any quick decisions, take your time to find what’s right for you.
You aren’t hiring from the bottom, these people aren’t amateurs.
They have rigorously studied how to become the best management accountant.
They actually want the job, they aren’t just an average graduate applying for every job going.
They’ve studied this field specifically to become pros.
You aren’t hiring an unskilled, learn-on-the-job kinda person.
You’re hiring a professional.
And paying them a salary.
But it’s all worth it in the end.
£2k a month isn’t bad for a starting out management accountant.
You also can’t expect to pay someone of management quality the same as say, an average accountant.
Because it’s not the same.
For the more experienced management accountants you could be looking at a £40k salary, but don’t be put off by such big numbers.
Remember, this person will be in charge of the financial aspects of your company.
You also have to take into account the amount of work they’re going to be doing.
Sure, it’s easy to say it's a nine to five job, they’ll be doing the same amount of work as anyone else.
But that’s where you’re wrong.
A management accountant has to have their eye on the ball at all times.
They can’t afford to make mistakes.
So let this aid in your belief that they are worth the money.
Or maybe you think it’d be better (cheaper) to do it yourself?
Are you 100% convinced you know exactly how to improve the financial aspects of your company?
And are they really going to do a bad job when they’re literally handling their own paycheck?
Trust in the fact that hiring a management accountant is a worthwhile investment that will eventually pay for itself.
Read More: More About The Management Accountant Salary
Finding a management accountant couldn’t be any easier.
How would you go about finding new employees?
Or maybe you like it old school and still take CVs.
Whatever your preference, it’s the same for finding a management accountant.
Okay - I know what you’re gonna say.
Who has time to go through tens, hundreds, thousands of CVs?
So be more specific.
Most recruitment companies and job search sites allow you to make a custom advertisement for the position you’re looking to fill.
And in this, you can explain to any potential applicants exactly what you’re looking for and what you expect of applicants, whether that be education or experience focused.
At the end of the day, it’s you hiring them, so you have the luxury of choice.
You can tailor the job advertisement to explain exactly who you’re looking for and then go through the CVs of people who you know are right for the job and the company.
Then it just becomes about whether or not they’re right for you.
You’re the one who will be working alongside this person to better your companies financial decisions.
This person will be a part of your team.
So make sure it’s someone you want to work with, you have the ability to be picky.
But not too picky.
As I said, they can do a lot.
But they won’t pick up your dry cleaning.
Websites such as Reed, Indeed, GuardianJobs etc. are perfect for finding someone for any job you may be recruiting for.
|Some examples of more IT based recruitment sites you could advertise on include;|
The team at Robert Half are dedicated in finding you the perfect person for the position. The tailored advice they can offer is an amazing benefit when recruiting a new team member.
A 20 year old company based in the UK that specialises in IT job recruitment.
A very handy UK based company that has specialist recruiters, including those who specialise in management accountants.
A global recruitment company that specialises in candidates who hold a CIMA certificate and are looking for jobs within the field, a perfect place to advertise for a professional.
There are loads of ways to find the perfect candidate for the job.
So what’s stopping you?
The inventor of bubble gum
Was an accountant.
As the head honcho of your company, you want the best staff.
And likewise you want the best working relationships with your staff, so both parties can see and understand the part they have to play in keeping the company cogs turning.
So it’s a good idea to understand how you can work best with a management accountant.
But how do you do that?
Keep a record of your financial reports, incomes, outgoings, expenses - everything.
And don’t store all your receipts and reports in a biscuit tin.
Those are solely for sewing kits.
Keep your finances easy to read and accessible.
Once you have a management accountant on your team you can hand these things over to them to handle with ease.
Without having to go through all the filing cabinets in the office (and at home) searching for that one bank statement.
This one seems obvious:
Talk to them.
Communication is key in any relationship, emotional and working.
If you don’t actively communicate with your staff, then how do you expect them to get any real work done?
For example, if you know you’re behind on financial reports then tell your management accountant so they aren’t expecting more than they have, or they aren’t bombarded with discrepancies when it comes to submitting their work.
The management accountant will need access to all the reports coming in and out of the office.
If the company owes money, is owed money, needs more pens, needs a new window fitted - anything.
The management account has to be aware of it.
They need to know every single financial decision the company, and you, have made, are making and are going to make.
(Even the round at the pub that somehow ended up on the company card.)
So now you’re a management accountant expert.
What’s stopping you from hiring one of your own?
A management accountant does so much more than just count your receipts.
They can save a crumbling company from financial crisis.
They can sort through all your budgeting problems.
And they can make your finances make sense to you.
Finances making sense?
I know - crazy, right?
Don’t be put off by the idea of hiring a new body to pay.
You’re hiring an expert, you’re going to get expert results.
They’re here to save you money, not cost you more.
Get back on top of your finances.
Contributor, Accounting & Bookkeeping Expert
I’m the accounting and bookkeeping Expert here at QuoteGrab, covering everything you need to know about accountants and bookkeepers all over the world.
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