The Good, The Bad, and The Exceptional
by Breakaway Advisors Scott Tindall and Vonmarie Thomas
As far as professions go, the spectrum ranges from professionals (doctors, attorneys, architects) to academics (those with PhD degrees for example) to tradespeople (electricians, plumbers, construction workers). As much of a cliché as it is, there are good, bad, and exceptional practitioners in every possible field. The same can be said about our colleagues in the accounting profession, and while there are good and bad accountants, let’s discuss what makes an accountant exceptional.
Unlike some professions, there are clearly defined standards that specify how to record assets, liabilities, and equity, and how to book revenue and expenses. First and foremost, we define good accountants as those who know and follow accounting standards without exception. (Bad accountants, on the other hand, either don’t know the standards or ignore them. No more need be said.)
Speaking of standards, having a CPA certification isn’t necessarily synonymous with being exceptional. While achieving a CPA certification is an accomplishment, and demonstrates an advanced understanding of accounting standards, there are CPAs who are not exceptional.
We define exceptional accountants to have:
A deep understanding of financial principles and the ability to perform a complete range of accounting functions including financial statement preparation, budgeting, forecasting, and financial analysis.
Extraordinary financial acumen to enable the interpretation of complex financial data, identification of trends and provision of strategic insights that facilitate decision making.
The ability to interface with critical external counterparties including banks, vendors, significant customers, insurance providers, etc.
Confidence to mentor colleagues and subordinates without fear of undermining one’s status or perceived power.
Ultimately an exceptional accountant should understand, capture, and be able to discuss in detail all facets of a company’s operations. A scorekeeper at a baseball game can post runs, hits and errors; however, the team’s manager can tell you which pitches were hit, what the third base calls were, and explain in detail why a game was won or lost. Also, a manager can change tactics based on what they see throughout a game. An exceptional accountant can do the same.
In addition to providing exceptional bookkeeping, controller, and CFO services, Breakaway brings another dimension to our accounting practice by intentionally focusing on authenticity. We believe that the more we clearly define what we do, who we are (both professionally and personally), and what we want--the more we attract those clients who are a good match, and avoid those who are not the right fit.
We’re always saying it, because it’s true: our central mission at Breakaway is to bring JOY to accounting. Great client relationships drive both our advisors and our clients to flourish.
Contact us to learn more about how an exceptional Breakaway advisor can help your business.
