Paying Attention to the Financial Performance of the Client's Enterprise
My employer in the 1980s mandated annual Financial Statements prepared for trading businesses, no matter how small the business, would not leave the office without an accompanying Report to Management. It was one of several performance standards to ensure the accountants paid sufficient attention, not only to taxation and corporate compliance requirements but also to the financial performance of the client’s enterprise.
Junior Accountants Prepared the Reports
The Management Reports were not prepared by the partner, nor a manager, but by the most junior accountant working on the file.
One of the several benefits of this brilliant idea was the development of a team of accountants with high level business advisory skills.
Learning how to prepare these documents, what to include in them, how to analyse the numbers on the financial reports, the additional information it was necessary to pull from the working papers so as to add value to the report, for the client, these were all valuable lessons learnt for which I will be forever grateful.
I am now sharing my knowledge base with a new breed of young Chartered Accountants. If you hold a leadership position and wish to build a team with high level business advisory skills, encourage them to contribute to the discussion happening in the CA ANZ Catalyst community, follow this link for further details.