Working and running of an accounting firm is simply not a cakewalk. There are several daunting challenges to deal with. The hard part is that these challenges rise consistently and regularly. The individuals and the companies that hire the accounting firms have almost innumerable expectations from them. Doing the accounts and the taxes is fine, as the firms have a pool of competent accountants and lawyers with them. However, the challenge arises if a client wants something that a firm cannot provide.
For example, some business owners think that the accounting firms are there to twist and turn the facts and the figures, so that their annual taxes are reduced. It is very understandable that no one wants to pay extra but a firm has to ensure that their clients pay what they are due.
The accounting firm face huge penalties if they knowingly or unknowingly make a mistake. There are heavy fines, which can bankrupt them. Other than that, there are punishments too. The client too can sue them. Moreover, on top of everything, a tarnished reputation goes a long way. It does not only doom a firm but also the careers of those associated with the firm are jeopardized.
The running of an accounting firm manually with quality requires tough nerves and shrewd legal know how on the part of the owner. Other than that, he or she must possess excellent communication skills and technological skills of using numerous accounting software's like Peach Tree, Six Sigma Certification etc in order to smoothly deal with the clients and the legal authorities. If a person has these qualities, it would be easier for him to run a firm successfully.
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