Specialization Wave of Future for Accounting

By Titus, Nancy Raiden | THE JOURNAL RECORD, September 3, 1991 | Go to article overview
Save to active project

Specialization Wave of Future for Accounting

Titus, Nancy Raiden, THE JOURNAL RECORD

By Nancy Raiden Titus Journal Record Staff Reporter Computers are changing the way accountants view their business. As low cost programs are available to run routine reports clients are less in need of a professional to generate the documents.

But that doesn't mean the need for accountants has dropped off. In fact, many small businesses are relying more on their accounting firm to function as the financial department of the company _ formulating everything from the business plan to the documents needed for financing.

"People need less and less in terms of paper products," said Susan Onstott, managing partner with Onstott & Craddick CPAs Inc., of 5001 N. Pennsylvania Ave. "Many times they don't understand it even if they get the paper."

The accountant's job is to explain the documents so that they are meaningful for the client. She said she would not feel that she had succeeded in her job if a client took the work back to his office and stuffed it in a drawer because he did not understand it.

Such a statement provides insight into Onstott's philosophy of accounting. With a new master's degree in social work under her belt, she integrates her accounting and people skills to provide a rounded professional service to clients.

"We take a holistic approach to the business," said Ronald E. Kozak, principal in the business financial and management consulting area of the independent Oklahoma City-based firm.

Specialization within the firm is the trend as tax laws become more complex and investments more sophisticated. Clients may find they need two or three accountants assigned to their case with specific expertise in different areas of the tax code. Kozak said accounting firms positioned for the future need to be able to offer a variety of financial services to clients, some of which will be developed later as technology advances.

The management consulting arm of the firm allows small businesses to have all the advantages of a full time department of business and finance professionals on a more cost effectiveness part-time basis.

"It is a small business climate in Oklahoma City with most companies having $3 million to $5 million in sales," he said. "Maybe there are 10 above that and then there are the companies like Kerr McGee. The traditional business we and most CPAs work with are the mom and pop businesses with $2 million to $3 million in sales. Often they are at a crossroads in their business life. They are growing, and they have a need for service, and they don't know where to find it."

Onstott & Craddick's consulting work springs out of the firm's traditional accounting forte of tax planning and auditing. The consulting side provides such services as audited financial statements bankers often require before even reviewing loan requests.

Most small businesses have the technical expertise to provide their product or service, but they often lack the financial expertise to know how to finance growth or provide optimum cash flow, Kozak said.

"From a management standpoint, they have the right policies and procedures in place, but they don't know how to negotiate with their banker," he said.

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
Loading One moment ...
Project items
Cite this article

Cited article

Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

Cited article

Specialization Wave of Future for Accounting


Text size Smaller Larger
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

While we understand printed pages are helpful to our users, this limitation is necessary to help protect our publishers' copyrighted material and prevent its unlawful distribution. We are sorry for any inconvenience.
Full screen

matching results for page

Cited passage

Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.

Are you sure you want to delete this highlight?