Execution on a timely basis can be the difference between a good and a bad accountant. A good accountant can explain and report on the past, a great accountant can cast into the future and understand financials coupled with the company’s mission.
Timely reporting is fundamental, I run a small consulting firm and monthly reporting has to be finished before the 15th of the following month or else. Typically, we can close out before the 10th. Think like an owner, information is key. Depending on the type of the business often times information can be extremely quick. I ran a real estate company and we knew 90%+ of the revenue one or two days after the month end. We knew very quickly if we were hitting the top time and how to steer the bets forward. Why would you keep investing in a marketing channel that is not producing profitable leads?
Think about it, if an owner does not know if they are making money and there is a time lag, the losses, and bad bets will be exponentially multiplied. This can be crippling and result in other poor decisions and bets.
A great accountant is constantly asking questions and thinking about the future financials, company mission statement and calculated bets toward the mission statement. Accounting is a sport (The Great Game of Business is a good read on this topic).