Not only is a good accountant a valuable resource for the accounting and tax side of your business, they are also great for general advice. As a result, it is important to find the right accountant and work closely with them.
How can you increase the chances of getting the right accountant? And how do you get the most out of your accountant? Here are our 5 tips to get the most out of your accountant as a business owner!
1: Recognise Your Strengths and Limitations
Do you repair your own printer? While you can do it using a manual, many business owners do not. This is because the recognise that someone else can do it reliably, efficiently and cost-effectively. You should take the same approach when it comes to your business structure, tax planning, capital gains, and financial analysis.
While there is nothing wrong with trying to solve problems yourself, consider if it is really cost-effective for you to do so. If the time you spend on accounting tasks takes you away from winning more business or improving your services, then you need to get an accountant. Further, while you need to be across the fundamentals of your business and have working knowledge of day-to-day operations, you don’t need to be an expert in every aspect of your business.
As a result, it is important to recognise your strengths and limitations. When it comes to accounting, a good accountant can give you the right advice and take these issues off your plate.
2: Help Your Accountant Help You
Accountants are paid for their time, values and skills they add to your business. The more organised you are, the less time it takes your accountant to get the work done. It also means they can spend more time looking for opportunities to improve your business and help you fast track its growth.
One of the biggest inefficiencies in your company is when an accountant must revisit a job multiple times because they cannot get the right information they need. Here are our suggestions to create a more efficient accounting process:
- Your accountant will send you a checklist before starting your work – ensure you give them all the required documents in one go
- Take action in a timely manner and implement the solutions agreed on to save the need for follow ups
- Get input from your accountant about how to improve your financial housekeeping
- Answer queries from your accountant as soon as possible
- Point you accountant in the direction of the best person to get the information they need
3: Do your Research
Before consulting an accountant or any other professional, it is worthwhile getting an overview of their expertise and how they can help your business. Do your homework before meeting with a tax specialist to help set realistic goals and expectations for their involvement in your business. This will also help you ask relevant questions, as well as understand and act on the advice you are given.
Just a little preparation will help you get the most out of your accountant.
4: Utilise Free Consultations
You would be surprised how many accountants off free consultations throughout the year. Take advantage of them if you are looking for an account or a new accountant. As we recommended before, it is important to do your homework before the meeting so you get the most out of your consultation. You can also send your tax specialist a summary of your business situation, your needs, and set out any issues you need assistance with.
This way, the accountant will have enough time and background information to give your situation beforehand. That way, the discussion in the meeting should be of greater benefit to you and will allow you to work out if the accountant is right for you or your business. This will also help you find out whether the accountant really understands your business and will have potential solutions for your issues.
5: Do Not Take Short Cuts
Prevention is, of course, better than a cure. Unfortunately, too many business owners enter into business arrangements without considering the full implications of their actions.
As a result, it is important to have a short phone call or meeting with your accountant. While it may cost a little more now, but it can save a lot by reducing risks in the future.
Are you not getting the most out of your current tax professional? Have you started a new business and you are looking for the right accountant? Contact the team at Siragusa today for further help and information. We are experienced working with small and medium businesses. Let us help you grow your business, today!