A great accountant is not only a valuable resource for tax planning and accounting for your small business; they can also offer advice on other aspects of your business.
Finding the right accountant and working closely with them is a vital part of growing your business, but how do you do this?
We’ve compiled 5 tips to ensure you get the most out of your accountant to help grow your business.
So, if you want to consider your accountant to be a vital asset to your business consider these 5 things.
- Recognise your own strengths & limitations
- Help your accountant to help you
- Be prepared
- Take advantage of ‘free’ consultations
- Look before you leap
As a business owner you need to be across the fundamentals of your business and have a working knowledge of all the important areas for day-to-day operations. However you don’t need to be an expert in every aspect of your business.
As an example if you have a law firm do you repair your own photocopier? The chances are you don’t, instead you get someone else to do it because you realize that they could probably do it more efficiently, reliably and it would be more cost-effective.
When it comes to business structure set up, tax planning, capital gains tax, financial analysis and other highly specialized areas however business owners will often turn to Google for help. There is nothing wrong with trying to solve problems yourself, but is it cost-effective to do so? If you’re a car mechanic is it worth the time it takes to do accounting tasks or would that time be better spent ‘on the tools’ or looking for more business.
A key to success in small business is to know and recognise your strengths and limitations and outsource what you are not best at to other professions and you should see a big difference to your business.
Accountants are essentially paid for their skills, time and the value they add to your business.
This means that the more organised you are the less time it takes the accountant to get the work done. More importantly it also means they can spend more time looking for opportunities to improve your business and fast track its growth.
One of the biggest inefficiencies is when an accountant must revisit a job multiple times because they cannot get the information from clients to complete it. Another is when business owners only tell half of the story at the start (usually unintentionally), which means the accountant must make changes and rework the project later.
A few suggestions for creating more efficiency in order to get the most out of your accountant:
- Ask for a checklist and give them all the documents quickly and in one go.
- Answer queries from your accountant ASAP or point them in the direction of the best person to get the information they need.
- Take action in a timely manner and implement the solutions agreed with your accountant to save the need for follow-ups.
- Seek input from your accountant about how to improve your bookkeeping to make their lives easier.