A strong relationship with a valued accountant is important for any business. If you’re looking to grow, manage challenges or even simply keep a stable income, an accountant will bring a level of expertise you most likely don’t have yourself.
This is a relationship that needs to be invested in. That doesn’t mean you need to spend more. Simply, that if you want an effective relationship, you need to give it attention.
We’ve got 5 tips to working effectively with your accountant:
1. Set clear goals
Clear goals are important for your business as well as for the relationship with your accountant. Here are some ideas to help you get clear on the goals for this relationship.
– Do you want to grow your business?
– Do you have a succession/exit plan?
– Are there specific goals your accountant can help you with?
– What tasks do you need your accountant to complete?
– What KPIs have been set (or do you need help setting KPIs)?
2. Ask questions regularly
Your accountant is here to help you in your business. Don’t cut corners by telling your accountant about important financial decisions AFTER you’ve made them. It could end up as a more expensive exercise than asking for advice first. This is particularly important for scenarios like:
– Purchasing a vehicle
– Financing anything for your business
– Selling large assets
3. Be prepared with the information your accountant needs
It makes it incredibly difficult for your accountant to do a great job if they don’t have access to all the relevant information. Being open and honest with your accountant gives them the best possible opportunity to prepare your taxation obligations quickly (and more affordably). It also reduces the risk of adjustments being required, when new information comes to light.
4. Accept your weaknesses & delegate
You don’t have to do everything in your business. If you aren’t good at bookkeeping, outsource it. If you’re always running late in lodging your BAS, get your accountant to complete and lodge it for you. Put systems in place with your accountant for transparency and let them do their job.
You’ll be relieved that you no longer need to complete tasks that are outside of your skillset or interests. And you’ll be able to focus on the key growth areas of your business instead.
5. Choose an accountant you can effectively communicate with
You don’t need to be ‘best friends’ with your accountant, but it’s important to be able to communicate with them.
– Do you need face-to-face meetings?
– Would you prefer to communicate via email?
– Do you need an accountant who understands specific industry guidelines?
– How often do you need updates?
– How active a role do they need to play in your business?
Taking the time to build an effective relationship with your accountant pays off. We’re proud of the relationships that we’ve built with all our clients over the years. We understand their business, their goals, and the results they need.
How can we help you with your business accounting needs? Give us a call to schedule a meeting ASAP.
At VBA we specialise in strategic tax advice, offering tax and financial reporting for individual income earners, family businesses, tradies and construction companies.
Victor Bimrose Accountancy Pty Ltd (ASIC No. 1259423) ABN 53 010 957 294 is a Corporate Authorised Representative of Merit Wealth Pty Ltd ABN 89 125 557 002, Australian Financial Services Licence Number 409361.
General Advice Warning: This information has been prepared without taking into account your objectives, financial situation or needs. Because of this, you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs.