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How to get the most out of your Accountant!

How to get the most out of your Accountant!

 

A great accountant will not only be a valuable resource for accounting and tax for your business, they will also offer you advice on almost every aspect of your operations.

Finding the right accountant and working with them closely is therefore a vital step 

Here are the best tips for business owners who are looking to develop an effective relationship with their accountant!

 

Recognise your strengths & limitations

Do you repair your own photocopier?

No, why would most Business owners outsource this task? The answer is generally that they recognise that somebody else can do it more efficiently, reliably, and cost-effectively.

So why do many business owners take the reverse approach when it comes to business structure set up, tax planning, capital gains tax, financial analysis, and a host of other highly specialised areas?

There is nothing wrong with trying to solve problems yourself, if it is cost-effective to do so. However, if the time you spend in accounting tasks was invested in winning more business or improving service delivery for clients, you would generally get better returns.

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. But you don’t need be an expert in every aspect of your business.

Recognise your strengths and limitations.  Outsource what you are not best at to the professionals and see what a difference it makes to you and your business!

Help your accountant to help you

Accountants are essentially paid for their skills, time, and the value they add to your business.

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. 

Here are a few suggestions for creating more efficiency in order to get the most out of your accountant:

  • Answer queries from your accountant as soon as you can 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. 

 

Be prepared!

Before consulting with accountants or any other professionals, it is always worthwhile getting an overview of their expertise and how they may be able to help your business.

Being prepared and doing your homework before the meeting will help you set realistic goals and expectations for their involvement. It will also help you to ask relevant and intelligent questions and to understand and act upon the advice given.

A little preparation will help you to maximise the benefits of the time you spend together and get the most out of your accountant.

     

Look before you leap – and don’t take short-cuts

We all know that prevention is better than cure.

Business owners, in the spirit of exercising their entrepreneurship, often enter into arrangements without considering the full implications of their actions.

A short telephone call or meeting with your accountant may cost a little now but it can save a lot in reducing missed opportunities and unexpected risks in the future.

Not getting the most out of your present accounting set up? Feel free to contact us and we’ll point you in the right direction with one of our Accountants.

Get In Touch

P.O. Box 495
78 Henna Street, Warrnambool, VIC
Phone: (03) 55 618 618
Fax: (03) 55 618 600
Website: www.shbbusiness.com.au
Email: office@shbbusiness.com.au

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