A good, experienced accountant doesn’t just prepare accounting statements and handle tax for your business; they can add measurable value to your business. An accountant helps you stay in total control of your business’ finances, saving you money and even helping you find new ways for your business to grow. In many ways, your accountant can make or break your business. That’s why working closely with your accountant is vital to the growth of your business.
So, how do you get the most from your accountant? Here are seven tips.
- Choose the right accountant from the start
When hiring a small business accountant, choosing one that is right for you and the best fit for your business is important. The right accountant should have a previous work experience with an organization similar in size and complexity to yours. This way, they will understand the unique accounting requirements of your business, thus ensuring you are getting the best service and value for your money.
- Be sure to ask the right questions
At the end of the year, ask your accountant what you could have done better in the current year and what you should do differently in the next year. This provides an opportunity for your accountant to provide input about how to make each year more productive and boost the growth of your business.
- Be clear about what you need
Most accountants offer a variety of services, so it is important that you carefully think about what you need from them. Is it strategic business planning or financial advice and feedback? Understanding their services and what you want will prevent you from paying for services you don’t need.
- Keep your records organized and up to date
Good bookwork is critical. An accountant solely relies on the information they have been given to work with. So if your books are a mess, your accountant will spend valuable time sorting them out rather than focusing on your tax and finances. For this reason, it is best to keep your books organized and easy to read so your accountant can quickly and easily extract any information they need. It also leaves them valuable time to analyze your business and give you valuable advice.
- Build a relationship with your accountant
You can’t just hire an accountant, leave them to their job and get your expected results. When you establish a good work relationship with your accountant, they feel highly motivated to work for you and provide you with good services and valuable advice. Remember that they have years of experience and knowledge in various industries that will be useful to your business.
- Respect their experience and seek advice from them.
Some accountants usually have knowledge and experience with various industries and organizations. Thus, they can provide significant financial insights for your business. If you are paying for their advice and expertise, be sure to hear them out, as there may be valuable things you can learn from them.
- Utilize modern accounting technologies.
Small Business Accounting Gold Coast – Accounting software such as Xero, QuickBooks Online, and Microsoft Excel will make accounting processes more straightforward and efficient, thus minimizing errors and costly mistakes. This software offers many cloud-based services, from data management to time management. Encourage your accountant to make the most of these technologies.