Accountants can do more than simply file your taxes for you once a year. As a trusted adviser, they will steer you clear of many of the pitfalls that countless business owners fall into. They can ensure that you are continually meeting your business goals, assist with procuring funding, and lower your tax expenses with efficient tax planning.
The right accountant will help you oversea your business practices, and navigate complicated and complex tax regulations. The result of this is often the avoidance of costly fines and penalties for non-compliance. In effect, they protect your interests and increase your profits by assuming a proactive role for your business rather than a reactive one.
They can play a pivotal role in the success of your business if you find the right one, and cultivate a strong relationship with them. Have you found an accountant you can trust to be your ally?
Today I’m going to discuss how you can build a strong relationship with your accountant and make the most out of their expertise.
Is It The Right Fit?
Your accountant is someone that you want to have in your corner, someone who has the best interests of your business at heart. So, before you can build a strong relationship, you have to make sure to choose the right one.
This isn’t a decision to be rushed. Don’t simply choose an accountant with the lowest prices or, “The guy my friend uses.” Take the time to choose one who expresses the values that you are looking for, and who shares the same approach as you do.
You want someone that you ‘feel’ you will be able to easily communicate with in a positive and clear manner. Ask them questions and gauge how they respond. Are they available and responsive? Do you think that you could have a meeting with them that would be productive?
Remember that the advice that your accountant gives you could have a significant positive or negative effect on your business. It goes without saying that you need to be able to trust them and their expertise. Your accountant has the potential to be one of your businesses greatest assets, so look for qualities of integrity and objectivity.
It is also advisable to seek out an accountant that has some expertise in your industry, so he can better guide your towards your goals. I strongly encourage that you look for one that has fixed-price rates, so billable hours don’t stockpile unbeknownst to you and you end up shocked by monster bills at the end of the year.
Talk To Them
Finding the right fit for your business is only the first step in building your strong relationship with your accountant. Now you have to cultivate it through consistent communication. Your business is fluid, and is subject to in-numerous variables, and you will have your own unique set of expectations, challenges and operations. If you have a close relationship, your accountant will better be able to work with you to ensure that you are on track according to the goals set in your business and financial plans.
Staying in touch with your accountant will also allow you to make adjustments to your tax planning strategies when necessary, which will ultimately lead to your business being more profitable. If anything changes in your business, they need to know immediately, which requires you to be organized and efficient.
Insider Knowledge
They are experts in the complicated tax laws, so don’t be afraid to ask questions. Consider that they are your access to a world that you need to make use of, but don’t necessarily have the time to become an expert in. They can give you the tools and updates you need to take advantage of to stay current and competitive in your marketplace.
Be Proactive
Take the time to analyze and review your results. Your accountant can show you where you may need to make changes, or can make changes, to improve your business performance. Don’t wait once a year to schedule a meeting, you’ll be missing out on an opportunity for greater growth.
I also encourage you to be active in your own affairs. Tax issues are often time-sensitive, so bring matters to the attention of your accountant when they occur, not after the fact. You don’t need to wait for them to contact you. Remember, the point is to be proactive so you can increase your profits, rather than reactive and be in a constant state of triage.
Closing Words
I trust that you have identified the main theme running through this article, and that is communication. This is the essential feature in building a strong relationship with your accountant, and this relationship could prove to be a vital one in the success for your business.
Thanks for reading, and if you have any comments or questions, please leave them in the section below.
Until next time!
Leave a Reply