The best accountants add value to your business – here’s how to make sure your accountant is ticking all the boxes.
Here is the second instalment of tips on getting the most from your accountant while managing the cost of their service. These are important issues to address. Your accountant can make a huge contribution to your business and personal financial growth.
1. An accountant that understands personal wealth
Your accountant should be able to advise your business on its needs from start-up to business succession planning, and it shouldn’t stop there. Behind every business is a person and a family. There are a multitude of tax effective personal investment strategies that your accountant should be able to coordinate internally, or with an external wealth advisor. Make sure your accountant understands the holistic approach that you need, both within your business and personal wealth.
2. Gives proactive advice
If you’re finding your accountant is telling you about the problem after the fact, your mutual communication needs to improve. Three factors will ensure your accountant can provide you with proactive advice – they do your monthly bookkeeping, they have access to real time data through cloud based accounting software, and you’re scheduled for either monthly or quarterly meetings that include tax planning discussions, depending on your budget. Sometimes you’ve got to spend money to make money.
3. They understand the vital role technology plays in a modern business
Accounting software has changed; products like Xero or QuickBooks Online work exceptionally well for your business accounting needs. They enable your business to connect with a multitude of other cloud based add-ons that can help your business – from inventory management to time management. Make sure your accountant is in the know with the best add-ons for your business and can help coordinate the implementation of the software. You won’t regret it.
4. Ask twice if you don’t understand
Business and tax advisory is not easy to comprehend. Don’t be afraid to ask questions until you understand the situation. Your accountant should be able to simplify the situation along with providing a plan that clearly sets out your path moving forward. It’s your future. Your money. Your outcomes.
5. Get what you pay for
Cheapest fees don’t guarantee the best outcomes. You want (and deserve) the best results for your financial future. Don’t be afraid to ask for an action (or service) plan that outlines the deliverables and value, mutually agreed to before commitment is made. You will feel better knowing you’re getting the best! If your accountant can’t explain their deliverables, their value and their commitment with a service plan, then alarm bells should be ringing.