Getting the most from your accountant – part 2
Your accountant is pretty important when setting your business up for success. That’s why we are adding some more tips in part two of ‘getting the most out of your accountant’. If you missed our first 5 tips, you can read them here.
6. Personal and professional finances
You’ve hired your accountant to manage your business finances and guide you on your growth journey, but a good accountant should be in tune with your personal circumstances too. Every business is a person and a family, so whether it’s tax effectiveness or personal investment strategies, your accountant can help you coordinate. Consider sharing a more holistic picture with your accountant so they can be mindful of your personal circumstances when making business-specific recommendations.
7. If you don’t understand – ask
You went into business because it’s what you’re good at and it’s what you love doing. When it comes to finances, many business owners can feel a little out of their depth. Don’t be afraid to ask your accountant if you are unsure about something or don’t understand. A good accountant will be happy to explain and explore this with you – it’s exactly this kind of value that they should be bringing to your business. The process should feel collaborative and comfortable, too – if it feels like you’re burdening them, they may not be the right accountant for you.
8. Get what you pay for
Your accountant must be able to provide clear detail on deliverables and value for the fee you’re paying. Transparency and openness has to be two-way and is critical to a thriving relationship with your accountant. You are allowing this person or firm into the inner workings of your business, so full disclosure and transparency on their behalf is your right. If you don’t feel you are getting this, it could be a red flag.
9. Ensure they’re tech savvy
The way software can support your business has changed beyond recognition, be it for accounting, banking or project management. Make sure your accountant is up to speed on existing and new digital tools and is recommending them to you – the Xero Marketplace is a great place to explore these. Recommendations from your accountant will allow your business to connect to a multitude of cloud based add ons that can help your business. It could be an invoice finance partner like Hydr or a tool to help you time track and report back to your clients.
10. Maximise your profitability
Cash is king, but maximising profitability is critical and your accountant should be a key player in this.
They can help you work through your fixed costs, make sure you are working with the right suppliers at fair prices for your business, and, of course, give advice on all matters related to tax.