Your accountant can play a crucial role in helping your business prosper by managing finances effectively and providing valuable insights. So how can you make the most out of your accountant? Sophie Glynn, assistant manager at UHY Manchester, outlines the key pieces of advice.
Given the chance your accountant can be more than just a number cruncher; they can play a crucial role in helping businesses manage their finances effectively as well as providing valuable insights to facilitate growth. Viewing your relationship with your accountant as an investment rather than a cost will radically change the value you receive from your engagement.
Below are five key pieces of advice to help you get the most out of your relationship with your accountant.
Clear communication
The foundation of successful collaboration with your accountant is clear and open communication. This starts with making sure that your accountant understands your business and processes as well as sharing our financial goals and concerns. Fostering a productive partnership will prove fruitful for your business in the long run.
Regular contact
You will struggle to get the most out of your accountant if they are only seeing the figures once a year. Don't limit your interaction with your accountant to just year end accounts preparation. Scheduling regular meetings throughout the year will give you the opportunity to discuss the future and financial matters by considering historical performance and present-day circumstances, allowing you to make well informed decisions.
Exploit their network
Successful accountants have valuable contacts in their network that could benefit your business. Whether you need help with software solutions, banking, specialised tax advice, retirement planning or investment strategies, ask your accountant if they can put you in touch with the right person. Any idea big or small can become reality with the support of the right expert.
Define expectations
You should agree the scope of work that you wish to engage your accountant for. Services, timelines, and specific financial objectives should be defined at the start of the partnership and re-visited as your business grows to make sure the needs of your business are always met.
Ask for advice
There are no daft questions! Your accountant is not only there to take care of the financial compliance side of your business. Allow them to demystify accounting and explain tricky technical jargon in a way that you can understand. Their breadth and depth of experience and knowledge should be used as a valuable tool to assist you in all aspects of running your business.
These simple yet effective steps will ensure that you get value from your investment in the right accountant which will make the difference in achieving your financial goals.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
