My top 10 tips for getting more from your accountant
It is a fact every business needs an accountant, even if you have an incredible in-house finance team external accountants will add the finishing touches for annual accounts, tax computations plus business advisory for raising capital, tax planning, mergers and acquisitions etc.
You want to feel like you’re getting value for money when you instruct your accountant.
At John Morgan Accountants Limited we take pride in treating our clients with total respect, integrity and professionalism. We want to do what we can to give our clients the best experience possible.
Here are my top 10 tips for getting the most our of your accountants
- Clear Communication – Clearly communicate your business goals, financial objectives and any challenges you currently have. The more information your accountant has the better quality service you will get.
- Provide Timely and Accurate – InformationMake sure to provide all financial information in a timely manner to your accounts. This includes, receipts, invoices, statements.
- Business Updates – Keep in touch and arrange regular business updates for your accountant. A good accountant will keep notes on your business, which will help provide informed, pro active advice alongside the services they provide.
- Ask Questions – Your accountant is your finance expert in your business. Use them by asking questions and using their knowledge and experience to help your business. Ask your accountant to explain financial reports or tax implications in a way you understand.
- Plan Ahead – Forecasting your business performance is essential and your accountant will provide a cash flow, profit and loss and balance sheet forecast. Explaining what they are all mean and helping you make better decisions.
- Professional Networks – Use your accountants extensive network of professional contacts to recommend solicitors, web designers, IFA’s, funders etc to save you time searching and assurance they are worth working with.
- Review Your Finance Reports – Take the time to review the financial reports provided by your accountant. Ask your accountant to explain anything you don’t understand. This will help you make improved decisions on the future of your business and avoid up and coming challenges.
- Software and Technology – You accountant will be best placed to advise on the best financial systems and processes to be most efficient and effective in your business.
- Growth Strategies – Use your accountant to collaborate on growth plans. Valuable insights and analysis will be provided by your accountant to be better informed.
- Budgeting and Forecasting – You should always have a business budget and forecast to identify opportunities and risk mitigation strategies before they become critical.
The key is to develop a successful relationship with your accountant as they will undoubtedly hold the key to opening up business success for you.
At John Morgan Accountants Limited our clients get a financial strategic partner and not just a compliance officer.
