Finding the right accountant is not just a smart tax strategy — it’s also a way to be more successful at your business. In many ways, the accountant will make or break a business. This being said, here are the top tips on how to get the most out of your accountant.
Tips to Help Businesses Make the Most of Their Accountants
1 – Do a SWOT analysis
A SWOT analysis (SWOT stands for strengths, weaknesses, opportunities and threats) can help you get a better sense of where you stand. According to a study published in the Journal of Marketing, a SWOT analysis could help accountants provide more value to their clients.
For example, a business owner might find that one of the strengths of the business is that its clients are loyal. This means that if the business owner wants to introduce a new service, he or she might want to speak with the accountant about how this might affect the business.
2 – Be sure to ask the right questions
Asking the right questions is important when it comes to using your accountant. Daniel Keegan, a financial planner with Keegan & Co. in Dublin, Ireland, says that there are two questions that business owners should be sure to ask their accountant at the end of the year.
First, ask your accountant what you could have done better in the current year. Secondly, ask your accountant what you will do differently in the next year. For example, you might ask what moves you should make to save on taxes next year (such as selling an asset, selling a partnership interest, or updating your retirement planning).
3 – Be proactive
“When owners become proactive, it makes life a lot easier for the accountant,” says Harold Ohrstrom, a CPA with a major accounting firm in the Boston area. He explains that if a business owner asks the right questions and is proactive, the accountant can usually provide the right advice to help the business owner move ahead.
4 – Be prepared
Don’t leave the accountant to provide all of the information and support. Be prepared to provide the answers that he or she needs to understand your business and offer the best advice. “If business owners can just be prepared and organised, it makes the work a lot easier,” Ohrstrom says.
5 – Build a relationship
“You cannot just hire an accountant, let him do his job, and expect to get the results you want,” says Erin Hill, a tax and business consultant with Tax Masters in Evendale, Ohio. She believes that business owners should work to build a good relationship with the accountant they hire.
While most accountants are highly motivated to provide their clients with good service and advice, they can sometimes cause more problems than they solve. Building a good relationship with your accountant can help you avoid problems.
Conclusion
While it is important to have a good accountant, it is also necessary to work with an accountant in order to make the most out of your business. Work to establish a good relationship with your accountant, and make sure you are asking the right questions. Also, be sure to be proactive and prepared during the year when you are working with your accountant.
Business owners looking for a Gold Coast accountant should consider m1 Accounting. We are a CPA Accounting practice based on the Gold Coast. We specialise in tax preparation and business advisory with 15 years of experience helping individual and business clients within a wide range of industries and scales. We are a fully cloud-based accounting practice and offer custom accounting solutions to clients across Australia at an affordable price.
Comments are closed