To ensure the success and growth of your business, it is crucial that your accountant is proactive and that you have regular touchpoints with them.
You shouldn’t have to second guess whether your accountant is providing the services you require, you should feel confident in the fact that they are driving your business forward.
Why should you have regular contact with your accountant? Regular contact with your accountant is important to ensure that you are both on the same page. Your accountant should feel like a trusted business partner, and this isn’t going to happen if you aren’t having regular check-ins. Your accountant needs to be up to date with what is happening within your business to ensure they are making informed decisions. So, how often should you be speaking to your accountant? Quarterly meetings should be happening as a bare minimum, monthly check-ins are even better, even if it is just a quick phone call for you to ask a few questions and get feedback.
What should you be discussing?Annual tax planning ahead of your business year end is crucial for all businesses, and as a business owner it is crucial that you don’t look over your personal tax affairs, therefore it is also important that you are discussing this. Discussing the structure of your business is critically important to ensure you are in a position where your assets are not exposed to risk, and to take advantage of any tax saving opportunities. Your accountant should be keeping you up to date with your tax obligations up to a year in advance. They should also be focused on making sure you understand what the true situation is in your business, so you know where you need to focus to improve performance.
Is your accountant proactive?Does your accountant make recommendations without being asked? Are they picking up the phone to you and presenting opportunities to you which are relevant to you and/or your business? There may be things you’re not doing that you should be – therefore your accountant should be making these recommendations in order to push your business growth forward.
Accounting support during an economic crisisDuring the current climate, there are several additional areas of support you should be able to rely on your accountant to provide. These include:
- Proactive budget review sessions and regular meetings and touchpoints to review and update your plan.
- Assisting with, advising on, and maximising government support that becomes available
- Preparing cash flow forecasts for cash management and accessing bank funding.
- And finally, your accountant should act as a sounding-board for new ideas and opportunities and ensuring you are maximising these but in a financially low-risk way.
If your accountant does not offer the things listed above, and is not open to changing, perhaps you should consider moving to an accountant who does. Book a free consultation with a member of the team here at Oldfield Advisory, and we’ll talk you through the solutions we can provide you.
Please note: This article is provided for information only and was correct as at time of writing (15/11/22). Any lists and details provided above are not exhaustive and are not intended to be full and complete guidance. No action should be taken without consulting detailed legislation or seeking independent professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a result of the material contained in this article can be accepted.