How often do you speak with your Accountant?
How often do you speak with your Accountant? Surprisingly enough, the answer is usually not often enough. While there is usually no set timeframe between visits or discussions and even emails, there are a few points to consider that will help you to determine the right frequency for you and your businesses situation.
Ideally, you want a strong relationship with your Accountant. Don’t get us wrong, we don’t mean you want to have them over for BBQs on the weekend, more that you want to be able to trusts them. Trust that they are looking out for your best interests in your specific situation and not just ticking the boxes. Knowing that your Accountant is at the top of their game and the advice they are giving you is tailored to your personal situation is peace of mind in itself. For this kind of client, which really is the ideal client of any Accounting Firm, you would be looking at meeting with your Accountant on a quarterly basis.
Ultimately though, it is personal preference, but we think that your Accountant should be somebody that you should feel comfortable speaking to quite often about your business. Your Accountant can help make difficult decisions simplier for you.
Contact with your Accountant doesn’t always need to be face-to-face. A quick phone call or even email, just to touch base with your Accountant and get their advice as you need it can result in completely different outcomes for your business.
If you’re a client that prefers to have a relationship with your Accountant that is purely transactional, because you feel you know your business inside and out, it’s making money and is profitable, that’s ok too. However, this type of client is taking on a lot of responsibility and liability themselves, including the extra knowledge involved in keeping up-to-date with changes within the industry.
It can be a good idea to mine the knowledge that your Accountant has – not just in terms of numbers, but of their experience from their dealings with other clients. You may want their advice on how to grow, or how other businesses in a similar situation faced their challenges and what have they done. While Accountants have a responsibility to comply with Privacy Laws in relations to the specifics of their client’s transactions, they can share with you the basics such as: a business in a similar situation started using a specific Xero Add-on to help with their debt recovery and has seen amazing results.
Accountants can often put you in touch with the right person to help you at the right bank or even law firm. Getting connected to the right person can make your transactions move so much more seamlessly, after all would you really want to use a lawyer who specialises in family law when you want a trademark applied for?
The only wrong frequency to see your Accountant would be solely at tax time each year. If you feel that seeing your Accountant is just a pain and costly exercise that you complete because it’s required each year, then you really won’t be getting much value out of your meetings as you could be.
At The Money Edge, we love building strong relationships with our clients and developing unique situations for each one. If you haven’t been in touch with us lately, why not pick up the phone (07 4151 8898) and give just a call just to let us know how your business is travelling, we’d love to hear from you.