Do you love your accountant?
With it being Valentines Week and love being in the air I thought I would pop the question in my blog… you see what I did there?!
OK so I’m not talking about loving your accountant in a romantic way however, the relationship between you and your accountant should be a really important and personal one. Your accountant should be one of your most trusted business advisors.
Here are some reasons why you should love your accountant:
A SOUNDING BOARD…
Your accountant shouldn’t be someone you just speak to once a year when your accounts or tax return need preparing but they should be at the forefront of your mind especially if you are making any big decisions.
Accounts and tax rules are constantly changing and can be quite complex so getting an opinion on something BEFORE doing it could give a completely different result and could be financially costly if not done. Good examples include company cars and selling assets such as rental properties and shares.
THEIR KNOWLEDGE PAYS FOR THEMSELVES…
There are a couple of obvious things a good accountant can help you with such as knowing you are paying the right tax or whether there are any ways you can save tax.
But there’s more too. Most accountants have a vast experience of working with a whole variety of businesses, this can help generate ideas for cost cutting or growing the business and this knowledge can be used to help you and your business.
THEY ADD VALUE…
Using an accountant to do tasks such as bookkeeping, VAT and payroll not only provides you with the reassurance that everything is completed correctly and on time, but it frees you up to do what you do best.
As a small business, getting your accountant to do your bookkeeping, you are effectively getting a finance director looking at your figures on a regular basis. This must be cheaper than employing someone to do the same job?!
THEY 100% GET YOU…
Your accountant should want to communicate everything to you in a way that you understand so that your business can benefit from the advice they provide and they should make you feel comfortable talking to them and asking them questions.
They should take an interest in what your goals are and they should want to try to help you achieve them.
I hope this blog has let you think about whether you 'love' your accountant and if you do then that is great and how it should be! Not every accountant will be right for every business so if the relationship doesn’t feel right and you don’t 'love' your accountant then it may be time to find someone that is a better fit for you.