Monday, 09 November 2020 10:22

How To Get The Most Out Of Your Accountant

By Bark Ltd.

GUEST OPINION: Delving into your accounts isn’t the most exciting task in the world, which is why most business owners dread it. Or simply shirk the responsibility onto someone else. The reality though is that healthy looking books will ensure your business thrives. One of the best ways to make this happen is to employ the services of an online or local accountant.

Having a complex understanding of exactly how an accountant can help your business is key.

Here’s our top advice on how to get the most out of your accountant to tell you more.

Value Added…Tasks!

Whether you require cash flow forecasting to plan for the months ahead or need help securing a business loan, accountants are extremely useful people. The problem is, most people don’t fully explore all of the services that their accountant can provide them. As a result, your business turnover might not be as healthy as it could be.

It’s a good idea to identify your business goals so that you can match these up to an accountant who can help you. Whether you’re a freelancer, startup, small business or a large corporation, your accountant can guide you with all areas of your financials. So, make sure you fully understand the extent of what they offer.

Come Prepared

One way to make your account frown is to empty a pile of receipts on their desk, expecting them to sort it for you. While you will need to present relevant documents and statements for the likes of tax returns, you should always do so in a way that’s logical and meets HMRC regulations. Otherwise, your appointment will be wasted on adding everything up, rather than the task at hand.

These days there are many apps that help you track your expenses for you. Whatsmore, if you run a business then it’s possible to outsource tasks such as payroll to an accountancy firm too. All of which can boost efficiency and help you get the most out of your accountant when you do sit down with them.

Stay In Regular Contact

Most people only trundle along to their accountants when it’s time to complete their yearly tax return. However, your finances are a 24/7 operation, therefore the occasional glance over them isn’t going to cut it. Accountants are great sounding boards when used correctly, which is why you should keep in regular contact with them.

Accountants can also set financial targets and devise a strategy to get you there. From setting your product pricing to managing business expenses, the more time you spend in contact with your accountant, the more help they can give you. So, pick up the phone!

Know When To Switch

There are some circumstances in which no matter how much you try, things don’t go to plan. Accountants who don’t stay up to date on the latest information, make mistakes or worse still, encourage illegal practice should be avoided at all costs.

So, if you don’t feel like you are getting a good deal it’s time to find yourself a new accountant. The good news is that as most accountancy firms have websites and social media presence, it’s never been easier to find out what services they provide as well as their ethos before you hire them.

To Sum Up

If you’re not familiar with accountancy, it’s easy to lack the knowledge on how to get the most of yours. In essence, you must have a good working relationship with your accountant. This starts by tuning into the services they provide, keeping in regular contact and knowing when to jump ship.

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