Given the importance of the work that accountants do on behalf of business owners and sole traders its surprising that most businesses only speak to their accountants once a year- usually around accounts filing and tax submission time.
On a purely basic level the communication between you, as a business owner, and your accountant should at the very least cover changes to your business and major issues such as the tax implications of amounts you take out as drawings, salary or dividend.
If you really want to ensure your business is operating at optimum financial health levels it really is worth building a good relationship with your accountant and more importantly to work with one that wants to build a good relationship with you.
Robert Gambardella, Certified Public Accountant (CPA) in America, has been quoted for his statement ‘The best thing you can do for your business is work with your CPA on a proactive basis. Find someone who is more than just your tax preparer. You really need an all year round trusted advisor” We believe the same is absolutely true in this country.
Checking that your accountant’s style and approach matches your own will help to establish the right type of relationship. If your accountant is fully aware of your business expectations and issues, not only can they monitor your progress from an external perspective but they will also be great support should anything change. They will also help you think strategically about the future.
A healthy relationship on any level is defined by ongoing conversation and information sharing, which ultimately leads to trust. So it is a two way street and the best way to get the most out of your accountant is to engage in dialogue, ask questions, but also be forthcoming. The more you share about your business, the more you will get out of the relationship.
A good accountant who is experienced can offer business advice including, but not limited to, the following areas:
- tax planning
- profitability analysis
- budgets and forecasts
- management accounts
- business development advice
They will also keep you up-to-date on any changes in accountancy and tax law and tell you exactly how the new regulations affect your business.
Having a good continuous relationship with your accountant means they become more than someone who files your accounts once a year. They become your strategic business partner who knows the law and can advise you on how to reach your goals whilst reducing costs. This in turn will develop mutual trust and respect and naturally benefit you and your business.
Here at Keen Dicey Grover, you are more than just a number. With 90% of our clients working with us for at least 5 years we know and appreciate the value of the long term relationships we have with them. We always welcome the opportunity to work closely with our clients, understand their businesses and actively help them grow.
Pick up the phone, drop us an email. Whether you are already working with us, in the process of joining or just like the sound of what we do, we would always love to hear from you.
Keen Dicey Grover
We care……..We really care