The naked accountant – more than you or your small business can bear?

LIKE any business owner, being a small business accountant can be a challenge, but also a very rewarding one. The thing is, though, that being able to move with the times and being able to give what others want is something that needs to be worked on constantly.

For some people a trip to the accountant can be quite daunting (just like public speaking). So what should you look for when making a decision on whose hands you would like to put your financial future in?

1. BUSINESS AS WELL AS PERSONAL WEALTH

A good accountant will be able to do your tax return, but a great accountant will know that also being a business advisor who can tie in this advice with the end goal of promoting personal wealth is very important. Turning your enterprise success into personal wealth is underpinned by planning. Just like you need a business plan when running an operation, you should also have a personal financial plan as well. Business goals and personal goals should go hand in hand and not be at odds with one another.

2. BEING PROACTIVE – WHAT EXACTLY IS THIS?

Being proactive simply means being on the front foot. There are three things that will allow this: 1. Cloud accounting systems so that your financial position can be accessed in real-time; 2. Being able to provide bookkeeping services; and 3. Scheduling of monthly or quarterly meetings. 4. Does your accounting firm offer these?

3. BE EXPECTED TO BE CHALLENGED BY YOU (THE CLIENT!)

Let’s face it, accounting isn’t simple. You should never be made to feel as though you are silly to ask any question when you don’t understand something.

Also, being someone who challenges your accountant, and having an accountant who welcomes these queries, is always healthy when getting somebody to help you think outside the square.

4. FIXED FEES

Whether it’s year-end financials and tax returns, business valuations, cash flow forecasts and/or three-way budgets, or advice on how to buy a business, the best small business accountants, i.e. those who help promote their clients’ business growth, now offer fixed fees so you know exactly where you stand.

5. RELATIONSHIP MATTERS

You need to be able to trust your accountant or it’s a relationship that will never prosper. If you feel that you cannot trust them, it might be best to move on to somebody else.

CONCLUSION:

Being comfortable with your accountant will go a long way to helping you achieve business and personal financial success. Review the above five areas to determine whether you are in the right place.