Empower Your Business

Accounting is Just the Beginning

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What Should Your Accountant Be Doing For You?

In my last post I talked about the importance of getting the right accountant and what a poor service some accountants provide.

Most business owners want their accountant to give them some sound, down-to earth and honest advice on how to get ahead. To be able to do this, of course, you have to enjoy regular contact with your accountant and this is only possible if you’re prepared to pay a realistic fee!

Don’t choose an accountant who just focuses on your Annual Financials and Tax Returns (the Annual Financials, in particular, should be the starting point in the process of helping business owners, not the only and last thing your accountant does for you). A good accountant should:

  • Have a huge range of useful contacts and be able to refer you to caring, proactive experts on other fields.
  • Be totally on top of your taxes so you know well in advance what you’re in for, be able to give you some practical tax saving ideas plus stop you adopting any tax savings strategies which are not sensible!
  • Act as a sounding board and be able to advise you on a wide range of other useful business areas.
  • Help you protect your assets, set-up and manage trusts, give you practical advice on IT, financial matters generally and risk.
  • Give you the tools and know-how to prepare your own (or provide you with these) management information reports throughout the year well before it’s too late to make a difference, especially Key Performance Indicators, which should be restricted to measuring the 8 – 10 things in your business which are critical to business success.
  • Help you set and reach your goals, both personal and business, by planning, budgeting and cash flow forecasting.

If your accountant doesn’t help you like this it’s very easy to change to one that

is interested – just call 0800 ASK NICK or get in touch by email.

2 Responses to What Should Your Accountant Be Doing For You?

  1. Glad you agree and even more glad that you now have a good accountant!

  2. I agr.e entirely with this. As a new business (tourism) we paid for the expertise of an accountant to help us make good decisions, but all he said was you are doing better – even if we have only made a few thousand extra, we paid for advise that was worthless and he sold us accounting software that was meant o make it cheaper for us but it cost us more as it did not do what it said. We now have a great accountant and pay less fees but get great service and pay for extra advise when we need it. Not all accountants are created equal, you really need to chose them and interview them and find out how they can help you.