Whether you’re contracting through a Limited company or running a small business, your accountant is a valuable resource and like most business resources, you’ll get more value out of them if you handle them in the right way. In this article we’ll look at how you can help your accountant be as valuable as possible.
Provide accurate records
Your accountant’s advice will be based on the information they have about your business. It follows that keeping your records accurate and up to date will help them to advise you, and if your records are months out of date, your accountant’s insights will be too.
One way to make sure your accountant has the information they need is to use online accounting software like FreeAgent or Xero, and keep it up to date so your accountant can see your business finances in real time.
Send information in plenty of time
The accounting year has a number of deadlines that will apply to most of your accountant’s clients. For example, the filing deadline for personal self-assessment tax returns is 31st January each year. As these deadlines approach, your accountant will get busier and their time and attention will be harder to access.
If you always supply information as soon as possible when your accountant asks for it, the work they need to do for you will be completed well ahead of time, when they’re not dealing with the pressure and stress of “tax time”. Most accountants will always give you their best work and advice, but if you’re that special client who always responds right away, their best is likely to be even better.
Pay their fees on time
Any time spent chasing you for money is time your accountant doesn’t have to do useful work for your business, and no-one wants to do work that they might not be paid for. If you allow the debt to escalate the remain unpaid, you risk letting the relationship break down, and they may even suspend your service.
Help them get to know your business
A good accountant will usually more than pay for their services in tax savings and business insights, but in order to do that they need to get to know you and your business. They need to know what your goals and priorities are, so they can help you steer your business in the right direction.
You can help by treating your accountant as a collaborator in your business, with a genuine stake in your success. If you openly discuss your plans and your challenges, your accountant will be in a much better position to help you succeed.
If you have questions or if we can help in any way, please call our expert team on 01296 468483 or email info@orangegenie.com.