Ask the Experts: How to Make the Most of Your Partnership with Your Accountant
Are you making the most out of your partnership with your accountant? In this article, we offer practical questions you can ask to determine whether your business accountant is meeting the needs of your company and helping you grow. Read on to find out more.
Does Your Accountant Work with Clients in Your Industry?
One of the first questions you will want to ask yourself as you evaluate your partnership with your accountant is whether he or she has experience working with other business clients in your industry. For example, if you own an Early Childhood Education business and your accountant does not work with many (or any) ECE clients, you may want to look elsewhere. Chances are, you can find a financial professional who is more experienced with your industry and can offer professional advice tailored to your business.
Is Your Accountant Transparent About Service Fees?
A good accountant is worth their weight in gold, but you should still be aware of how much money their services are going to cost you. Some accountants charge a fixed rate for services while others charge by the hour. Oftentimes, business owners will get a bill from their accountant without understanding how they are being charged. Make sure you know what to expect and evaluate whether you are paying for services you don’t use or don’t need.
How Often Do You Meet with Your Accountant?
We discussed how often you should meet with your accountant in this blog article, but it’s worth mentioning here that you will only get the most out of your relationship with your accountant if you meet with them on a regular basis. When you meet with your accountant once a quarter, whenever you are considering a big business transaction, or whenever financial issues arise throughout the year, you can keep the lines of communication open and help your accountant see what is really going on with your business.
Meeting with your accountant on a regular basis gives them the opportunity to clean up your books, advise you on big business decisions, help you decide which tax deductions you may be eligible for, what accounting software is right for your business, and much more. Just like any important personal or business relationship, you will get the most out of your partnership with your accountant if you stay in touch with them.
Are You Taking Advantage of Your Accountant’s Financial Expertise?
Your CPA is so much more than a “number cruncher” or “bean counter” who exists to keep your books in order and file your taxes. He or she can offer invaluable insight into your business’s complete financial picture. Your accountant can help you see the strengths and weaknesses of your current financial situation, offer suggestions for improvement, and streamline your financial processes. He or she can also offer expertise that will guide your business into increased profitability and growth in the months and years to come. When you seek your accountant’s advice on decisions that impact your business, you set yourself up for success with a trusted advisor in your corner.
Does Your Accountant Really Know You and Your Business?
Your accountant may have plenty of experience working with clients in your industry, but at the end of the day, you want to know that he or she really understands the ins and outs of your business. Every business situation is truly unique, and you want your accountant to customize their approach to meet the needs of your company. Sure, there is a definable list of services that a professional accountant will offer to all businesses, in your market and otherwise, but your accountant should offer individualized guidance, knowledge, and strategy for your business.
Asking these five questions will ultimately help you evaluate whether you are making the most out of your partnership with your accountant.
The Honest Buck Accounting team takes great pride in our extensive expertise in full service accounting for Early Childhood Education businesses, including childcare companies, daycares, and preschools. Schedule a call with us to learn about our financial services and our individual approach to working with our clients.