An Accountant is a must for any business, in any industry…
They’re more than just professionals who work on the financial aspect of your business, such as payrolls and tax duties.
They can identify the best financial opportunities as they arise, map out efficient strategies, anticipate challenges and more.
However, we all know not all accountants are equal. And because their services aren’t cheap, we want to get the best bung for our buck.
Thus, you want an accountant who will not only work for you, but work WITH you as you work on building and growing your business.
So how do you know your accountant hasn’t considered your business future?
Here are three signs you should look for.
You Don’t Hear From Your Accountant
Do you speak to your accountant twice or thrice a year?
This is usually the case for most businesses, and many times, it’s the time of the year where they’re bombarded with year-end financial report and tax reports.
Well, if your accountant puts you in a position where you can no longer make ‘positive change’, then there is little benefit to be gained…
Where was his/her advice when you needed them 5 or 6 months ago?
What you want is an accountant who keeps open communication with you, and sends you updates and feedback at least once a month.
A lot of things can change in your business in 30 days. Thus, you need a professional and educated opinion should opportunities and problems arise.
A meeting doesn’t have to be in person. You can always make a quick call through phone or Skype.
Your Accountant Doesn’t Help You In Making Decisions About Your Future
Do you have clear picture of where your business is heading for the next 4, 5, or 12 months?
What will happen should you decide on expanding this year?
Can you afford to hire more people for your marketing team?
Each and every single decision you make will affect your financials today or in the future.
This is why it pays to have a good accountant on board to help you plan, strategize, anticipate or predict, and even manage your future.
A good accountant will provide you with a “What If” scenarios.
It must be objective and truthful, whether it’s optimistic or pessimistic. You need to cover all your bases about the financial aspect of your business, and not leave yourself wide open for surprises.
This can be made easier if you’re working with financial advisors – having multiple hands and brains on deck makes work easier.
It’s almost like insuring your business against failure in the future.
Your Accountant Doesn’t Pre-Warn You About Arising and Existing Issues
Have you hit your sales targets?
Based on your sales, are your account receivables looking light?
Is your average expenditure less than what you have submitted to the bank in your forecast?
When running a business, we obviously cannot have our eyes on the details all the time.
Even if you can, you don’t have to do it yourself.
This is where having a good accountant/financial advisor comes into the picture – someone who has the best interests of the business at heart.
A good accountant will try to be one step ahead of you when it comes to details, and inform you about it through phone, email or text as soon as possible.
Your business deserves to work with someone who’s got your back and support you through good and bad times.
Now ask yourself and be honest: does your accountant go over and beyond to help you and your business reach its potential?
Do your current accountants respect the knowledge you have for your business while helping you in the areas you need help?
If not it may be time to speak to some business accountants with a proven track record.
Contact us if you would like to know what your options are.