Happy wife, happy life? More like happy accountant, healthy business.
When it comes to running a business, your accountant can be one of your greatest allies. With a strong accountant to client relationship comes healthy business finances and a business that thrives. Use these five simple tips to maintain a strong relationship with your accountant.
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Many businesses utilize a cloud based accounting system to maintain the records of their company. This does make it easier to compile financial data into reports and may even aid the tax filing process. However, while software does make day to day operations in your business easier, it may ultimately make things more difficult for your accountant. To combat this, maintain copies of things like receipts and invoices for major transactions either digitally or physically. That way your accountant has all the information they need to keep your business running smoothly, even in the event of an issue or an audit.
Those records are most useful to your accountant if they are well-organized. Not only will that make their job easier, it will also save your business time and money in the long run. Many types of software allow for digital scans of receipts that will be organized according to your existing method. If your company’s software doesn’t allow that, consider a filing method that arranges your documentation by type or date. This way, your accountant can easily pull the files they need when they need them.
Maintaining a policy of complete openness and honestly with your accountant is crucial to your working relationship. Hiding things from your accountant can result in aspects of your business’ health being overlooked. Dishonesty about things like income and taxes can result in legal implications for both you and your accountant. In order to have a relationship with your accountant that makes your business the best it can be, maintain total transparency with your accountant.
A great accountant doesn’t just work with the numbers, they also take a holistic approach to improving every aspect of your business. This includes advice on business issues, strategies for big decisions and more. Your accountant brings a lot more value to your company than just great financial reporting, and the best way to get this information is to communicate openly with your accountant. Let them know when anything in your finances or overall business changes in real time. Don’t wait until tax season or an emergency.
Remember that your accountant is there for you and your business. Don’t be afraid to ask them questions. Call your accountant or shoot them an email when something comes up that you would like to ask them about. Running a business can be difficult, and so can maintaining the finances of that business. Often, your questions can help your accountant spot problem areas in your business before they become a bigger issue. Your accountant is happy to help your business thrive.