Knowing how to approach your business relationship with your accountant can help make it a smooth and stress-free process. An accountant is someone close to your business so you need to pick one that you’re comfortable discussing sensitive financial information with.
Whether you’ve had an accountant before or this is your first time, here are some tips for getting the most out of this relationship.
Pick an accountant that specialises
What better way to make your accountant understand your business than to hire someone who has tons of experience in working with businesses just like yours? Some firms will specialise in big businesses with huge accounts, others will specialise in smaller businesses or sole traders. So research and shop around before picking one most appropriate for your business.
Make their job easier
Being organised and submitting things on time will go a long way in maintaining a good working relationship between you and your accountant.
Make sure you stay in touch with your accountant wherever necessary so they’re not chasing you up for details they need. This will make their job easier and the process less stressful for both of you. With Making Tax Digital, you’ll be expected to have more contact with them because you’ll have to submit your records quarterly.
Decide what kind of accountant you want
Some people are happy with an online accountant but others want the more personal touch of a high-street accountancy. Others prefer having an accountant in-house but if money is a concern then an online-based firm is probably going to be the cheapest. Weigh up the pros and cons of each type before committing to one that suits you best.
Don’t ignore their advice
Your business is your baby and you know it best. However, accountants are usually very experienced in dealing with companies like yours and will be able to pick up on things you might not. So try to follow their advice wherever possible.
So for example, if they’re giving you a warning about filing expenses, it’s in your best interests to follow the advice or risk a call from HMRC.
Ask when you’re unsure
If there’s an element of accounts that you’re not sure or happy about, just ask. That’s what they’re there for. It’s much better to ask than to make a false assumption that could end up as a mistake on your accounts.
Check out our accountant guide for more helpful information!