How often should you talk to your accountant?
The short answer is: probably more than you’re currently talking to them! Many business owners may only hear from their accountant once a year, perhaps when it’s time to do the tax return or end of year accounts. But a good accountant should be in touch regularly … and not just about the financial stuff.
Why is regular contact so important?
An accountant should feel like a trusted business partner – someone you can turn to for guidance and support. But that sort of rapport doesn’t happen overnight. Frequent check-ins will help your accountant understand what’s happening in your business (and, in turn, how they can provide you with the right support). But more importantly, regular contact builds that crucial rapport and trust.
How regular is ‘regular’?
It depends. If your business is in aggressive growth phase, you may need more regular meetings with your accountant. Likewise, if there’s a rule change around something like VAT, then you may need more intensive support for a while. We’d say a basic rule of thumb is quarterly check-ins. Monthly is even better (even if that takes place as a chat over the phone).
On top of these regular discussions, you should always feel comfortable asking your accountant ad-hoc questions. You should feel able to treat them like a sounding board – bouncing ideas off them and getting valuable feedback in return.
What sort of things should you discuss with your accountant?
Your business finances, of course. (This includes actively reviewing things like cash flow and costs to pinpoint areas for improvement.) But a good accountant will also want to talk about your business as a whole, and your role as business owner. For example, they should be interested to know:
• How your business is going
• Your goals for your business
• Your goals for your future life outside of the business
What’s more, they should be proactively helping you achieve those goals. This might include:
• Working with you to finetune your business strategy
• Reviewing business performance against your goals
• Suggesting ways to boost performance (financial and otherwise)
• Helping you expand your network
If your accountant doesn’t actively show an interest in your business, or if you don’t feel comfortable approaching them with questions, it may be time to find a new accountant – someone who’s curious about your goals and wants to see your business succeed. Chat to Jupp Castle to see if we might be a good fit for you.
(Photo by Rasa Kasparaviciene on Unsplash)
